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ACC030_Chapter 1_Introduction to accounting

Authored by Naimah Zaini

Business

University

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ACC030_Chapter 1_Introduction to accounting
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT part of the definition of accounting?

Recording

Summarising

Concluding

Classifying

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Bookkeeping mainly concerns which part of accounting process?

Analysing

Preparing financial statements

Recording financial information

Auditing the books of accounts

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The financial information provided by an accounting system is needed by:

Owners

Creditors

Customers

All of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

"Sorting accounting data into orderly and meaningful manner ". The following statement referring to the process of:

Classifying

Recording

Reporting

Summarizing

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following users of accounting information is an internal user?

Creditor

Tax authorities

Customer

Chief operating officer

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The type of business where several owners have unlimited liabilities is known as

Sole proprietorship

Partnership

Company

None of the above

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is not a characteristic of a company.

Has an unlimited liability.

Required to conduct a statutory audit.

Owned by minimum 1 and maximum 50 shareholders in a private company.

Governed by Company Act 2016.

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