9. Far-east Company received and paid a utility bill for RM550 for the month of November. This transaction will ____.

A. increase expenses and decrease withdrawal, RM550

B. increase cash RM550 and increase utility expense, RM550

C. increase cash RM550 and decrease utility expense, RM550

D. decrease cash RM550 and increase utility expense, RM550

10. What document is usually sent every month from the supplier to the customer, listing all the transactions between them during that month?

A. Invoice

B. Receipt

C. Statement

D. Credit note

11. Which of the following is the correct posting to record a cash sale of RM300 to Amdale?

A Debit cash RM300 Credit Amdale RM300

B Debit Amdale RM300 Credit sale RM300

C Debit cash RM300 Credit sale RM300

D Debit Bank RM300 Credit Purchases RM300

12. Which of the following items would appear on debit and credit sides of a trial balance?

An Inventory and Drawings

B Sales and Returns Out

C Carriage inwards and Carriage Outwards

D Debtors and Returns Out

13. Which of the following would normally be entered through the journal?

A Credit purchase returns

B Transfers between accounts

C Receipts from credit customers

D Expense payments

14. What business document provides proof of payment for a business transaction?

A. Invoice

B. Receipt

C. Claim

D. Debit note

15. Periodicity or time period assumption imply that ____.

A. a business is separate and distinct from its owner and from every other business

B. the purchasing power of the unit of measurement used in accounting, the RM, does not change

C. the economic activities of an enterprise can be divided into artificial time period

D. A business will continue to operate in the foreseeable future