Section A (40 Marks) 1. Internal users of accounting information include all of the following except, A. company officers. B. investors. C. marketing managers. D. production supervisors. 2. Which of the following events is not a business transaction? A. Investment of cash by the owner B. Hired employees C. Incurred utility expenses for the month D. Earned revenue for services provided 3. Cost of goods available for sale is computed by adding A. freight-in to net purchases. B. beginning inventory to net purchases. C. beginning inventory to purchases and freight-in. D. beginning inventory to cost of goods purchased. 4. Net sales is sales less A. sales discounts. B. sales returns. C. sales returns and allowances. D. sales discounts and sales returns and allowances. 5. Cempaka Sari Company purchased inventory from Pustaka Company. The shipping costs were RM400.00 and the terms of the shipment were FOB shipping point Cempaka would have the following entry regarding the shipping charges: A. There is no entry on Cempaka's books for this transaction. B. Freight Expense 400.00 Cash... 400.00 C. Freight-out.... 400.00 Cash...... 400.00 D. Merchandise Inventory 400.00 Cash..... 400.00 Use the following information for questions 6-11. Wawasan Gemilang's Bhd inventory records show the following data: Units Unit Cost Inventory, January 1 5,000 RM9.00 Purchases: June 18 4,500 8.00 November 8 3,000 7.00 A physical inventory on December 31 shows 2,000 units on hand. Wawasan Gemilang's sells the units for RM12.00 each. The company has an effective tax rate of 20%. Wawasan Gemilang' uses the periodic inventory method