TOPIC 1 INTRODUCTION TO ACCOUNTING

....................... is the process of identifying, recording, classifying, summarizing, analyzing and interpreting business transaction.

• Bookkeeping

• Accounting

• Transaction

• Financing

What is the function of financial report to management in organization?

• To supervise their workers

• To enable business ongoing basis

• To acquire additional capital

• To make decision of company

Which accounting concept or principles specifically states that acquired assets and services should be recorded at their actual cost?

• Historical Cost

• Going Concern Concepts

• Materiality

• Objectivity

Which of the followings is NOT is role of accountant?

• Manage and run the business

• Comply with the accounting standards

• Prepare financial statements

• Communicate the financial information to stakeholders

Which of the following would NOT be considered as the external users of accounting data?

• Malayan Banking Berhad

• Inland Revenue Board

• Potential investors

• Marketing Manager

Which accounting concept assumes that an enterprise will sustain its operation to fulfill existing objectives and commitment?

• Monetary as a unit measument

• Conservative

• Going Concern

• Consistency

Which of the following are not external users of accounting information?

• Managment

• Banks

• Creditor

• Supplier

Which of the following is not included as one of the accounting principles?

• Accountability

• Historical Cost Concepts

• Full Disclosure

• Matching

" Encik Amri took cash from his office to pay his children tuition fees". No record for his withdrawal. En Amri not comply the.....

• Consistency assumption

• Accounting period assumption

• Monetary assumption

• Seperate entity assumption

Which of following is not the field of accounting

• Management accounting

• Principle of accounting

• Tax accounting

• Financial accounting