1 In relation to the law of contract: (i) Explain the meaning of the terms 'intention to create legal relations between the parties"

2. Explain the extent of the application of the English common law and the rules of equity as applied in Malaysia today.

3. The primary reason that businesses use data mining techniques to obtain various types of financial

information is to

A. manage their working capital effectively.

B. develop their financial goals.

C. identify relationships and patterns among data.

D. analyze the accuracy of their accounting records.

4. Alyssa is starting a small business out of her home. When she accesses a business "how-to" web site,

Alyssa finds software downloads and printable worksheets that will help her plan and manage her

business's income and expenses. The software and worksheets are types of

A. statistical information. C. budgeting tools.

B. legal data. D. organizational charts.

5. What is a benefit of managing budgeting data efficiently through budgeting applications?

A. Decreases auditors' ability to trace the numbers used in budgets

B. Increases amount of time that needs to be spent on value-added activities

C. Decreases the need for having an audit trail

D. Increases management's confidence in budgets

6. Businesses often use computer-spreadsheet software for "what-if" financial planning by plugging in

different numerical data into formulas, which provide possible

A. distribution methods. C. financial outcomes.

B. production strategies. D. accounting standards.

7. In which of the following situations would a firm use cost-analysis applications:

A. To predict sales volume for a certain period of time

B. To determine the number of delinquent accounts

C. To assess income changes over a certain period of time

D. To evaluate the amount of money associated with inventory storage

8. To obtain specific financial information from a complex database, the user has to set

A. queries. C. tabs.

B. symbols. D. panels.

9. Because the Keller Company is a public corporation, it must provide its shareholders with accurate

financial information in a(n)

A. accounting portfolio. C. complex memorandum.

B. informal monthly contract. D. annual report.

10. To ensure compliance with government regulations, an independent auditor is required to verify the

accuracy of a public corporation's

A. financial reports. C. diversification efforts.

B. selling policies. D. accounting philosophies.