Work in Progress is valued on the basis of cost incurred because of principle of:

a

Conservatism

b

Realization

c

Consistency

d

Going Concern

Accounting cycle does not include:

a

Classification

b

Decision making

c

Recording

d

Interpreting

If an asset cost RM27,000 and the annual depreciation charge calculated using the straight-line method is RM6,750 per annum, then depreciation is being charged at the rate of:

a

27.5%

b

35%

c

57.5%

d

25%

Resources minus capital equities is equal to:

a

Liabilities

b

Assets

c

Revenue

d

Equity