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18. A truck was acquired for RM96,000 on 1 Jan 2020. The truck is expected to be replaced with a newer model at the end of its fifth year with a trade-in value estimated to be around RM21,000. The value of the truck and its accumulated depreciation at the end of the third year, are shown as: Truck RM57,600; Accumulated Depreciation RM57,500 В. А. Truck RM75,000; Accumulated Depreciation RM75,000 Truck RM45,000; Accumulated Depreciation RM51,000 Truck RM51,000; Accumulated Depreciation RM45,000 An office building with an acquisition cost of RM960,000 on 1 April 2019 is depreciated at 10% per annum. The necessary adjusting entry for the period ended at 31 December 2019 is Debit (RM) Credit (RM) Depreciation Expense Accumulated Depreciation Depreciation Expense Accumulated Depreciation Accumulated Depreciation Depreciation Expense Accumulated Depreciation Depreciation Expense A. RM72,000 RM72,000 В. RM96,000 RM96,000 С. RM72,000 RM72,000 D. RM96,000 RM96,000 20. The balance in the Office Supplies account before adjustment at 31 December 2019 was RM48,000. A physical check on office supplies has indicated an available balance of RM8,000. The adjusting entry necessary is: Debit (RM) RM8,000 Credit (RM) Office Supplies Expense Office Supplies Office Supplies Office Supplies Expense Office Supplies Expense Office Supplies Office Supplies Expense А. RM8,000 В. RM40,000 RM40,000 С. RM40,000 RM40,000 D. RM48,000 Office Supplies RM48.000

18. A truck was acquired for RM96,000 on 1 Jan 2020. The truck is expected to be replaced with a newer model at the end of its fifth year with a trade-in value estimated to be around RM21,000. The value of the truck and its accumulated depreciation at the end of the third year, are shown as: Truck RM57,600; Accumulated Depreciation RM57,500 В. А. Truck RM75,000; Accumulated Depreciation RM75,000 Truck RM45,000; Accumulated Depreciation RM51,000 Truck RM51,000; Accumulated Depreciation RM45,000 An office building with an acquisition cost of RM960,000 on 1 April 2019 is depreciated at 10% per annum. The necessary adjusting entry for the period ended at 31 December 2019 is Debit (RM) Credit (RM) Depreciation Expense Accumulated Depreciation Depreciation Expense Accumulated Depreciation Accumulated Depreciation Depreciation Expense Accumulated Depreciation Depreciation Expense A. RM72,000 RM72,000 В. RM96,000 RM96,000 С. RM72,000 RM72,000 D. RM96,000 RM96,000 20. The balance in the Office Supplies account before adjustment at 31 December 2019 was RM48,000. A physical check on office supplies has indicated an available balance of RM8,000. The adjusting entry necessary is: Debit (RM) RM8,000 Credit (RM) Office Supplies Expense Office Supplies Office Supplies Office Supplies Expense Office Supplies Expense Office Supplies Office Supplies Expense А. RM8,000 В. RM40,000 RM40,000 С. RM40,000 RM40,000 D. RM48,000 Office Supplies RM48.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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question no 12,13,18,19,20

A truck was acquired for RM96,000 on 1 Jan 2020. The truck is expected to be replaced with a newer model at the end of its fifth year with a trade-in value estimated to be around RM21,000. The value of the truck and its accumulated depreciation at the end of the third year, are shown as: Truck RM57,600; Accumulated Depreciation RM57,500 В. 18. А. Truck RM75,000; Accumulated Depreciation RM75,000 С. Truck RM45,000; Accumulated Depreciation RM51,000 D. Truck RM51,000; Accumulated Depreciation RM45,000 19. An office building with an acquisition cost of RM960,000 on 1 April 2019 is depreciated at 10% per annum. The necessary adjusting entry for the period ended at 31 December 2019 is Debit (RM) Credit (RM) Depreciation Expense Accumulated Depreciation Depreciation Expense Accumulated Depreciation Accumulated Depreciation Depreciation Expense D. Accumulated Depreciation Depreciation Expense А. RM72,000 RM72,000 В. RM96,000 RM96,000 С. RM72,000 RM72,000 RM96,000 RM96,000 The balance in the Office Supplies account before adjustment at 31 December 2019 was RM48,000. A physical check on office supplies has indicated an available balance of RM8,000. The adjusting entry necessary is: 20. Debit (RM) RM8,000 Credit (RM) Office Supplies Expense Office Supplies Office Supplies Office Supplies Expense Office Supplies Expense Office Supplies Office Supplies Expense Office Supplies А. RM8,000 В. RM40,000 RM40,000 С. RM40,000 RM40,000 D. RM48,000 RM48,000
Transcribed Image Text:A truck was acquired for RM96,000 on 1 Jan 2020. The truck is expected to be replaced with a newer model at the end of its fifth year with a trade-in value estimated to be around RM21,000. The value of the truck and its accumulated depreciation at the end of the third year, are shown as: Truck RM57,600; Accumulated Depreciation RM57,500 В. 18. А. Truck RM75,000; Accumulated Depreciation RM75,000 С. Truck RM45,000; Accumulated Depreciation RM51,000 D. Truck RM51,000; Accumulated Depreciation RM45,000 19. An office building with an acquisition cost of RM960,000 on 1 April 2019 is depreciated at 10% per annum. The necessary adjusting entry for the period ended at 31 December 2019 is Debit (RM) Credit (RM) Depreciation Expense Accumulated Depreciation Depreciation Expense Accumulated Depreciation Accumulated Depreciation Depreciation Expense D. Accumulated Depreciation Depreciation Expense А. RM72,000 RM72,000 В. RM96,000 RM96,000 С. RM72,000 RM72,000 RM96,000 RM96,000 The balance in the Office Supplies account before adjustment at 31 December 2019 was RM48,000. A physical check on office supplies has indicated an available balance of RM8,000. The adjusting entry necessary is: 20. Debit (RM) RM8,000 Credit (RM) Office Supplies Expense Office Supplies Office Supplies Office Supplies Expense Office Supplies Expense Office Supplies Office Supplies Expense Office Supplies А. RM8,000 В. RM40,000 RM40,000 С. RM40,000 RM40,000 D. RM48,000 RM48,000
12. The record for office supplies was not adjusted at the end of an accounting period. This will cause which of the followings? А. В. A liability is overstated; an expense is understated. An asset is overstated; an expense is understated. An asset is understated; a liability is understated. D. С. A liability is understated; an asset is overstated. A journal entry was wrongly debited to an asset account instead of the accumulated depreciation account. This will cause which of the followings? Total depreciation will be overstated. Total expenses will be understated. Total assets will be overstated. 13. A. В. С. D. Total liabilities will be overstated
Transcribed Image Text:12. The record for office supplies was not adjusted at the end of an accounting period. This will cause which of the followings? А. В. A liability is overstated; an expense is understated. An asset is overstated; an expense is understated. An asset is understated; a liability is understated. D. С. A liability is understated; an asset is overstated. A journal entry was wrongly debited to an asset account instead of the accumulated depreciation account. This will cause which of the followings? Total depreciation will be overstated. Total expenses will be understated. Total assets will be overstated. 13. A. В. С. D. Total liabilities will be overstated
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