S1 Ch2 Development and roles of bookkeeping and accounting

Choose the appropriate user group of financial report / statement of a business.

What was the past performance of the branch in Kuantan?

• banker

• suppliers

• customer

• manager

• employee

Choose the appropriate user group of financial report / statement of a business.

Is the business of my current employer financially secured?

• banker

• suppliers

• customer

• manager

• employee

Choose the appropriate user group of financial report / statement of a business.

Will the company be able to repay the loan?

• banker

• suppliers

• customer

• manager

• employee

Choose the appropriate user group of financial report / statement of a business.

Is the company able to pay their debts for its credit purchases?

• banker

• suppliers

• customer

• manager

• employee

Choose the appropriate user group of financial report / statement of a business.

Will the company be able to honour the product's five years warranty obligation?

• banker

• suppliers

• customer

• manager

• employee

Which of the following processes is included in bookkeeping?

• analysis

• recording

• classifying

• summarising

Below are objectives of bookkeeping, except

• to keep the full set of financial records of a business operation.

• to check that the profit of a business has been correctly entered in the books for a year.

• to provide useful accounting information for commercial decision making in a business.

• to show the financial position of a business at a particular date based on what it owns and owes.

Answer explanation

to ascertain the profit or loss of a business for a particular period

What is the main function of accounting?

• To monitor cash movements.

• To select accounting information.

• To do the balance day adjustments.

• To prepare financial reports in accordance with accounting standards.

Which of the following is not the main component and role of financial statements?

• To provide information about the company's financial position.

• To provide information about the company's financial planning.

• To provide information about the company's cash flows position.

• To provide information about the company's financial performance.

Financial Statements / Reports consist of the following except

• Statement of Claims

• Statement of Accounts

• Statement of Profit or Loss

• Statement of Financial Position