These seven questions use invented figures. Try each one on paper first, then read the answer for the reasoning, not only the result.
They practise the lessons in SPM Accounting on projects and records. For a timed set, use the timed original practice session builder.
Questions
Q1. A plan says only “make an accounting project about a shop”. Which of the five plan lines are missing?
Answer
It has a vague business. It lacks a question, a period, the records to be produced and a check. Add each as one sentence.
Q2. A student has a four-week project plan, but only two weeks are left and she has not chosen a business. Name one sensible first step.
Answer
Write the five plan lines today, starting with the business and the question. Then set dates backwards from the deadline, so each stage has an end.
Q3. Complete the log line: 8 April, Invoice 007, goods bought for RM380 in cash.
Answer
Date 8 April, document Invoice 007, description goods bought, amount RM380, debit Purchases, credit Cash, and the place where the invoice is filed.
Q4. The log lists sales of RM2 250, RM1 480 and RM730. The ledger Sales account shows RM4 640. Is there a difference?
Answer
Log total = 2 250 + 1 480 + 730 = RM4 460. The ledger shows RM4 640, so the difference is RM180.
The difference is divisible by 9, which suggests a transposition of 4 460 and 4 640. Check each posting against its document.
Q5. The monthly expenses are in B2 to B6: RM300, RM420, RM150, RM90, RM240. A formula =SUM(B2:B5) returns RM960. What is wrong?
Answer
The hand total is 300 + 420 + 150 + 90 + 240 = RM1 200. The formula stops at B5 and misses B6 (RM240). Use =SUM(B2:B6).
Q6. Sales are RM8 000 and RM5 200 goes to cost of sales.
Find the gross profit margin on sales. A spreadsheet formula gives 53.8%. Is it right?
Answer
Gross profit = 8 000 − 5 200 = RM2 800. Margin on sales = 2 800 ÷ 8 000 × 100 = 35%.
The formula gave 2 800 ÷ 5 200 = 53.8%, which divides by cost of sales. It is a markup, not the margin on sales.
Q7. A comment says, “Check your rent figure.” Your ledger shows RM900 and your plan says RM75 a week for four weeks. Write the check, finding and change.
Answer
Check: plan gives 4 × 75 = RM300. Finding: the ledger figure of RM900 is three times too high, which suggests a posting for twelve weeks. Change: correct the rent to RM300 and update the statements, noting the reason.
If you got these wrong
Planning slips (Q1, Q2) go to planning an original accounting project. Log slips (Q3, Q4) go to keeping an evidence and transaction log.
Spreadsheet slips (Q5, Q6) go to checking spreadsheet formulas against accounting logic. Feedback slips (Q7) go to teacher feedback versus work that is your own.
If you want a teacher to practise these habits on different figures, see online one-to-one Accounting tuition.