Reference no: EM132712886

Problem 1: Debits represent?

a) Increase assets and decrease revenue

b) Increase both asset and liability

c) Decrease both assets and liability

d) Decrease assets and increase expenses

Problem 2: Which is not the qualitative characteristics of accounting information

a) Relevant

b) Reliability

c) Comparability

d) Accuracy

Problem 3: Under the assumptions of state that enterprise will continue in operation long enough to carry out its existing objective.

a) Economic entity

b) Time period

c) Going concern

d) Full disclosure

Problem 4: Ahmed has no idea on how to calculate the profit for his booth sales during entrepreneur's days. He do the transactions on paid booth Lots 250; Receipts from sales 3,000; Wages for Kelly and Adam 300 each; Decorating flower for booth 100; Drawing for Food & Baverages 150; Saleh owes 120. How much profits he made that day?

a) 3,000

b) 2,050

c) 1,900

d) 1,780

Problem 5: Calculate how much the liability if owner equity is RM40,000 and assets is RM55,000.

a) RM95,000

b) RM47,500

c) RM30,000

d) RM15,000