2. The budget manual is a detailed set of documents that provide information and guidelines about the budgetary process. It should include the followings EXCEPT: Select one: A. statements of the budgetary purpose and its desired results. B. a calendar of scheduled budgetary activities. C. a economic forecast for the organisation for the next 24 month. D. original, revised and approved budgets.

2. The budget manual is a detailed set of documents that provide information and guidelines about the budgetary process. It should include the followings EXCEPT: Select one: A. statements of the budgetary purpose and its desired results. B. a calendar of scheduled budgetary activities. C. a economic forecast for the organisation for the next 24 month. D. original, revised and approved budgets. 3. Break-even point can be considered as: Select one: A. the number of units required to be sold to cover fixed costs. B. the minimum amount of contribution margin that should be made. C. the level of activity at which total sales equals total costs. D. the level of activity where variable costs are covered by sales revenue. 4. Ahmad Jelani Enterprise produces ladies’ veils using the brand name ‘Taqwa’, which are specially designed for local market. The main fabrics are imported from Laos. Details of the product costing for the past 3 months are as follow: Quantity produced 3,000 units Actual fabrics price RM2.80/meter Standard fabrics price RM2.50/meter Actual quantity used 5.3 meters/unit Standard quantity used 5 meters/unit Actual labour rate RM4.50/hour Standard labour rate RM4.00/hour Actual labour hours 540 hours Standard labour hours 528 hours REQUIRED: Calculate the direct labour rate variance. Select one: A. RM264 U B. RM270 F C. RM270 U D. RM264 F 5. AG company purchased RM8,000 of merchandise on 5 January with credit terms 5/10, n/30. On 7 January, AG company returned RM500 worth of the merchandise. On 14 January, AG company paid the full amount due. The amount of the cash paid on 14 January should be: Select one: A. RM7,125 B. RM8,000 C. RM7,500 D. RM7,100 6. _______________ will cause the break-even in units to decrease. Select one: A. Increase in margin of safety B. Increase in total fixed expenses C. Decrease in unit variable expenses D. Decrease in selling price 7. Halal Berhad’s comparative financial statements for the years ending 31 December 2020, and 2019, are as follows. Halal Berhad’s common stock market price was RM35 on 31 December 2020 and RM40 on 31 December 2019. Halal Berhad Statement of Profit or Loss and Other Comprehensive Income For the years ended 31 December 2020 and 2019 2020 (RM’000) 2019 (RM’000) Sales 1,200 1,000 Cost of goods sold 500 475 Gross Profit 700 525 Selling expenses 240 200 Administrative expenses 180 150 Total operating expenses 420 350 Income from operations 280 175 Other income 166 225 446 400 Other expense (interest) 66 60 Income before income tax 380 340 Income tax expense 80 60 Net income 300 280 Halal Berhad Statement of Financial Position As at 31 December 2020 and 2019 2020 (RM’000) 2019 (RM’000) Assets Current Assets Cash 450 400 Marketable Securities 300 260 Accounts receivable (net) 130 110 Inventories 67 58 Prepaid Expenses 153 139 Total Current Assets 1100 967 Long-term investments 2350 2200 Property, plant, and equipment (net) 1320 1188 Total Assets 4770 4355 Liabilities Current Liabilities 440 400 Long-term Liabilities Mortgage note payable, 8% due 2025 100 0 Bonds payable, 5%, due 2021 1000 1000 Total long-term liabilities 1100 1000 Total liabilities 1540 1400 Stockholders’ Equity Preferred RM0.75 stock, RM10 par 200 200 Common stock, RM10 par 100 100 Retained earnings 2930 2655 Total stockholders’ equity 3230 2955 Total liabilities and stockholders’ equity 4770 4355 REQUIRED: The Ratio of liabilities to Stockholders’ equity for Halal Berhad in 2020 and 2019 is 0.48 and 0.47 respectively, which can be interpreted as: Select one: A. an increase from 0.47 to 0.48 during 2020, thus revealing that creditors have an adequate margin of safety. B. there is no correct answer. C. an increase from 0.47 to 0.48 during 2020, thus revealing that creditors have an inadequate margin of safety. D. an increase from 0.47 to 0.48 during 2020, thus revealing that creditors have a margin of safety. 