Activity

Q.
a) Explain the following terms:

i) Elasticity of demand and supply. (5 marks)

ii) Indifference Curve. (5 marks)

b) Explain the concept of production possibility curve and support your answer with […]

Q.What is “Opportunity Cost” and explain your understanding of this term in economics.A.Opportunity cost is cost of forgoing a possible profit because the same resource is used to earn another profit in the same […]

Q.What are the basic economic problems of built environment?A.The three basic economic problems are:What to produce?How to produce (how much)?To whom it is produced?The above questions are “economic problems” […]

Q.
What is ‘Perfect Competition’?

A.
Perfect competition (sometimes called pure competition) describes markets such that no participants are large enough to have the market power to set the price of a hom […]

Q.
a) Economics is traditionally divided into two main areas i.e. Micro economics and Macro economics. Explain.

b) Elaborate the meaning of opportunity cost with examples.

c) Illustrate in diagrammatic […]

Q.a) A company, which makes up its financial statements annually to 31 December, provides for depreciation if its machinery at the rate of 15% per annum using the reducing balance method.On 31 December 2011, the […]

Q.The following trial balance was extracted from the books of Tiffany & Co. at the close business on 31 December 2011.Additional information:-Inventory 31 Dec 2011 is RM2,400Wages and salaries accrued RM340Van […]

Q.a) Name five (5) accounts that normally have debit balance and five accounts that normally have credit balance.b) State five (5) errors in the trial balance.(10 marks each, 2012 Q4)A.a)Five accounts that usually […]

Q.Enter the following in the two-column cash book of an office supply shops and balance it off as at the end of the month.Dec 2011 — Transactions1 — started in business with capital in cash RM1,0002 — paid […]

Q.Record the following details relating to a small laundry shop for the month of May 2011. Then, balance off the accounts and extract a trial balance as at 31 May 2011.May 2011 ——- Transactions1 — Started in […]

Q.a) Fahsa is setting up a new business. Before actually selling anything, she bought a van for RM5,500, a market stall for RM3,000 and a stock of goods for RM2,500. She did not pay in full for this stock of goods […]

Q.Identify and state the relevant accounting concepts given, which is suitable for each question below:-Money Measurement ConceptHistorical Cost ConceptConsistency ConceptEntity ConceptGoing Concern ConceptABC […]

Q.Who is a PEA (Probational Estate Agent)?A.PEA is defined in Valuers, Appraisers and Estate Agents Act 1981 (VAEA Act) as a person who is registered under the Act as a probationary estate agent and whose name has […]

Q.What are the basic requirement of a Real Estate Negotiator (REN) before being registered under supervision of a REA? What are the disciplinary action and procedures taken against him and his Registered Estate […]

Q.Alex, a sole trader, extracted the following trial balance from his books of account at the close of business on 31 March 2010.Particulars ——————– Debit (Dr) (RM) ——–Credit (Cr) (RM)Purchases […]

Q.a) A machine costs RM8,000. It was kept for five years, then sold for RM2,400. Show the calculations of the figures for depreciation for each year for five years using:-i) The Straight Line Methodii) The […]

Q.A business started trading on 01 January, 2009. During the two years ended 31 December 2009 and 2010, the following debts were written off to the Bad Debts Account on the dates stated:-Date ———– Debtor […]

Q.a) Differentiate between:Capital expenditure and revenue expenditure.Fixed assets and current assets.(10 marks, 2011 5a)b) Indicate which of the following would be revenue items and which would be capital […]

Q.Mr. Juwara a petty cash officer, maintains a petty cash book based on the imprest system. The cash float is RM200.During the month of March 2010, the following transactions took place:-March 1.   A cheque for […]

Q.Complete the following table showing which items are to be credited and which are to be debited.Goods bought, cash being paid immediately.Goods sold on credit to Jamie.Goods bought on credit from Hanle.Goods […]