ACC117 Part B

ACC117 Part B

University

40 Qs

quiz-placeholder

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ACC117 Part B

ACC117 Part B

Assessment

Quiz

Financial Education

University

Practice Problem

Medium

Created by

Nornida Ashikin

Used 15+ times

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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the management and control of a Limited

Company.

Managed and controlled by the owner.

Managed and controlled by partners or by a board which consists of a few

partners.

Managed and controlled by a board of directors appointed by the

shareholders.

Managed and controlled by members of society.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______________ refers to a phase where financial statements are analyzed, and

the result of the analysis is used as a guide for users to make decisions.

Classifying

Recording

Summarizing

Interpreting

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The purpose of recording and analyzing accounting information of an organization

are as follows EXCEPT_____.

To provide future financial information.

To provide easier financial reference.

To avoid misleading financial statements.

To know the financial status of the organization.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The type of users that are interested in the establishment of good accounting

controls in a business as a means of reducing cost of production, selling and

distribution and, hence, the reduction of the prices of the goods they purchase

would be ______.

Owners

Consumers

Government

Suppliers

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Companies that record the withdrawal of goods by the owner as drawings in the

business books of accounts follow ________ concept.

Business entity

Going concern

Money measurement

Historical cost

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

FOUR (4) qualitative characteristics to enhance the usefulness of financial

statements are _____________.

Comparability, verifiability, neutrality, and understandability

Understandability, timeliness, comparability, and verifiability

Comparability, verifiability, completeness, and understandability

Timeliness, materiality, verifiability, and understandability

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial information is considered relevant if it has __________.

Both predictive value and confirmatory value

Either predictive value or confirmatory value or both

Only predictive value

Only confirmatory value

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