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