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Question 1
Describe any TWO qualitative characteristics of accounting information and explain how each characteristic is useful in interpreting the financial statements.
Question 2
The following transactions of Aroma Trading occurred in April 2022:
- Aroma Trading paid an insurance premium for six future months’ worth of coverage.
- Aroma Trading’s building is presented at a cost value of RM480,000 although the market value is RM450,000.The owner of Aroma Trading paid for her daughter’s preschool fees from the company’s bank.
- Aroma Trading received a shipment of goods from Indonesia. The invoice is stated in Malaysian Ringgit.
You are required to identify and justify each transaction to the applicable accounting principles/assumptions for recording and reporting purposes.
ASSIGNMENT 2 (CLO2)
The following are the accounts balances of Daya Sdn. Bhd. as at 30 September 2022:
| Accounts | Amount (RM) |
| Purchases | 16,531 |
| Sales | 38,567 |
| Accounts receivable | 2,214 |
| Accounts payable | 3,356 |
| Provision for doubtful debts | 265 |
| Office equipment | 5,000 |
| Accumulated depreciation -Office equipment | 1,500 |
| Cash | 660 |
| Bank overdraft | 655 |
| Capital | 5,438 |
| Drawings | 689 |
| Sales return | 441 |
| Prepaid insurance premium | 663 |
| Rent expenses | 7,260 |
| Advertising expenses | 2,663 |
| Salary expenses | 3,660 |
| Investment | 10,000 |
Additional information:
- Ending inventory is valued at RM5,454.
- Provision for doubtful debts on accounts receivable amounting to RM332.
- Insurance premium expired for the year is RM540.
- Yearly depreciation for office equipment is RM500.
- Rent accrued and yet to be paid as at 30 September is RM660.
You are required to prepare the following:
- The trial balance as at 30 September 2022.
- The statement of comprehensive income for the year ended 30 September 2022.
- The statement of financial position as at 30 September 2022.
Part II
ONLINE CLASS PARTICIPATION (10%)
Discuss the following topic(s) in the forum and submit proof of your participation in the online discussions:
Question
Accounting plays an important role in business and daily life. The roles are visible in various aspects, especially in today’s business environment. Discuss the role of accounting in creating accountability and control with the support of relevant examples.
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