FA1 Pop Quiz 1

Accounting process with the correct sequence can be shown as:

• Classifying, summarizing, recording, analyzing and interpreting.

• Classifying, interpreting, analyzing, summarizing and recording.

• Classifying, recording, analyzing, summarizing and interpreting.

• Classifying, recording, summarizing, analyzing and interpreting.

The process of classifying, recording and summarizing is called

• Transaction

• Auditing

• Accounting

• Book-keeping

Which of the following accounting concepts states that acquired assets should be recorded at their actual cost?

• Conservatism concept

• Materiality concept

• Historical cost concept

• Matching concept

Picture above refer to which type of group of account?

• Asset

• Liability

• Owner Equity

• Expenses

Which of the following is the internal user of financial information?

• Marketing department

• Suppliers

• Financial institution

• Potential investors

Business form by minimum two person is called sole proprietorship.

• True

• False

Withdraw money from bank to pay business insurance is not a type of Drawing transaction.

• True

• False

Is she is an entreprenuer?

• True

• False

Which of the following is NOT the roles of an accountant?

• Designing and controlling systems of financial records

• Preparing financial reports

• Supplying goods or services to earn profit.

• Giving an audit advice to the management

Bank loan is an example of:

• Assets

• Expenses

• Revenue

• Liability