7. Calculate the net profit for Petong Enterprise based on the data given below: A. RM753,250 B. RM700,750 C. RM162,750 D. RM215,250 8. The major revenue of merchandiser is while the major expense(s) is (are) A. sales revenue, cost of goods sold B. gross profit, operating expenses C. sales revenue, operating expenses D. income from operation, cost of goods sold 9. Which of the following account would the seller debit when the purchaser takes advantage of credit terms within the discount period? A. Purchase Discount B. Purchase Returns and Allowances C. Sales Returns and Allowances D. Sales Discount 10. A purchase return or allowance under a perpetual inventory system is credited to: A. Inventory B. Account Receivable C. Account Payable D. Purchases 11. Managerial accounting information: A. Is used mainly by external users. B. Involves gathering information about costs for planning and controlling decisions. C. Is generally the only accounting information available to shareholders. D. Can be used for control purposes but not for planning purposes. 12. Which of the following best describes the difference between financial and managerial accounting? A. Managerial accounting is concerned solely with the future and does not record events from the past, while financial accounting records only events from the past's transaction. B. Managerial accounting provides information to support decisions, while financial accounting does not. C. Managerial accounting does not result in financial reports, while financial accounting does result in financial reports. D. Managerial accounting is not restricted to Generally Accepted Accounting Principles (GAAP), while financial accounting is restricted