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WorksheetsIntroduction to Accounting
Total questions: 30
Worksheet time: 30mins
Which of the following statement is true?
Bookkeeping is recording all the business transaction and owner's own transaction
Bookkeeping deals with record-keeping and is one only aspect of accounting
Bookkeeping and accounting are one and the same since the bookkeeping function is includes in accounting process
None of the above
Which of the following business has unlimited liability
Sole trader
Limited Liability Partnership
Private Limited Company
Public Limited Company
Who is Luca Pacioli
The Father of Accounting
The Mother of Accounting
Accountant
The Brother of Accounting
Which type of business organisation has the following characteristics?
- conducts business separate from its owners
- the owners have limited liability
- the organisation is a taxable entity
Sole trader
Partnership
Company/corporation
None of the above
Which of the following would NOT be considered as internal users of accounting data for a company?
External auditor
CEO of the company
President of the company
Salesman of the company
What is the system introduced by by Luca Pacioli?
Book Keeping
Accounting
Double Enter
Double Entry
Accounting graduates can works as
1.External Auditors
2.Lawyers
3.Accountants
4.Tax Officers
1,3 and 4
1 and 3
1, 2 and 3
3 and 4
Which type of business organization has the following characteristics?
- is owned by 2 to 20 person
- has unlimited liability
- has no legal obligation to audit the accounts
sole trader
partnership
company
none of above
In a partnership, all the partners can involve themselves in the management and decision making process.
True
False
The process of identify, classify, recording and communicating business transaction is called as book-keeping.
True
False
Proton Berhad is example of public limited company.
True
False
A partnership business normally owned by 2 to 50 partners
True
False
The purpose of accounting is to....
communicate information to interested users so that they can make informed decisions
communicate financial and non-financial information to interested users so that they can make informed decisions
communicate non-financial information to interested users so that they can make informed decisions
Book keeping is mainly concerned with
Recording of financial data
Designing the systems in recording, classifying, and summarizing the recorded data
Interpreting the data for internal and external users
None of the above
Which of the following is definition of accounting?
It's a process of classifying, recording, and summarizing the business transaction in monetary unit, interpretating the data in assist stakeholders in making decision.
It's a process of recording, classifying, and summarizing the business transaction in monetary unit, interpretating the data in assist stakeholders in making decision.
It's a process of classifying, recording, and summarizing the business transaction interpreting the data in assist stakeholders in making decision.
The starting point of the accounting process is
communicating information to users.
identifying economic events.
recording economic events.
None of these answers are correct.
Users of accounting information include
Creditors
Lenders
Customers
All of the above
All of these are type of accounting except?
Cost Accounting
Auditing
Tax Accounting
Liability Accounting
Choose the correct match of external users
Employees and customer
Customer and Management
Customer and Creditors
Employess and creditors
Why the employees need the accounting information?
To lend money
To request wage increase and other benefits
To make sure the company can setle debts
What is the accounting process no 3?
Adjustment
Ledgers
Financial Statement
What is the accounting process no 5?
Adjustment
Ledgers
Financial Statement
What is the accounting process no 7?
Adjustment
Ledgers
Financial Statement
Which of the following are not the internal user of accounting information?
Manager
Financial institutions
Business owners
Current investor
Which of the following is the external user of accounting information?
Manager
Financial institutions
Business owners
Current investor
All of the following are functions of Accounting except
Decision making
Measurement
Forecasting
Ledger posting
Users of accounting information include
Creditors
Lenders
Customers
All of the above
Which of the following is the example of internal users
Government
Investors
Creditors
Employees
The accounting process is correctly sequenced as
identification, communication, recording.
recording, communication, identification.
identification, recording, communication.
communication, recording, identification.
