Introduction to Accounting Quiz

What civilization is one of the earliest known to practice bookkeeping?

• China

• Egypt

• India

• Mesopotamia

Who is known as the Father of Accounting?

• Leonardo da Vinci

• Luca Pacioli

• Galileo Galilei

• Isaac Newton

In which year did Luca Pacioli produce the first published work on double entry bookkeeping?

• 1394

• 1494

• 1594

• 1694

In the 17th century, double rules bookkeeping was commonly practiced in which two countries?

• France and Spain

• Germany and Italy

• England and Holland

• Portugal and Belgium

Which body regulates the accountancy profession in Malaysia?

• Malaysian Financial Reporting Standard

• Malaysian Accounting Standards Board

• Malaysian Institute of Accountants

• Companies Commission of Malaysia

What is the accounting standard in Malaysia?

• IFRS

• GAAP

• MFRS

• FASB

Which of the following best describes bookkeeping?

• Interpretation of financial data

• Preparation of financial statements

• Recording, classifying, and summarizing transactions

• Analysis of financial performance

What is the process of classifying, recording, and summarizing business transactions in monetary terms called?

• Auditing

• Bookkeeping

• Accounting

• Budgeting

In the example transaction, "Luqman Hakim bought a house in Petaling Jaya, Selangor cost RM 450,000 by applying Loan from Maybank," what is the credit entry?

• House

• Loan - Maybank

• Cash

• Expenses

What is the first step in the accounting process?

• Summarizing

• Classifying

• Recording

• Interpreting