Presented By: SPA-Accounting Study Division Mojakoe Akuntansi Keuangan 1

MOJAKOE

AKUNTANSI KEUANGAN 1

Dilarang Memperbanyak Mojakoe ini tanpa seijin SPA FEUI

Mojakoe dapat didownload di www.spa-feui.com

Fb: SPA FEUI Twitter: @spafeui

1|Page Semester Ganjil 2010/2011

Presented By: SPA-Accounting Study Division Mojakoe Akuntansi Keuangan 1

MID SEMESTER EXAM 2010/2011

FINANCIAL ACCOUNTING 1
180 MINUTES
CLOSED BOOK

Question #1 (10%) – Multiple Choice

1. Which of the following statements is NOT an objective of financial reporting

a. Provide information that is useful in investment and credit decisions.
b. Provide information on the liquidation value of an enterprise.
c. Provide information that is useful in accessing cash flow prospects.
d. Provide information about enterprise resources, claims to those resources, and changes to
them.

2. Accounting principles are “generally accepted” only when

a. It has been accepted as appropriate becauseof its universal application.
b. An authoritative accounting rule-making body has established it in an official
pro-nouncement.
c. Neither a nor b.
d. Both a and b.

3. Which of the following is a general limitation of “general purpose financial statements”?

a. General purpose financial statements are comparable.
b. General purpose financial statements are assumed to present fairly the company’s
financial operations.
c. General purpose financial statements may not be the most informative for a specific
enterprise.
d. None of the above.

4. Which of these statements regarding the iGAAP and U.S. GAAP is correct?
a. U.S. GAAP is considered to be “rules-besed” and less detailed than iGAAP.
b. U.S. GAAP is considered to be “principles-based” and more detailed than iGAAP.
c. Both U.S. GAAP and Igaap are considered to be “rules-based”, but U.S. GAAP tends to
be more complex.
d. iGAAP is considered to be “principles-based” and less detailed than U.S. GAAP.

5. What is a purpose of having a conceptual framework?

a. To provide a foundation from which to build more useful standards.
b. To enable the profession to more quickly solve emerging practical problems.
c. Both a and b.
d. Neither a nor b.

6. Company A issuing its annual financing reports within one month of the end of the year is an
example of which ingredient of primary quality of Accounting information?
a. Timeliness.
b. Representational faithfulness.
c. Predictive value.
d. Neutrality.

7. The Allowance of Doubtful Accounts, which appears as a deduction from Accounts Receivable
on a statement of financial position and which is based on an estimate of bad debts, is an
application of the
a. Revenue recognition principle.
b. Expense recognition principle.

2|Page Semester Ganjil 2010/2011

Presented By: SPA-Accounting Study Division Mojakoe Akuntansi Keuangan 1

c. Constitency characteristics.
d. Materiality constraint.

8. Charging off the cost of a wastebasket with an estimated useful life of 5 years as an expense of
the period when purchased is an example of the application of the
a. Materiality constraint.
b. Historical cost principle.
c. Consistency characteristic.
d. Matching principle.

9. Which of the following cases is most applicable to going concern assumption?

a. All payments less than Rp 200,000 are expensed as incurred.
b. The company employs the same inventory valuation method from period to period.
c. A patent is capitalized and amortized over the periods benefited.
d. Assuming that dollars today will buy as much as ten years ago.

10. Presented below are a number of accounting procedures and practices in PT Berdikari. For each
of these items, list the assumption, principle, qualitative characteristic, or constraint that is
violated.
1. Because the company’s income is low this year, a switch from accelerated depreciation to
straight-line depreciation is made this year.
2. The Director of PT Berdikari believes it is foolish to report financial information on a yearly
basis. Instead, the president believes that financial information should be disclosed only when
significant new information is available related to the company’s operations.
3. An officer of PT Berdikari purchased a new laptop for personal use with company money ,
charging miscellaneous expense.
a. (1) Consistency, (2) Full Disclosure, (3) Economic Entity.
b. (1) Comparability, (2) Periocicity, (3) Economic Entity.
c. (1) Comparability, (2) Full Disclosure, (3) Materiality.
d. (1) Relevance, (2) Periodicity, (3) Faithful Representation.

Question #2 (15%)

Provide Adjusting Entries for the following independent events and its related reversing entries,
(if appropriate). Please note that in each event, the adjusting entries should result in the stated
ending balances of the accounts involved.

