
TOPIC 1 - INTRODUCTION TO ACCOUNTING 2
Authored by NUR SHAFIE
Social Studies
University
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the followings are NOT the external users of financial information?
Managers of a business
Creditors of a business
Potential investors
Government agencies such as Inland Revenue Board
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting process includes all of the following EXCEPT:
identification of business transactions
preparation of trial balance
preparation of financial statements
observation of business transactions
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following types of business organisations have unlimited
liability?
Private limited company and sole proprietorship
Partnership and sole proprietorship
Private limited company and partnership
Private and public limited company
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accounting is best described as __________.
recording all financial transactions systematically
recording all production costs and profitability of a business
classifying, recording, summarising and interpreting all financial transactions of a business
recording all assets and liabilities of a business
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the range number of owners in private limited company?
1 - 50
2 - 20
2 - 50
1 - No limit
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of business organisation has the following characteristics: i)
Owned by 2 to 20 persons, ii) Unlimited liability and iii) No legal obligation
to prepare the !nancial statements
Sole proprietorship
Partnership
Private limited company
Public limited company
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting process can be described as __________.
Recording, summarising, interpreting, and classifying
Classifying, recording, summarising, and interpreting
Recording, classifying, summarising, and interpreting
Classifying, summarising, recording, and interpreting
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