$1.$ Rita Trading paid its salaries for the month. As a result of this there will be a decrease in the firm$$s

A$.$ Cash and expenses

B$.$ Liabilities and revenues

C$.$ Assets and revenues

D$.$ Liabilities and expenses

$2.$ At the beginning of the year, Daud Sdn Bhd owned assets amounting to RM$10000$ and the owner's equity of RM$8,000.$ During the year, its assets decreased by RM$2000$ and its liability increased by RM$500.$ How much is the owner's equity at the end of the year?

A$.$ RM$5,500$

B$.$ RM$10,500$

C$.$ RM$8,000$

D$.$ RM$6,000$

Which of the following transactions is NOT a revenue?

A$.$ Performed services worth RM$3,000$ on credit for Aliff and further services worth RM$5,500$ cash.

B$.$ Purchased RM$6,000$ worth of furniture and RM$3,000$ worth of goods for cash.

C$.$ Received commission of RM$7,000$ and interest of RM$4,000.$

D$.$ Sold RM$9,000$ worth of goods for cash and a motor vehicle costing RM$12,000$ for RM$20,000.$

$4.$ Data for Cost A and Cost B are as follows:

Number of Units Produced Unit Cost Total Cost

Cost A

$1?$ $$10$

$10?$ $$100$

$100?$ $$1,000$

$1,000?$ $$10,000$

Cost B

$1$ $$5,000?$

$10$ $$500?$

$100$ $$50?$

$1,000$ $$5?$

$5.$ Which of these statements is true about current assets?

A$.$ An asset used to produce a product or service.

B$.$ The latest asset purchased by business.

C$.$ Expected to be realized in cash, sold or consumed within one year of the statement of financial position or an enterprise$$s operating cycle, whichever is longer.

D$.$ Usually found as a separate classification in the stat

$6.$ Depreciation on a personal computer used in the marketing department of a manufacturing firm would be classified as:

A$.$ a product cost that is fixed with respect to the company's output.

B$.$ a period cost that is fixed with respect to the company's output.

C$.$ a product cost that is variable with respect to the company's output.

D$.$ a period cost that is fixed with respect to the company's output.

$7.$ Razlan Enterprise has a gross profit of RM$66,800.$ The closing inventory and opening inventory are valued at RM$50,000$ and RM$44,000$ respectively. What is the total sales if total purchases is RM$150,600.$

A$.$ RM$223,400$

B$.$ RM$211,400$

C$.$ RM$275,000$

D$.$ RM$208,200$

$8.$ Kemuning Jaya store had a beginning merchandise inventory of RM$30,000.$ During the period, purchases were RM$100,000$; purchase return RM$4,000$ and carriage inwards RM$8,000.$A physical count of inventory at the end of the period revealed that RM$20,000$ was still on hand. The cost of goods sold was:

A$.$ RM$104,000$

B$.$ RM$114,000$

C$.$ RM$134,000$

D$.$ RM$154,000$

$9.$ Expenses such as unpaid wages, interest expense owing on a loan, or rent due but not yet paid, are recorded on the statement of financial position under current liabilities as:

A$.$ Accrued expenses

B$.$ Short term loan

C$.$ Accounts payable

D$.$ Unearned revenue

$10.$ Nik Aziz Enterprise had a balance on its allowance for doubtful debts of RM$25,000$ as at $31$ December $20$x$7.$ Allowance for doubtful debts was estimated at $5\%$ on account receivable. On $31$ December $20$x$8$ the balance of its net accounts receivable was RM$550,000.$ Calculate the amount of doubtful debts to be shown in the statement of profit or loss for the year ending $31$ December $20$x$8.$

A$.$RM$25,000$

B$.$RM$2,500$

C$.$RM$13,000$

D$.$RM$27,500$

$11.$ Using the following data for February, calculate the cost of goods manufactured:

Direct materials $$36,000$

Direct labor $$20,000$

Manufacturing overhead $$19,000$

Beginning work in process inventory $$10,000$

Ending work in process inventory $$13,000$

$12.$ Which of the following correctly states the liabilities of the business entities?

Answer Limited Company Partnership Sole proprietorship

A Limited liability Unlimited liability Unlimited liability

B Limited liability Limited liability Unlimited liability

C Unlimited liability Limited liability Limited liability

D Unlimited liability Unlimited liability Limited liability