See next page 5. On 1 January 2019, Shine Enterprises purchased a land for RM200,000.00. In...

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See next page 5. On 1 January 2019, Shine Enterprises purchased a land for RM200,000.00. In 2020, the current market value of the land is RM450,000.00. However, the business continue to report the land at RM200,000.00. This is justified under which of the following concept? A. Time interval. B. Matching concept. c. Money measurement. D. Historical cost concept. 6. If a business received RM2,000.00 from sales, this would A. Increase assets and decrease liabilities. B. Increase assets and increase owner's equity. c. Increase liabilities and decrease owner's equity. D. Decrease assets and decrease owner's equity. 7. The basic sequence in the accounting cycle can best be described as A. Transaction, source document, journal entry, ledger account, trial balance. B. Transaction, journal entry, source document, ledger account, trial balance. c. Transaction, source document, journal entry, trial balance, ledger account. D. Source document, transaction, ledger account, journal entry, trial balance. 8. Salman withdrew some goods amounted of RM6,700.00 from his shop for personal use. The correct journal entries would be A. Debit Drawings and Credit Purchases RM6,700.00. B. Debit Goods RM6,700.00 and Credit Capital RM6,700.00. c. Debit Capital RM6,700.00 and Credit Inventory. RM6,700.00. D. Debit Drawings RM6,700.00 and Credit Inventory RM6,700.00. 9. "A business should not record revenue unless it is very sure of earning it". This is in line with the A. Accrual concept. B. Historical cost concept. c. Prudence concept. D. Materiality concept. See next page 5. On 1 January 2019, Shine Enterprises purchased a land for RM200,000.00. In 2020, the current market value of the land is RM450,000.00. However, the business continue to report the land at RM200,000.00. This is justified under which of the following concept? A. Time interval. B. Matching concept. c. Money measurement. D. Historical cost concept. 6. If a business received RM2,000.00 from sales, this would A. Increase assets and decrease liabilities. B. Increase assets and increase owner's equity. c. Increase liabilities and decrease owner's equity. D. Decrease assets and decrease owner's equity. 7. The basic sequence in the accounting cycle can best be described as A. Transaction, source document, journal entry, ledger account, trial balance. B. Transaction, journal entry, source document, ledger account, trial balance. c. Transaction, source document, journal entry, trial balance, ledger account. D. Source document, transaction, ledger account, journal entry, trial balance. 8. Salman withdrew some goods amounted of RM6,700.00 from his shop for personal use. The correct journal entries would be A. Debit Drawings and Credit Purchases RM6,700.00. B. Debit Goods RM6,700.00 and Credit Capital RM6,700.00. c. Debit Capital RM6,700.00 and Credit Inventory. RM6,700.00. D. Debit Drawings RM6,700.00 and Credit Inventory RM6,700.00. 9. "A business should not record revenue unless it is very sure of earning it". This is in line with the A. Accrual concept. B. Historical cost concept. c. Prudence concept. D. Materiality concept.