CHAPTER 1- PRE-QUIZ ACC 1063

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

• A. The salesman of a company

• B. The president of a company

• C. The CEO of a company

• D. The creditors of a company

2. Which of the following are the internal users of financial statements?

• A. Government

• B. Employees

• C. Creditors

• D. Customers

3. On April 2015, a businessman bought a premise valued at RM 120,000. On December 2018, the market value for the premise was RM 240,000. The double-entry still recorded at RM 120,000. This situation explained about the accounting concept of:

• A. Historical concept

• B. Periodic concept

• C. Duality concept

• D. Money measurement concept

4. The accounting standards in Malaysia is issued by

• A. Malaysian Accountant Association

• B. Malaysian Institute of Auditors

• C. Malaysian Accounting Standard Board

• D. Malaysian Finance Association

5. Accounting information is helpful in the;

• evaluation of the performance of business

• determine the amount taxable

• recording of all business transactions

• evaluate the firm’s ability to pay wages

6. Which process would make accounting different from bookkeeping?

• A. Summarising

• B. Classifying

• C. Interpreting

• D. Recording

7. Which of the following are the internal users of financial statements?

i. Investors

ii. Employees

iii. Managers

iv. Owner

• A. i and iii

• B. ii and iv

• C. i, ii and iii

• D. ii, iii and iv

8. Which of the following is the disadvantage of sole trader?

• A. Greater control.

• B. Disagreement.

• C. Tax liability.

• D. Lack of continuity

9. Bookkeeping differs from accounting. Bookkeeping is primarily involves which part of the accounting process.

• A. Identification

• B. Measurement

• C. Recording

• D. Communication

10. Identify the external user of accounting information.

• A. Boards of directors

• B. Employees

• C. Government

• D. Managers