Chapter 1: Intro to Accounting

Who is known as the father of accounting?

• 
  Leonardo da Vinci

• Al Khawarizmy

• Luca Pacioli

• Al Mazendarany

Which one of the following is not an external user of accounting information?

• Investor

• 
  Manager

• Creditor

• 
  Customer

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

• 
  Bookkeeping

• 
  Transaction

• Accounting

• Financing

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

• To make planning to improve business performance

• To invest in another company

• 
  To supervise their workers

• To acquire another company

What is the function of financial Accounting?

• To calculate the costs of each product

• To give an information about financial position of business

• To ensure salary increments and other benefit

• To identify any fraud or manipulation

Which of the following is not the field of accounting?

• 
  Management Accounting

• Financial Accounting

• Taxation

• Principle accounting

Which of the following is not the internal user of financial information?

• 
  Management of Finance

• Management

• Business Owner

• 
  

  Potential investor

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

• 
  Malayan Banking Berhad

• 
  Potential investor

• 
  Inland Revenue Board

• 
  Marketing Manager

Which of the following is NOT part of financial statements?

• Statement of Cash Budget

• Statement of Profit or Loss

• Statement of Financial Position

• Statement of Cash Flows

Which of the following statement CORRECT about management accounting?

• Need to follow Financial Reporting Standards

• Based on past data

• For internal and external users

• Based on future data