1. Mak Munah sells nasi lemak everyday. She allows only cash sales. Her suppliers also demanded her to pay in cash. What concept does not suite her?

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2.

As at 31 December 2020, ABC Sdn Bhd total sales for the year are RM300 million. Alex, the CEO of ABC Sdn Bhd, instructed the Company accountant to declare / record the Company sales at RM250 million only. The undeclared sales of RM50 million will be recorded next year. However, the accountant accidentally record the expenses associated with the undeclared sales.

What are two (2) Accounting Principles that ABC Sdn Bhd did not follow?

3. As at 30 June 2020, Interest expenses of RM5,000 were not recorded by XYZ Sdn Bhd accounts clerk. These transactions would ______________XYZ Sdn Bhds net profit and ______________ liabilities by RM5,000.

4. The business rather than its owner is the reporting unit. What concept the above statement follows?

1. Reporting Period
2. Objectivity
3. Realization
4. Separate Legal Entity

5. Jerry the accountant of Utara Sdn Bhd has a choice of recording stock in hand at RM3,000 and RM3,500. Jerry prefers to record the stock at RM3,000. What concept is Jerry following?

1. Conservatism
2. Matching
3. Realization
4. Materiality