TOPIC 1- INTRODUCTION TO ACCOUNTING

Which of the following is NOT an internal user of accounting information?

• Employee

• Owner

• Supplier

• Manager

The following represents the de!nition of bookkeeping EXCEPT:

• Classifying

• Interpreting

• Recording

• Summarising

_________ need the accounting information as guidance in planning,

organising, controlling and analysing the operations of the business.

• Employees

• Customers

• Managers

• Creditors

Which of the following is NOT true about the characteristics of a

partnership business?

• Profit or loss is to be shared between the partners.

• General partners are involved in operating the business.

• Minimum number of partners is 2.

• General partnership has limited liability.

Which of the following is a public limited company?

• Mona Lisa Associates

• Teriak Catering Enterprise

• Bomca Malaysia Sdn Bhd

• None of the above

Which of following statements is NOT true about the purposes of

recording and analysing accounting information?

• To measure the level of employee engagement.

• For easier reference in retrieving data and information.

• To avoid misleading of financial statements.

• To know the financial status of the business.

Which of the following refers to a sole proprietorship business?

• Limited liability.

• Capital contributed solely by owner.

• Income from business is not subject to tax.

• Profit or loss is divided among owners and members.

What is the main objective of accounting?

• to show the value of the shares in the company

• to provide information on business activities to interested users

• to help management to plan its business's activities

• to show managers the results of their departments

Which business meets the following characteristics? I) Limited liability II)

Number of members from 1-50 peoples III) Shares not listed on Bursa

Malaysia

• Mamat Berhad

• Mamat Trading

• Mamat Sdn Bhd

• Mamat and Co Trading

The accounting process involves all the following EXCEPT:

• Analysing and interpreting financial reports.

• Recording non quantifiable economic events.

• Identifying economics transactions that are relevant to the business.

• Communicating financial information to the users by preparing financial report.