1. Interest Receivable at 1/1/10 was £1,000. During 2010 cash received from debitors for interest
on outstanding notes receivable amounted to £5,000. The 2010 income statement showed
interest revenue in the amount of £5,400
2. Unearned Rent at 1/1/10 was £5,300 and at 12/31/10 was £8,000. The Records indicate cash
receipts from rental sources during 2010 amounted to £40,000, allof which was considered as
prepayments and credited to the Unearned Rent Account.
3. PT ABC pays monthly salary for its employee. Payments are made at the beginning of the month
for the work of previous month. Accrued salary at 12/31/10 was £7,500.
4. Allowance for doubtful accounts on 1/1/10 was £50,000. The balance in the allowance account
on 12/31/10 after year-end assesment was £65,000 and during 2010 bad debts written off
amounted to £30,000.
5. Prepaid rent at 1/1/10 was £9,000. During 2010 rent payments of £120,000 were made and
charged to “rent expense”. The 2010 income statement shows, as a general expense, the item
“rent expense” in the amount of £125,000.

3|Page Semester Ganjil 2010/2011

Presented By: SPA-Accounting Study Division Mojakoe Akuntansi Keuangan 1

Question #3 (10%)

The cash balance of PT DEF at PT Bank Swadaya on September 30, 2010, according to the company’s
books was Rp28,855,000. On October 2, 2010, PT DEF received bank statement that shows a balance
of Rp27,995,000 as of September 30, 2010. PT DEF deposits all receipts and makes all payments by
checks.

Previously at the end of August 2010, after recording the necessary journal entries to adjust the Cash
balance per bank and cash balance per book is as follows:

Balance per Bank Rp 26,746,000

Add : Deposit in Transit 2,100,000

Deduct : Outstanding Checks (3,800,000) (Rp 1,700,000)

Balance per Book Rp 25,046,000

Examination of PT DEF’s accounting records and September bank statement identified the following
reconciling items :

1. Out of a total deposit of Rp13,889,000 made by PT DEFin the month September 2010, Bank
Swadaya only recorded Rp10,784,000.

2. During September 2010, PT DEF made payments of Rp10,080,000. Bank Swadaya recorded cash
disbursements of Rp11,600,000.
3. Bank Swadaya collected note directly from PT DEF’s customer, amounting to Rp3,000,000.
4. Bank Swadaya returned an NSF chech of Rp900,000 from a customer and recorded it as a charge.
5. Bank Service charge for the month of September 2010 is Rp35,000.

Required :
1. What is the September 30 adjusted cash balance.
2. Prepare the necessary journal entries to adjust the balance of cash.

Question #4 (35%)

Below are the accounts and their related ending balance as of 31 December 2009 of PT ABC (in
thousand rupiah)

Accrued Expenses 75,000 Interest Expenses (17,500)

Accumulated Other-Equity 130,000 Interest Income 6,000
Components
Additional Paid in Capital 65,250 Inventories 227,500
Advance Payments to Supplier 15,000 Investment Property 15,500
Cash and Cash Equivalent 135,000 Long term bank loans 17,500
Cost of Good Sold (1,410,000) Loss from discontinued (100,000)
Operation
Current Portion of Employee 7,000 Other Asssets 17,500
Benefit Obligation
Current Portion of Financial Lease 29,500 Other Payables 15,000
Receivable
Current Portion of Long-term loans 13,500 Other Receivables 250
Customer Advances 12,500 Prepaid Expenses 2,500
Deferred Tax Asset 3,000 Prepaid Taxes 10,750

4|Page Semester Ganjil 2010/2011

Presented By: SPA-Accounting Study Division Mojakoe Akuntansi Keuangan 1

Dividend paid to parent company 15,000 Retained Earnings 108,000

Employee Benefit Obligation 20,000 Revenue 1,875,000
Financial Lease Receivable 28,500 Selling Expenses (100,000)
Fixed Asset Revaluation Surplus, 35,000 Share Capital 135,000
net of tax
Fixed Assets 260,000 Short term bank loans 161,750
Foreign Exchange Loss (15,000) Taxes Payable 25,000
Foreign Exchange Translation (75,000) Time Deposit 2,500
Adjustment, net of tax
General and Administrative (125,000) Total Assets 945,500
Expenses
Goodwill 20,000 Trade Payable 160,000
Income Tax Expense (20,000) Trade Receivable- Related 13,000
Parties
Income Tax on Loss from 30,000 Trade Receivable-Third party 154,250
Discontinued Operation
Intangible Asset 10,750 Unrealized Holdong loss, net (50,000)
of tax
Required :

1. Prepare the Statement of Comprehensive Income (15%)

2. Prepare the Statement of Financial Position (20%)

Hint :Be Careful with where you will include each one of the above accounts; make sure you have
accounted all the accounts.

