Q: A company has 100 units of inventory with a cost of RM1,500 per unit. Due to a defect, 80% can only be sold at RM1,000 per unit. What is the value of inventory at 30 June 2025 under MFRS102?

$$(80 \times 1,000) + (20 \times 1,500) = 80,000 + 30,000 = 110,000$$

Question 1

Which of the following best describes the purpose of preparing financial statements for publication purposes under the Companies Act 2016 and MFRS101?

Accepted Answer

To present a true and fair view of the company's financial position and performance to external users.

Question 2

According to MFRS116, how should the cost of a new machine (including purchase price, import duties, and directly attributable costs) be recognized in the financial statements?

Accepted Answer

As part of property, plant, and equipment (PPE) at cost.

Question 3

A company purchased a machine for RM250,000, paid RM10,000 for import duties, RM5,000 for installation, and received a RM2,000 trade discount. What is the total cost to be capitalized for the machine under MFRS116?

Accepted Answer

$$250,000 + 10,000 + 5,000 - 2,000 = 263,000$$

Question 4

If a building is depreciated on a straight-line basis over 50 years with no residual value, and its cost is RM4,346,000, what is the annual depreciation expense?

Accepted Answer

$$\frac{4,346,000}{50} = 86,920$$

Question 5

Which of the following is NOT a directly attributable cost for the acquisition of property, plant, and equipment under MFRS116?

Accepted Answer

General administrative overheads

Question 6

A company disposes of a delivery van with a carrying amount of RM20,000 for RM18,000. What is the gain or loss on disposal?

Accepted Answer

$$18,000 - 20,000 = -2,000 ($$Loss of RM2,000)

Question 7

Under MFRS102, how should inventory be valued at year-end?

Accepted Answer

At the lower of cost and net realizable value.

Question 8

A company has 100 units of inventory with a cost of RM1,500 per unit. Due to a defect, 80% can only be sold at RM1,000 per unit. What is the value of inventory at 30 June 2025 under MFRS102?

Accepted Answer

$$(80 	imes 1,000) + (20 	imes 1,500) = 80,000 + 30,000 = 110,000$$

Question 9

Which journal entry correctly records the payment for a machine purchased for RM250,000 by bank transfer?

Accepted Answer

Dr. Property, Plant & Equipment RM250,000; Cr. Bank RM250,000

Question 10

A company’s trial balance shows retained earnings at 1 July 2024 of RM2,200,000. If the profit for the year is RM1,000,000 and a dividend of RM300,000 is declared, what is the retained earnings at 30 June 2025?

Accepted Answer

$$2,200,000 + 1,000,000 - 300,000 = 2,900,000$$

Question 11

Which of the following is a requirement for the Statement of Profit or Loss and Other Comprehensive Income under MFRS101?

Accepted Answer

It must present revenue, expenses, and profit or loss for the period.

Question 12

If a company receives investment income of RM12,000 and pays interest on redeemable preference shares of RM15,000, what is the net effect on profit before tax?

Accepted Answer

$$12,000 - 15,000 = -3,000$$

Question 13

Which of the following best describes the treatment of tax expense in the Statement of Profit or Loss and Other Comprehensive Income?

Accepted Answer

Tax expense is deducted after profit before tax to arrive at profit for the year.

Question 14

A company’s PPE includes a building with a carrying amount of RM4,000,000. If the building is revalued to RM4,500,000, how should the increase be accounted for under MFRS116?

Accepted Answer

Recognize RM500,000 in other comprehensive income as a revaluation surplus.

Question 15

Which of the following is NOT required to be disclosed in the notes to property, plant, and equipment under MFRS116?

Accepted Answer

The market value of the assets

Question 16

A company’s trial balance shows trade receivables of RM204,100. If RM4,000 is identified as irrecoverable, what is the adjusted trade receivables balance?

Accepted Answer

$$204,100 - 4,000 = 200,100$$

Question 17

Which of the following transactions would NOT affect the Statement of Changes in Equity?

Accepted Answer

Purchase of inventory

Question 18

If a company’s directors propose a 5% final dividend on ordinary shares of RM2,000,000, what is the amount of dividend proposed?

Accepted Answer

$$2,000,000 	imes 0.05 = 100,000$$

Preparation of Financial Statements and Related Accounting Concepts

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