Reference no: EM132946408

Problem 1: Based on the following information, calculate the amount of total expenses:

Items                RM

Capital           70,000

Revenue       50,000

Liability        60,000

Asset         140,000

A. RM20,000

B. RM30,000

C. RM40,000

D. RM10,000

Problem 2: Which of the following is true about trial balance?

A. A summary report of a business's revenues, expenses and liabilities over a specific time period.

B. A statement that shows the financial position of the business.

C. A statement of debit and credit balances taken out from all accounts.

D. A list of all assets, liabilities and owner's equity of the business.

Problem 3: Which of the following is true concerning cash discount on sale?

A. Debit sales, credit discount allowed

B. Debit discount allowed, credit sales

C. Debit sales, credit account receivable

D. Debit discount allowed, credit account receivable