
Accounting Quiz (3)
Authored by Nur Affifah
Other
5th Grade
Used 19+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the core function of the Malaysian Institute of Accountants (MIA)?
established under the Accountants Act 1967
regulates, develops, supports, and enhances the integrity, status, and interests of the profession in Malaysia
formed under the Companies Ordinance 1940/1946
participates in the setting of international accounting and auditing standards
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the characteristic of partnership business identity?
Owned by one individual
Combines the skills and resources of more than one person.
Is organized under state or federal statutes as a separate legal taxable entity.
Jones & Smith, Architects
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ahmed, an entrepreneur, wants to evaluate the financial performance of his business over the past year. Which type of financial statement should he analyze?
Balance Sheet
Income Statement
Cash Flow Statement
Statement of Owner's Equity
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the 3 types of business operation?
1) Service business
2) Manufacturing business
3) Merchandising business
all of above
1 only
1 and 2 only
2 and 3 only
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
John wants to know his business’s financial position, including its assets, liabilities, and equity. Which financial statement should he refer to?
Income Statement
Statement of Cash Flows
Balance Sheet
Statement of Owner's Equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does GAAP stand for in accounting?
General Accounting and Auditing Principles
Generally Accepted Accounting Principles
Government Accounting and Auditing Procedures
General Accounting and Assessment Procedures
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which principle requires that revenue is recognized when it is earned and realizable?
Historical Cost Principle
Revenue Recognition Principle
Matching Principle
Consistency Principle
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