1. Which of the following statements best describes cost and management accounting?

Cost and management accounting refers to the provision of information resources:

1. for managers to keep shareholders informed on a regular basis
2. that managers can use to help them plan and control the business
3. to assist potential investors to decide whether or not to buy shares in the company
4. to anyone who has a legitimate interest in the activities of the business

1. Which of the following statements is true?

Prime cost is the total of:

1. Production cost less production overheads
2. Direct materials, direct labour and non-administrative expenses
3. Direct and indirect production costs
4. Production overheads

1. Fresh Resources Bhd produces orange juice, which is sold in cardboard cartons to the large supermarket chains. Which of the following costs would be classified as a production overhead?

1. Supply of cardboard cartons
2. Machine oil for the juicing machinery
3. Oranges
4. Supply of diesel fuel for delivery vehicles

1. Jackson's Balance Sheet shows the following totals:

RM

Fixed Asset 21,470

Stock 16,222

Debtors 5,934

Cash 266

Bank Overdraft 1,803

Due to Customs & Excise 766

Trade Creditors 3,722

Which of the following is the figure for net assets?

1. RM 16,131
2. RM 37,601
3. RM 6,291
4. RM 22,422

1. Jaan Kit's closing capital at 31 March 20X9 was RM26,990. During the financial year ending 31 March 20X9, he made a profit of RM4,890. On 1 May 20X9 he withdrew a truck for his son to be used for his business. The truck had a book value of RM2,000. Jaan Kit also withdrew cash of RM2,000 for the year.

What is Jaan Kit's opening capital balance at 1 April 20X8?

1. RM 29,880
2. RM 24,100
3. RM 26,100
4. RM 27,880

1. Raine Sdn Bhd buys and sells porcelain dolls from Korea. Raine buys the porcelain dolls for RM10 each and sells them for RM15. In February 20X8 he sells 180 porcelain dolls. His closing stock is 80 porcelain dolls. During the month of February 20X8 he purchased the porcelain dolls for a total cost of RM2,000. What was Raine's gross profit for the month of February 20X8 on the sale of porcelain dolls?

1. RM 2,700
2. RM 1,800
3. RM 900
4. RM 600

1. Mary Ann's Business sells a fixed asset for cash proceeds of RM15,000. The fixed asset was bought for RM16,000 and accumulated depreciation at the point of sale was RM 2,662.

Three of the following six statements are correct:

1. Profit increases by RM 1,662
2. Profit decreases by RM 1,662
3. The net book value of fixed assets decreases by RM 13,338
4. The net book value of fixed assets decreases by RM 16,000
5. Cash increases by RM 15,000
6. Cash increases by RM 13,338

Which three statements are correct?

1. i, iii and v
2. ii, iii and v
3. ii, iv and vi
4. ii, iii and vi

1. Which of the following statements concerning the study of analysis techniques is TRUE?

1. Trend analysis involves expressing figures in a financial statement as a percentage of a key figure (commonly sales in profit and loss and net assets in the balance sheet.)
2. Horizontal analysis involves analysis taking place over several years.
3. Vertical analysis involves analysing the financial statement of at least two consecutive accounting periods.
4. Common size analysis is a vertical analysis taking place over more than one accounting year.

1. Freedal Bhd had the following working capital items in its balance sheet

RM

Stock 90,000

Creditors 98,843

Debtors 86,214

Bank Overdraft 16,790

The current ratio for Freedal Bhd to 2 decimal places is:

1. 1.52: 1
2. 0.66: 1
3. 1.95: 1
4. 0.51: 1

1. Three of the following six statements are correct?

1. Listed Company regulation is handled by the Financial Services Authority
2. Private limited companied are obliged by law to make only a limited amount of information available to the public, but they are still obliged to produce a full set of account for distribution to their shareholders
3. Companied are required by law to produce a Directors' report as part of their financial statements
4. All companied are required to have an annual audit
5. Public limited companied are obliged to have a share capital of RM50,000 all of which must be issued for cash
6. Directors are required at all time to act in the best interest of their shareholders.

Which statements are correct?

1. i, ii & iii
2. ii, iii & vi
3. iii, iv & vi
4. i, iv & v