
REVISION
Authored by DR ARSAD
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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The following defines “recording” of financial information, EXCEPT
A. Transferring accounting data from ledger to trial balance.
B. Analyzing results of financial statements.
C. Sorting of business transactions into appropriate and correct journals.
D. Moving of business transaction entry from journal to general ledger.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the followings is characteristic of a sole proprietorship?
.
A. Owner has unlimited legal liability
B. Profit belongs to the shareholders.
C. Has legal obligation to keep the the books and prepare accounts
D. None of the above.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Following are the internal users of the accounting information, EXCEPT
i. Manager
ii. Employee
iii. Director
iv. Government
A. i and ii
B. ii and iii
C. iii and iv
D. iv
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting cycle includes the following, EXCEPT
A. produce ledger accounts
B. construct a trial balance
C. analysis of owner’s profile
D. preparations of adjusting entries
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Financial information should be presented in a manner that is easily understandable, is
to comply to ______ characteristic.
A. Comparability
B. Verifiability
C. Understandability
D. Consistency
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When there is no physical stock take carried out to prove that the carrying amount of
inventories is correct, this would violate ______ characteristic.
A. Verifiability
B. Timeliness
C. Understandability
D. Comparability
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to ______ concept, assets are recorded at their original price.
A. Businesss entity
B. Historical cost
C. Money measurement
D. Periodicity
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