Question #5 (30%)

PT HIJ classifies its receivable as short-term trade receivable and long-term notes receivable. Below
is the balance of short term trade receivable of PT HIJ at 31 December 2010 :

No Description Amount
1 PT Angin 45,000
2 PT Api 67,000
3 PT Air 39,000
4 PT Tanah 78,000
5 PT Aang 52,000
6 UD Katara 81,000
7 UD Sokka 35,000
8 UD Zuko 63,000
Total Trade Receivable 460,000
PT HIJ Considers a receivable to be significant if the end-of year-book balance is more than 10% of
total end-of-year balance of trade receivable. Out of all the significant receivables, PT HIJ determines
that the receivables of PT Api and UD Zuko are impaired. PT HIJ also determines that 5% is the
appropriate composite rate to measure the impairment of the rest of receivables.

On 1 January 2010, PT HIJ receives a Rp 1,000,000, four-year note, bearing interest at 12% annually,
in exchange for cash. The market rate of interest for a note of similar risk is 10%. During 2010, PT
UVW experienced financial difficulty. On 31 December 2010, even though PT UVW manages to pay
all of the accrued interest, PT UVW informs PT HIJ that the rest of the interests and the principal
amount of the note can only be paid 75%. PT HIJ has enough objective evidences to determine that
the note has been impaired.

5|Page Semester Ganjil 2010/2011

Presented By: SPA-Accounting Study Division Mojakoe Akuntansi Keuangan 1

PV Single Sum 12%, 4 Period 0,63552 PV Ordinary Annuity 12%, 4 Period 3,03735
PV Single Sum 10%, 4 Period 0,68301 PV Ordinary Annuity 10%, 4 Period 3,16986
PV Single Sum 12%, 3 Period 0,71178 PV Ordinary Annuity 12%, 3 Period 2,40183
PV Single Sum 10%, 3 period 0,75132 PV Ordinary Annuity 10%, 3 Period 2,48685
Required:

1. Describe the steps taken by PT HIJ is accessing the amount of impairment of Short-Term
Trade Receivable (5%)
2. Calculate the amount of impairment loss of and the end-of-year value after impairment of
Trade Receivable (5%)
3. Provide the schedule of effective interest method (10%)
4. Calculate the amount of impairment loss of and the end-of year value after impairment of
Notes Receivable (5%)
5. Prepare the necessary journal entries to record transaction of trade receivable and notes
receivable, including the impairment (5%)

Jawaban UTS Akuntansi Keuangan 1

Semester Ganjil 2010/2011
Question 1
1. B 6. A
2. D 7. B
3. C 8. A
4. D 9. C
5. C 10. B

Question 2
Adjustment Journal
31/12 Interest Receivable £ 1.400
Interest Revenue £ 1.400
*5400-(5000-1000)
31/12 Unearned Rent £ 37.300
Rent Revenue £ 37.300
*5300+40000-8000
31/12 Salaries Expense £ 7.500
Salaries Payable £ 7.500
31/12 Bad Debt Expense £ 45.000
Allowance for Doubtful Account £ 45.000
*65000-(50000-30000)
31/12 Rent Expense £ 5.000
Prepaid Rent £ 5.000
*125000-120000
Reversing Journal
1/1 Salaries Payable £ 7.500
Salaries Expense £7.500

6|Page Semester Ganjil 2010/2011

Presented By: SPA-Accounting Study Division Mojakoe Akuntansi Keuangan 1

Question 3

1.

PT DEF
Bank Reconciliation
PT Bank Swadaya, September 30,2010
Balance Per Bank Statement (end of Period) Rp 27.995.000
Add:
Deposit In Transit* Rp 5.205.000
Deduct:
Outstanding
Checks** (Rp 2.280.000)
Rp 2.925.000
Correct Cash Balance Rp 30.920.000

Balance Per Books Rp 28.855.000

Add :
Collection of Note Rp 3.000.000
Deduct:
Non-Sufficient Fund (Rp900.000 )
Bank Service Charges (Rp35.000 )
Rp 2.065.000
Correct Cash Balance Rp 30.920.000

*Deposit In Transit =13.889.000-(10.784.000-2.100.000)

**Outstanding Check=10.080.000-(11.600.000-3.800.000)

2.
Cash Rp 3.000.000
Notes Receivable Rp 3.000.000
Bank Administration Expense Rp 35.000
Cash Rp 35.000
Account Receivable Rp 900.000
Cash Rp 900.000

Question 4

PT ABC
Statement of Comprehesive Income
For The Year ended December 31, 2009
(In Thousand Rupiah)
Revenue 1.875.000
Cost of Goods Sold (1.410.000)
Gross Profit 465.000
Selling Expense (100.000)
General and Adm Expense (125.000) (225.000)
240.000

