INTRODUCTION TO ACCOUNTING

The accounting process are as follows except

• Identifying

• Recording

• Moving

• Reporting

The following are internal users except

• Management

• Investor

• Worker

• Internal Auditor

The role of the investor as an external user is

• To decide whether to buy more shares or dispose the shares they have

• Making routine decisions and controlling operations

• To determine the amount of tax to be collected by them

• Identify and evaluate business performance for salary and bonus

The same process between bookkeeping and accounting is

• Summarizing

• Reporting

• Analizing

• Recording

Here are the characteristics of sole proprietorship except

• One ownership

• Capital source by proprietor

• Limited liabilities

• Businesses Act 1956 for law of regulation

The following characteristics are the same between sole proprietorship and partnership except

• Number of owner

• Life of organization

• Liabilities

• Distribution of profit / loss

Select a statement that describes the type of merchandising business

• Provide services rather than products to customers

• Change basic inputs into products that are sold to individual customers

• Purchase inventories from other businesses (such as manufacturers) and resell the inventories to individual customers

• Provides economic and financial for internal users

Here are the well -known companies in Malaysia that conduct service type business except

• Air Asia

• Gardenia

• J&T Express

• Umobile

The components of the Statement of Financial Position are as follows except

• Asset

• Liabilities

• Owners' Equity

• Revenues

The following are Malaysian Institute of Accountants (MIA) functions except

• Review, revise or adopt existing accounting standards

• Determine the qualifications for members

• Provide training and continuing professional education to existing and potential practitioners

• Control the accounting practice in Malaysia