1-What is the time period assumption ?

Revenue should recognized in the accounting period in which it is earned

Expenses should be matched with revenue

The economic life of a business can be divided into artificial time period

the fiscal year should correspond with the calendar year

2-Which principle dictates that effort ( Expenses ) be recorded with accomplishment (revenue)

Matching principle

periodicity principle

Cost principle

Revenue recognition principle

3-Gross profit will result if:

If operating expenses are less than net income

sales revenue are less than operating expenses

If operating expenses are less than cost of good sold

If revenue greater than cost of good sold

4-All of the following are required steps in the accounting cycle except

jounalizing and posting closing entries

preparing an adjusting trail balance

preparing a post closing trail balance

preparation a work sheet

5-if the sales revenue are RM400,000, Cost of goods sold is RM310,000 and Operating expenses are 60,000 what is the gross profit?

30,000

90,000

80,000

70,000