QUESTION 1 Many of you will work for small business. Some of you will even own your own business. In order to operate a small business, you will need a good understanding of managerial accounting, as well as many other skills. Much information is available online to assist people who are interested in starting a new business. Required: a) Based on Malaysian perspective, distinguish between micro, small and medium enterprise. b) What are some of the characteristics required of a small business owner? Discuss. c) Identify and discuss several reasons of business failure.

QUESTION 2 You are required to choose ONE micro, small or medium enterprise in your housing area. a) Write in your report the business profile (name, address, location, nature of business, types of business, etc.). b) Identify several main overhead costs of the business. c) Interview the owner(s) of the business, and write in your report, how the business set pricing of their products or services.