WorksheetsBusiness Entities & Accounting Classification
Total questions: 15
Worksheet time: 8mins
In Malaysia, how many types of Business Entities?
2
3
4
5
Not TRUE about Sole Proprietor?
Limited liability
Owner-operator business
Owner receives profits and bear losses
Unlimited liability
Advantages in Sole Proprietorship...
Easy and low cost to setup
Owner has full control on his/her investment in the business including operations
Business continuity issue
difficult to raise capital alone
How many people can form partnership?
2
2-50
2-20
2 and unlimited
2 types in Partnership?
General partnership
General practirioner
Limited Liability partnership
Private limited partnership
General partnership is regulated under...
Registration of Businesses Act 1956 (RBA)
LLP Act 2012
LLP Regulations 2012
Law of Partnership Act 1961
How is Limited Liability Partnership form their capital?
Cash
Shares
Assets
Loans
Is it true that Company, whether is 'Sdn. Bhd.' or 'Bhd' is separate legal entity?
False
True
Merchandisers business is providing services for profit and intangible product.
False
True
"The primary source of revenue is referred as Sales."
Service business
Merchandiser business
Manufacturing business
What are the main resource to sell in manufacturing business?
Raw material
Providing service
Purchase stock then sell
Cash
Owner's equity= Assets - Liability
True
False
"Assets that a company expects to convert to cash or use up within one year or the operating cycle, whichever is longer."
Non-current assets
Current assets
"Obligations a company expects to pay after one year."
Non-current assets
Current liabilities
Non-current liabilities
Current assets
Which one is NOT Owner' equity?
Capital
Stock
Revenue
Expenses
