First off, both are more in the short range toy category. The M92 with the underfolder stock will at least allow you to get some kind of a cheek weld, which means it will be easier to shoot and almost certainly more accurate than the AMD-65 at any range. Unless you are some kind of a mutant, you cannot touch any part of your face securely to an AMD-65 stock and actually look through the sights.
I would venture to guess that the max range on the M92 is probably 100 yds. A real AK will usually shoot 3-5 MOA, which means man sized target out to 300yds. You'll need to be a good shot and have a better than average gun to do much better than that. Alter the variables to include a short barrel and a shorter sight radius and you'll cut the range by 1/2 - 1/3. Worse for the AMD.