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SECTION A-MULTIPLE CHOICE QUESTIONS Answer ALL questions. 1. What is MIA? A. Malaysian Institute of Accounting B. Malaysian Institute of Accountants C. Malaysian Institute of Accountancy D. Malaysian Institute of Art 2. Which of the following is an accounting concept that state "Quantifiable, fact and not based on the personal opinion or feeling"? A. Prudence B. Materiality C. Objectivity D. Separate Entity 3. The accounting equation can be restated as: A. Assets - Liabilities = Owner's Equity B. Assets + Owner's Equity = Liabilities C. Assets + Liabilities = Owner's Equity D. Assets = Liabilities 4. Which of the following is the third step in accounting cycle? A. Journal Entries B. Financial Statements C. Unadjusted Trial Balance D. Adjusted Trial Balance 5. Flores purchases furniture using her own money. What is the effect of this transaction? A. Asset increase, Liabilities decrease B. Asset increase, Liabilities increase C. Asset increase, Owner's Equity increase D. Asset decrease, Owners' Equity decrease 6. The following is the equation related to accounting equation Asset = Liabilities + P-Q What are P and Q? A. P. Beginning Capital, Q, Ending Capital B. P. Ending Capital, Q, Beginning Capital C. P, Revenue, Q, Expenses D. P. Expenses, Q, Revenue 7. The accounting equation for Budiman Enterprise is as follows: Assets Liabilities Owner's Equity RM120,000 RM60,000 RM60,000 + If Budiman purchase machinery on credit for RM30,000, the accounting equation will change to Asset A. RM120,000 = B. RM150,000 = C. RM150,000 - D. RM150,000 = Liabilities RM60,000 RM60,000 RM75,000 RM90,000 + Owner's Equity RM60,000 RM90,000 RM75,000 RM60,000 8. Which of the following financial statements shows the performance over a given period? A. Statement of Cash Flow B. Statement of Comprehensive Income C. Statement of Changes in Equity D. Statement of Financial Position 9. The following information is depicted from book of ABC Enterprise on 1 July 2020 Current Asset Non Current Asset Current Liabilities Long Term Liabilities RM12,400 RM25,000 RM5,000 RM8,000 Calculate the value of the Owner's Equity of the ABC Enterprise as at 1 July 2020? A. RM13,000 B. RM17,000 C. RM24,400 D. RM25,400 10. On 31 December 2020, ABC Enterprise book shows balances as follows: Asset Liabilities RM60,000 RM21,108 Calculate the capital for ABC Enterprise as at 1 January 2021 if the business suffered losses of RM5,950? A. RM28,248 B. RM31.752 C. RM38,892 D. RM44,842