8. If total liabilities decreased by RM66,000 and owner's equity increased by RM90,000, what is the amount and direction (increase or decrease) of total assets’ change during the period? Select one: A. RM156,000; decrease B. RM24,000; increase C. RM24,000; decrease D. RM156,000; increase 9. Ahmad Jelani Enterprise produces ladies’ veils using the brand name ‘Taqwa’, which are specially designed for local market. The main fabrics are imported from Laos. Details of the product costing for the past 3 months are as follow: Quantity produced 3,000 units Actual fabrics price RM2.80/meter Standard fabrics price RM2.50/meter Actual quantity used 5.3 meters/unit Standard quantity used 5 meters/unit Actual labour rate RM4.50/hour Standard labour rate RM4.00/hour Actual labour hours 540 hours Standard labour hours 528 hours REQUIRED: Calculate the direct materials price variance. Select one: A. RM4,770 F B. RM900 F C. RM4,770 U D. RM900 U 10. Which of these is a similarity between financial accounting and managerial accounting? Select one: A. Both report to the same group of accounting users. B. Both report past financial events. C. Both use the same accounting standards of MASB. D. Both provide information for decision making. 11. Which of the followings is NOT a temporary or nominal account? Select one: A. Utility Expense. B. Prepaid Insurance. C. Drawings. D. Depreciation Expense. 12. Which of the following statements related to expenses is CORRECT? Select one: A. Expenses decrease owner's equity and has a credit normal balance. B. Expenses increase owner's equity and has a debit normal balance. C. Expenses decrease owner's equity and has a debit normal balance. D. Expenses increase owner's equity and has a credit normal balance. 13. For the accounting period ended 31 December 2021, merchandise inventories sold were RM100,000 in cash and RM1,000,000 on account. The cost of merchandise inventories was RM750,000 while the Selling and Administrative expenses incurred was RM100,000. What is the amount of the gross profit? Select one: A. RM350,000 B. RM100,000 C. RM250,000 D. RM200,000 14. An adjusted trial balance of Afif & Associates (a legal firm) on 31 October 2021 is as follows: Accounts Debit (RM) Credit (RM) Cash 19,500 Notes Receivable, Short-term 61,000 Rent Receivable 1,500 Office Supplies 13,750 Prepaid Insurance 2,750 Office Equipment 15,000 Accumulated Depreciation – Office Equipment 12,500 Accounts Payable 15,750 Wages Payable 2,250 Unearned Revenue 15,000 Notes Payable, Long-term 25,000 Capital 80,000 Drawings 27,500 Service Revenue 40,250 Rent Revenue 5,500 Wages Expense 38,250 Insurance Expense 6,250 Office Supplies Expense 3,750 Depreciation Expense 2,500 Miscellaneous Expense 4,500 196,250 196,250 REQUIRED: What is the net book value of Office Equipment as at 31 October 2021? Select one: A. RM15,000 B. RM12,500 C. RM2,500 D. RM27,500 15. Which of the following statements regarding direct materials quantity variance is TRUE? Select one: A. The difference between the actual quantity and the standard quantity for direct materials, multiplied by the standard price. B. Favourable when actual direct material used is greater than the standard. C. The difference between the actual price and the standard price for direct materials, multiplied by the actual quantity of direct materials purchased. D. Favourable when the actual price for material is less than the standard unit price. 