Introduction Financial Accounting

Which type of business organisation has the following characteristics?

- conducts business separate from its owners

- the owners have limited liability

- the organisation is a taxable entity

• Sole trader

• Partnership

• Company/corporation

• None of the above

Which of the following would NOT be considered as internal users of accounting data for a company?

• External auditor

• CEO of the company

• President of the company

• Salesman of the company

Which of the following are the types of financial statements

1.Statement of Cash Flow

2.Statement of Profit or loss

3.Statement of Financial Position

4. Trial balance

• 1, 2, 3 and 4

• 1, 2 and 3

• 2 and 4

• 2, 3 and 4

Which type of business organization has the following characteristics?

• is owned by 2 to 20 person
• has unlimited liability
• has no legal obligation to audit the accounts

• sole trader

• partnership

• company

• none of above

Planning, recording, analyzing, and interpreting financial information

• accounting
• ethics
• transaction
• revenue

Which is the last step of accounting as a process of information?

• Recording of data in the books of accounts

• Preparation of summaries in the form of financial statements

• Communication of information

• Analysis and interpretation of information

Users of accounting information include

• Creditors

• Lenders

• Customers

• All of the above

Which of the following is the example of internal users

• Government

• Investors

• Creditors

• Employees

Which of the following would not be considered an external user of accounting data for the ABC Company?

• LHDN

• Management

• Creditors.

• Customers.

Which of the following would not be considered internal users of accounting data for a company?

• The president of a company

• The controller of a company.

• Creditors of a company

• Salesmen of the company.