Which of following statements is not true about the purposes of recording and analysing accounting information?

A. To measure the level of employee engagement. B. For easier reference in retrieving data and information. C. To avoid misleading of financial statements. D. To know the financial status of the business.

21. Silvy owned a food truck business with an initial cash startup of RM150,000. She bought a food truck costing RM90,000 using a bank loan charging 6% interest per annum. How much is the total assets of her business? A. RM240,000 B. RM150,000 C. RM245,400 D. RM95,400 (1 mark)

22. Rona Trading bought some furniture from M&M Jaya for RM14,500 cash. The double entries for this transaction in the books of Rona Trading are: A. Debit Furniture, Credit M&M Jaya. B. Debit Purchases, Credit Cash. C. Debit M&M Jaya, Credit Furniture. D. Debit Furniture, Credit Cash. (1 mark)

23. The debit side of journal entry is used to record the following except: A. Decrease in revenues. B. Decrease in liabilities. C. Increase in expenses. D. Increase in Owners equity. (1 mark)

24. Mar Bakery sold 1,500 cakes for the month of December 2020 at RM35 per cake. Out of the total sales made, 70% were paid in cash and the remaining after two months. Based on the above scenario, identify the journal entries involved?

A. Debit sales RM52,500, credit cash RM36,750, credit account payables RM15,750

B. Debit sales RM52,500, credit cash RM36,750, credit account receivables RM15,750

C. Debit cash RM52,500, debit account receivables RM36,750, credit sales RM15,750

D. Debit cash RM36,750, debit account receivables RM15,750, credit sales RM52,500