7|Page Semester Ganjil 2010/2011

Presented By: SPA-Accounting Study Division Mojakoe Akuntansi Keuangan 1

Other Income and Expense

Interest Income 6.000
Foreign Exchange Loss (15.000) (9.000)
Income from Operations 231.000
Interest Expenses (17.500)
Income Before Income Tax 213.500
Income Tax Expense (20.000)
Income from Continuing Operations 193.500
Discontinued Operation
Loss From Discontinued Operations
100,000 less applicable income tax 30,000 (70.000)
Net Income 123.500
Other Comprehensive Income
Fixed Asset Revaluation Surplus, net of tax 35.000
Foreign Exchange Translation adjustment net of tax (75.000)
Unrealized Holding loss, net of tax (50.000) (90.000)
Comprehensive Income 33.500

2.
PT ABC
Statement of Financial Position
December 31, 2009
(In Thousand Rupiah)
ASSETS
Non Current Assets
Long Term Investment
Investment Property 15.500
Financial Lease Receivable 28.500 44.000
Fixed Asset 260.000
Intangible Assets
Goodwill 20.000
Other Intangible Asset 10.750 30.750
Other Assets
Deferred Tax Asset 3.000
Other Assets 17.500 20.500
Total Non Current Asset 355.250

Current Assets
Prepaid Expenses 2.500
Advance Payments to Supplier 15.000
Prepaid Taxes 10.750
Inventories 227.500
Other Receivable 250
Financial Lease Receivables-Current
Portion 29.500
Trade Receivable-related parties 13.000

8|Page Semester Ganjil 2010/2011

Presented By: SPA-Accounting Study Division Mojakoe Akuntansi Keuangan 1

Trade Receivable-third party 154.250

Time Deposit 2.500
Cash and Cash Equivalent 135.000

Total Current Assets 590.250

Total Assets 945.500

Equity and
Liabilities
Equity
Share Capital 135.000
Share Premium 65.250
Accumulated Other Equity Component 130.000
Retained Earning 108.000
Total Equity 438.250
Liabilities
Non Current Liabilities
Employee Benefit Obligation 20.000
Long Term Bank Loans 17.500 37.500
Current Liabilities
Short term Bank Loans 161.750
Taxes Payable 25.000
Trade Payables 160.000
Customer Advances 12.500
Current Portion of LT Loans 13.500
Current Portion of Employee benefit
obligation 7.000
Accrued Expense 75.000
Other Payables 15.000 469.750
Total Liabilities 507.250
Total Liabilities and Equity 945.500

Question 5
1. Receivables that are individually significant should be impaired separately. If impaired, the
company recognizes it. Receivables that are not individually significant, are collectively
impaired. Any receivables not individually assesed should be collectively assesed for
impairment. In this case, PT Api and UD Zuko are individually impaired, while the rest is
considered collectively. PT HIJ calculates the amount of collective impairment in percentage
of account receivable basis with 5% compositee rate.
Individual Impairment
PT Api* 19.000
UD Zuko** 26.000
Collective Impairment
PT Angin 45.000
PT Air 39.000
PT Tanah 78.000
UD Aang 52.000

9|Page Semester Ganjil 2010/2011

Presented By: SPA-Accounting Study Division Mojakoe Akuntansi Keuangan 1

UD Katara 81.000
UD Sokka 35.000

Total Receivable 330.000

Impairment *** 16.500
Total Impairment 61.500

*67.000-48.000
**63.000-37.000
***5%x 330.000

2. Present Value = PV Principle + PV Interest

=PV (1.000.000;10%;4th) +PV(12%*1.000.000;10%,4th)
=1.000.000*0,68301 + 120.000*3,16986
=Rp 1.063.393,2
PT HIJ
Schedule of Effective Interest Method
Jan, 1 2010
Interest Carrying
Cash Received Revenue Premium Amortized amount
2010 1.063.393,20
2011 120.000 106.339,32 13.660,68 1.049.732,52
2012 120.000 104.973,25 15.026,75 1.034.705,77
2013 120.000 103.470,58 16.529,42 1.018.176,35
2014 120.000 101.817,63 18.182,37 1.000.000,00
3. Present Value =PV Principle + PV Interest
=75% *PV (1.000.000;10%;3th) +75%* PV(12%*1.000.000;10%,3th)
=75%*1.000.000*0,75132 + 75%*120.000*2,48685
=Rp 787.306,5
Impairment Loss =Carrying Amount 2011 – PV of Note Receivable
=1.049.732,52-787.306,5
=262.426,02
4. Journal Entries
Bad Debt Expense 61.500 Trade Receivable
Allowance for Doubtful Account 61.500

Notes Receivable 1.000.000

Notes Receivable
Cash 1.000.000

Interest Receivable 120.000

Interest Revenue 106.339,32
Premium Amortized 13660,68

Bad Debt Expense 262.426,02

Allowance for Doubtful Account 262.426,02

10 | P a g e Semester Ganjil
2010/2011