Acc117

Process of accounting includes

• Classifying

• Recording

• summarizing

• Interpreting

Internal users are as follows, EXCEPT

• Investors

• Employees

• Tax regulator

• Customers

There are _________ components of Financial statements.

• One

• Two

• Three

• Four

_______________ summarizes the assets, liabilities and equities of the business.

These users are interested in financial information as they want to make sure the borrowers able to pay back the loan

• Debtors

• Management

• Financial institutions

• Employees

_______________is used by managers to plan, evaluate the company performance and manage risks.

Unlimited liability

Easy to form

Small capital

All those features are referring to which business?

• Sole proprietorship

• Partnership

• Limited company

• Company

Choose the best type of business that have 2-50 members, limited liability and no need to prepare audited financial statements.

• Mergong Berhad

• Anak Beranak Berhad

• Kedai Dobi ADI

• Klinik Azah dan rakan-rakan

Large capital contribution

Registered under Companies Act

Owned by shareholders

The above features best described of _____

• Sole proprietorship

• Partnership

• Limited company

• Company

Financial statements should be prepared by __________________

• Owner

• Management

• Bookkeeper

• Accountant