MGT101 (01 Jun 2026) Subject: MGT101 ? Financial Accounting Paper Time: 9:15 AM Date: 1st June 2026 Long Questions 1. Debit & Credit Identification A major long question required identifying whether given transactions were Debit or Credit. The concept used: - Items coming into the business ? Debit - Items going out of the business ? Credit This rule was applied to solve the question. 2. Accounting Elements Identification A question required identifying: - Assets - Liabilities - Expenses A similar question also appeared in the short section with slightly different statements. 3. Transaction Analysis Table A table-based question was given where a transaction was: ?Rent paid during the month = 30,000? We had to identify the effect on: - Assets - Drawings - Liabilities 4. Tr