Question $1(4$ points$)$

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The rule that $(1)$ requires revenue to be recognized at the time it is earned, $(2)$ allows the inflow of assets associated with revenue to be in a form other than cash, and $(3)$ measures the amount of revenue as the cash plus the cash equivalent value of any noncash assets received from customers in exchange for goods or services, is called the:

Question $1$ options:

Objectivity principle.

Cost principle.

Going$-$concern assumption.

Revenue recognition principle.

Question $2(4$ points$)$

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Which of the following assets is not depreciated?

Question $2$ options:

Computers.

Buildings.

Land.

Store fixtures.

Question $3(4$ points$)$

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Which of the following provide frame work and accounting policies so that the financial statements of different enterprises become comparable.

Question $3$ options:

Business Standards.

Accounting Standards.

Market Standards.

None of the above.

Question $4(4$ points$)$

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An asset was purchased for RM$1,000,000$ with the down payment of RM$200,000$ and bills accepted for RM$800,000.$ What would be the effect on the total asset and total liabilities in the balance sheet?

Question $4$ options:

Assets increased by RM$1,000,000$ and liabilities increased by RM$800,000.$

Assets decreased by RM$800,000$ and liabilities increased by RM$800,000.$

Assets increased by RM$800,000$ and liabilities decreased by RM$800,000.$

Assets increased by RM$800,000$ and liabilities increased by RM$800,000.$

Question $5(4$ points$)$

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Which one of the following would be classified as a current asset for a furniture retailer?

Question $5$ options:

Furniture held for resale.

Computer.

Building.

Shop fittings.