21. 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: Accounts receivable analysis refers to the Halal Berhad’s ability and efficiency to collect its accounts receivable, and it includes the analysis of the following: Select one: A. number of days’ sales in receivables and inventory turnover. B. all other answers are correct. C. accounts receivable turnover and inventory turnover. D. number of days’ sales in receivables and accounts receivable turnover. 22. Which of

21. 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: Accounts receivable analysis refers to the Halal Berhad’s ability and efficiency to collect its accounts receivable, and it includes the analysis of the following: Select one: A. number of days’ sales in receivables and inventory turnover. B. all other answers are correct. C. accounts receivable turnover and inventory turnover. D. number of days’ sales in receivables and accounts receivable turnover. 22. Which of the following is TRUE about contribution margin? Select one: A. The amount remaining after cost of goods sold has been deducted from sales revenues. B. The amount remaining fixed costs have been deducted from sales revenue. C. The amount remaining after fixed costs have been deducted from variable costs. D. The amount remaining after variable costs have been deducted from sales revenue. 23. Which of the following financial statements reports information as of a specific date? Select one: A. Statement of Changes in Equity. B. Statement of Profit or Loss and other Comprehensive Income. C. Statement of Cash Flows. D. Statement of Financial Position. 24. The following are objectives of budgeting EXCEPT: Select one: A. Compare organisational actual achievement with planned goals. B. Ensuring departments within an organisation operate as a team. C. Establishing and communicating organisational goals. D. Developing appropriate high technology information system for an organisation. 25. Barbara Bhd. is a refrigerator manufacturing company. Which of the following items is most likely considered an indirect manufacturing cost for Barbara Bhd.? Select one: A. Supplies used for factory machines maintenance. B. Refrigerators doors. C. Fuel costs for trucks used to deliver products to customers. D. Glass shelves for the refrigerators. 26. The following actions can be taken to lower the break-even point EXCEPT: Select one: A. decrease variable costs. B. increase the production volume. C. decrease fixed costs. D. increase the selling price. 27. Which of the following statement is NOT the objective of financial reporting? Select one: A. To prepare information relating to the planning of resources, obligation of resources, and changes related to resources. B. To prepare information relating to the value of business liquidation. C. To prepare useful information to the value cash flow prospect. D. To prepare useful information for investment and lending decisions. 28. Maju Sdn. Bhd. produces and sells pillows for RM25 per unit. Maju's sales revenue was RM350,000 and its net operating income was RM25,200 for the year. If its fixed costs totalled to RM100,800 for the year, what is its break-even point in units? Select one: A. 14,000 units. B. 1,008 units. C. 4,032 units. D. 11,200 units. 29. 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 Number of time interest charges earned for Halal Berhad in 2020 and 2019 is 6.76 and 6.67 respectively, which can be interpreted as: Select one: A. Halal Berhad has a slightly improved result of 1.36%, from 6.67 to 6.76, during 2020 in using its earnings to pay interest expense. B. Halal Berhad has a slightly improved result of 1.45%, from 6.67 to 6.76, during 2020 in using its earnings to pay interest expense. C. Halal Berhad has a slightly improved result of 1.46%, from 6.67 to 6.76, during 2020 in using its earnings to pay interest expense. D. Halal Berhad has a slightly improved result of 1.35%, from 6.67 to 6.76, during 2020 in using its earnings to pay interest expense. 30. Which of the following would improve budgeting process? Select one: A. Only top management officials handle the budgeting process. B. Set a very high-performance standards that all stakeholders must achieve. C. Ensure early and consistent communications throughout the budgeting process. D. Top management must conduct lengthy meetings once a week. 31. The effect of a payment of accounts payable will appear in _______________ Select one: A. the Statement of Financial Position. B. the Statement of Profit or Loss and Other Comprehensive Income. C. the Statement of Profit or Loss and Other Comprehensive Income and the Statement of Financial Position. D. the Statement of Changes in Shareholder’s Equity. 32. How frequent are Managerial Accounting reports prepared? Select one: A. Continuously generated throughout the accounting period according to requirements of the organisation. B. Once a year to meet the information need of external users. C. Once a year to meet the information need of internal users. D. Continuously generated throughout the accounting period according to requirements of GAAP. 33. A company had a cash balance of RM55,000 on 1 October 2021. During October, total payments were RM490,000 and total receipts were RM438,000. What is the cash book balance on 31 October 2021? Select one: A. RM55,000 B. RM435,000 C. RM1,500 D. RM3,000 34. To achieve break even, JJ Enterprise needs to sell 5,000 units of its sanitizer dispenser. It has incurred a total fixed costs of RM50,000 and a variable cost per unit of RM5. If total sales are RM100,000, compute its margin of safety: Select one: A. RM0 B. RM25,000 C. RM75,000 D. RM125,000 35. Specify the type of analysis as illustrated by the below. Description Amount Percent (%) Current Assets 60,000 20 Property, plant and equipment 240,000 80 Total assets 300,000 100 Select one: A. Vertical analysis. B. Horizontal analysis. C. Common-size analysis. D. Profitability analysis. 36. A characteristic of variable costs is that: Select one: A. it remains constant in total within a relevant range of activity. B. it stays within a specific range of activity despite changes in production volume. C. its per unit cost remains fixed regardless of the production volumes. D. it changes in proportion to changes in volume or activity. 37. In a car manufacturing business, which of the following is NOT regarded as fixed assets? Select one: A. Car Hauler trucks. B. Assembly plant. C. Tools and equipment. D. Finished assembled automobiles. 38. Which of the following statements related to the adjusted trial balance is INCORRECT? Select one: A. Financial statements can be prepared directly from the adjusted trial balance. B. It is prepared before adjusting entries have been made. C. It shows the adjusted balances of all accounts at the end of the accounting period. D. It proves the equality of the total debit balances and the total credit balances in the ledgers. 39. 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 hour variance. Select one: A. RM54 F B. RM48 U C. RM54 U D. RM48 F 40. A debit memo is a document made out by the ________________ as the basis for recording the __________________? Select one: A. buyer, purchases returns and allowances B. seller, sales returns and allowances C. seller, sales of merchandise inventories D. buyer, purchases of merchandise inventories Just answer either a,b,c or d without explanation