Quiz Topic 1 Introduction To Accounting

Which of the following is definition of accounting?

• It's a process of classifying, recording, and summarizing the business transaction in monetary unit, communicating and interpretating the data in assist stakeholders in making decision.

• It's a process of recording, classifying, and summarizing the business transaction in monetary unit and interpretating the data in assist stakeholders in making decision.

• It's a process of classifying, recording, and summarizing the business transaction interpreting the data in assist stakeholders in making decision.

Which of the following is the external user of accounting information?

• Manager

• Financial institutions

• Business owners

• Current investor

Which of the following are services

business activities?

• Book Store

• Lawyer Firm

• Bakery

• Tax Consultant Firm

Which form of business ownership does the following statement refer to?

-organized as a separate legal entity

-enjoys an unlimited life

• Sole proprietorship

• Partnership

• Company

Which is NOT accounting process in bookkeeping

• Classifying

• Recording

• Interpreting

• Summarizing

What is the accounting process no 3?

• Adjustment

• Ledgers

• Financial Statement

The financial statement that reports the cash inflows and outflows in to the business is the:

• Balance Sheet

• Income Statement

• Statement of Cash Flows

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as __________.

• Liabilities

• Assets

• Income

• Owner Equity

Which is NOT a professional accounting bodies in Malaysia ?

• Malaysian Accounting Standards Board

• Malaysian Institute of Accountants

• Inland Revenue Board of Malaysia

• Malaysian Institute of Certified Public Accountants

Which of the following are the types of financial statements

1.Statement of Cash Flow

2.Statement of Comprehensive Income

3.Statement of Financial Position

4. Trial balance

• 1, 2, 3 and 4

• 1, 2 and 3

• 2 and 4

• 2, 3 and 4