16. An adjusted trial balance of Afif & Associates (a legal firm) on 31 October 2021 is as follows: Accounts Debit (RM) Credit (RM) Cash 19,500 Notes Receivable, Short-term 61,000 Rent Receivable 1,500 Office Supplies 13,750 Prepaid Insurance 2,750 Office Equipment 15,000 Accumulated Depreciation – Office Equipment 12,500 Accounts Payable 15,750 Wages Payable 2,250 Unearned Revenue 15,000 Notes Payable, Long-term 25,000 Capital 80,000 Drawings 27,500 Service Revenue 40,250 Rent Revenue 5,500 Wages Expense 38,250 Insurance Expense 6,250 Office Supplies Expense 3,750 Depreciation Expense 2,500 Miscellaneous Expense 4,500 196,250 196,250 REQUIRED: What is the total liabilities and owner’s equity of Afif & Associates as at 31 October 2021? Select one: A. RM33,000 B. RM101,000 C. RM98,500 17. Halal Berhad’s comparative financial statements for the years ending 31 December 2020, and 2019, are as follows. Halal Berhad’s common stock market price was RM35 on 31 December 2020 and RM40 on 31 December 2019. Halal Berhad Statement of Profit or Loss and Other Comprehensive Income For the years ended 31 December 2020 and 2019 2020 (RM’000) 2019 (RM’000) Sales 1,200 1,000 Cost of goods sold 500 475 Gross Profit 700 525 Selling expenses 240 200 Administrative expenses 180 150 Total operating expenses 420 350 Income from operations 280 175 Other income 166 225 446 400 Other expense (interest) 66 60 Income before income tax 380 340 Income tax expense 80 60 Net income 300 280 Halal Berhad Statement of Financial Position As at 31 December 2020 and 2019 2020 (RM’000) 2019 (RM’000) Assets Current Assets Cash 450 400 Marketable Securities 300 260 Accounts receivable (net) 130 110 Inventories 67 58 Prepaid Expenses 153 139 Total Current Assets 1100 967 Long-term investments 2350 2200 Property, plant, and equipment (net) 1320 1188 Total Assets 4770 4355 Liabilities Current Liabilities 440 400 Long-term Liabilities Mortgage note payable, 8% due 2025 100 0 Bonds payable, 5%, due 2021 1000 1000 Total long-term liabilities 1100 1000 Total liabilities 1540 1400 Stockholders’ Equity Preferred RM0.75 stock, RM10 par 200 200 Common stock, RM10 par 100 100 Retained earnings 2930 2655 Total stockholders’ equity 3230 2955 Total liabilities and stockholders’ equity 4770 4355 REQUIRED: The Ratio of fixed assets to long-term liabilities for Halal Berhad in 2020 and 2019 is 1.20 and 1.19 respectively, which can be interpreted as: Select one: A. an increase from 1.19 to 1.20 indicates a better ability of Halal Berhad to pay off its long-term liabilities in 2020 by 0.7%. B. an increase from 1.19 to 1.20 indicates a better ability of Halal Berhad to pay off its long-term liabilities in 2020 by 0.9%. C. an increase from 1.19 to 1.20 indicates a better ability of Halal Berhad to pay off its long-term liabilities in 2020 by 1.0%. D. an increase from 1.19 to 1.20 indicates a better ability of Halal Berhad to pay off its long-term liabilities in 2020 by 0.8%. 18. Ahmad Jelani Enterprise produces ladies’ veils using the brand name ‘Taqwa’, which are specially designed for local market. The main fabrics are imported from Laos. Details of the product costing for the past 3 months are as follow: Quantity produced 3,000 units Actual fabrics price RM2.80/meter Standard fabrics price RM2.50/meter Actual quantity used 5.3 meters/unit Standard quantity used 5 meters/unit Actual labour rate RM4.50/hour Standard labour rate RM4.00/hour Actual labour hours 540 hours Standard labour hours 528 hours REQUIRED: Calculate the direct materials quantity variance. Select one: A. RM2,520 U B. RM2,250 F C. RM2,520 F D. RM2,250 U 19. The cost that has been incurred and cannot be recovered and not relevant for decision makings is called _____________ Select one: A. sunk cost. B. opportunity cost. C. fixed cost. D. mixed cost. 20. Recently, Keris Sdn. Bhd. reported a net loss of RM16,000. Sales were RM2,880,000 with a contribution margin ratio of 40%. Based on the given information, how much additional sales is required to achieve break-even point? Select one: A. RM40,000 B. RM16,000 C. RM44,000 D. RM22,500 Answer it fast please