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Topic 1 Basic Accounting Concepts

Authored by Irma Amir

Business

University

Used 140+ times

Topic 1 Basic Accounting Concepts
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is not the objective of accounting?

to know how wealthy the business is

to know how much the business owing

to know how much the owner's personal drawings

to track the owner personal saving account

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Define bookkeeping.

the process of recording data

the process of recording data relating to accounting transactions

the process of recording data relating to accounting transactions in the accounting books

the process of recording data relating to accounting transactions in the cash books

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

ABC Enterprise bought an office for RM300,000 last year. As at today, the market value of office is RM400,000. In the balance sheet, ABC Enterprise should record the office value as ....

RM300,000 based on the historical cost concept

RM300,000 based on the money measurement concept

RM400,000 based on the market value concept

RM400,000 based on the money measurement concept

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is not classified as current assets?

Cash at bank

Inventory

Account receivables

Furnitures

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is not classified as non - current assets?

Cash in hand

Land

Motor vehicles

Machinery

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What one of the following is the accounting equation?

Assets = Liabilities - Capital

Capital = Assets + Liabilities

Capital = Assets - Liabilities

Liabilities = Assets + Capital

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is classified as current liabilities?

Account receivables

Account payables

Mortgage loan

Loan to Diana

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