ACT3014 Topic 1 - Accounting environment (part 1)

The starting point of the accounting process is ________

• communicating information to users

• identifying economic events

• recording economic events

• None of these answers are correct.

Communication of economic events is the part of the accounting process that involves ______

• identifying economic events

• quantifying transactions into RM

• preparing accounting reports

• recording and classifying information

The accounting process is correctly sequenced as _____

• identification, communication, recording.

• recording, communication, identification.

• identification, recording, communication.

• communication, recording, identification.

Which of the following events cannot be quantified into Ringgit Malaysia and recorded as an accounting transaction?

• The purchase of a new computer for office use.

• Payment of income taxes.

• The appointment of a new auditor to perform audit work.

• The sale of store equipment.

GAAP stands for _____

• Generally Accepted Auditing Procedures.

• Generally Accepted Accounting Principles.

• Generally Accepted Auditing Principles.

• Generally Accepted Accounting Procedures.