Which of the following statements is not true?

Question $15$ options:

Credit sales are made when the payment is received after the goods or services have been delivered.

Cash sales are made when cash is received at the same time as the goods or services are delivered.

Cash purchases are those purchases for which cash payment will be made at the same time as the goods or services are received.

Credit purchases are where the goods or services have not yet been received by the business and payment has not yet been made.

Question $16(4$ points$)$

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A broad principle that requires identifying the activities of a business with specific time periods such as months, quarters, or years is the:

Question $16$ options:

Matching principle.

Going$-$concern assumption.

Operating cycle of a business.

Time period assumption.

Question $17(4$ points$)$

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The periodic expense created by allocating the cost of plant and equipment to the periods in which they are used, representing the expense of using the assets, is called:

Question $17$ options:

Accumulated depreciation.

The matching principle.

A contra account.

Depreciation expense.

Question $18(4$ points$)$

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Which accounting concept satisfy the valuation criteria

Question $18$ options:

Cost, Dual aspect, Conservatism.

Going concern, Cost, Dual aspect.

Going concern, Realisation, Cost.

Realisation, Conservatism, Going concern.

Question $19(4$ points$)$

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A payment to an owner is called a$($n$)$:

Question $19$ options:

Withdrawal.

Contribution.

Expense.

Liability.

Question $20(4$ points$)$

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Ahmad has beginning equity of RMM$257,000,$ net income of RM$51,000,$ withdrawals of RM$40,000$ and investments by owners of RM$6,000.$ Its ending equity is:

Question $20$ options:

RM$223,000.$

RM$274,000.$

RM$240,000.$

RM$268,000.$

Question $21(4$ points$)$

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The general journal provides a place for recording all of the following except:

Question $21$ options:

The amount of each debit and credit.

The transaction date.

The balance in each account.

The names of the accounts involved.

Question $22(4$ points$)$

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The rule debit all expenses and losses and credit all income and gains relates to

Question $22$ options:

Personal account.

Real account.

Nominal accounts.

All.

Question $23(4$ points$)$

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A company uses a perpetual inventory system. At year$-$end the inventory account has a balance of RM$375,000,$ but a complete year$-$end physical inventory shows goods on hand costing RM$369,000.$ What should the company do$?$

Question $23$ options:

Record a RM$6,000$ current liabilities.

Reduce its cost of goods sold by RM$6,000.$

Reduce the balance in its Inventory controlling account and record a current liability, both in the amount of RM$6,000.$

Reduce the balance in its Inventory controlling account and inventory subsidiary ledger by RM$6,000.$

Question $24(4$ points$)$

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A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a$($n$)$:

Question $24$ options:

Account.

T$-$account.

Journal.

Trial balance.

Question $25(4$ points$)$

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A company reported total equity of RM$145,000$ at the beginning of the year. The company reported RM$210,000$ in revenues and RM$165,000$ in expenses for the year. Liabilities at the end of the year totaled RM$92,000.$ What are the total assets of the company at the end of the year?

Question $25$ options:

RM$45,000.$

RM$282,000.$

RM$98,000.$

RM$92,000.$

$24$ of $25$ questions saved