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Introduction to Accounting

Authored by Zakir Zulkifly

Financial Education

12th Grade

Used 4+ times

Introduction to Accounting
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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following refers to a partnership business?

Unlimited liability.

Capital contributed by way of ordinary shares.

Income from business is not subject to tax.

Profit or loss is divided among owners and members.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The type or branch of accounting that generates reports for the use of external parties such as account payables, investors, and government agencies is known as ___________.

financial accounting

managerial accounting

tax accounting

forensic accounting

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The accounting process involves all of the following EXCEPT ___________.

identifying economic transactions that are relevant to the business

communicating financial information to users by preparing financial reports

recording non-quantifiable economic events

analysing and interpreting financial reports

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Investor

Creditor

Manager

Customer

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one of the following is a characteristic of a valid business transaction?

It is an event measurable in terms of money.

It affects the financial position of the business.

It should be supported by a source document.

All of the above.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main objective of preparing the financial statement?

To show the value of the shares in the company.

To provide information on financial performance and financial position of a business.

To help management hiring additional workforces.

To show managers the results of their departments.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting is best explained as ___________.

describing relationship with one another in society

describing production systems

keeping accounts of goods purchase and sales

recording, classifying and explaining all financial transactions

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