Financial Plan

All the items stated below are

fixed assets except

• Building

• Debtors

• Fixtures and Fittings

• Motor Vehicles

Which one of the following items

would fall under the definition of

a liability?

• Cash

• Debtors

• Owner's equity

• None of the above

The type of accounting which

reports on the performance of

the firm to essential external

users is called

• External accounting

• Managerial accounting

• Internal accounting

• Financial accounting

• RM550,000

• RM5000,OOO

• RM330,000

• RM530,OOO

Which of the following equations

properly represents a derivation

of the fundamental accounting

equation?

• Assets + liabilities = owner's

  equity

• Assets = owner's equity

• Cash = assets

• Assets — liabilities = owner's

  equity

Which of the following would not

be included on a balance sheet?

• Accounts receivable

• Accounts payable

• Sales

• Cash

Which one of the following assets

could be described as a current

asset?

• Stock of goods for resale

• Machinery to manufacture

  goods for resale

• Factory

• Land on which the buildings

  stand