WorksheetsRevision for Financial Accounting and Reporting
Total questions: 23
Worksheet time: 46mins
Which of the following refers to a partnership business?
Limited liability
Capital contributed by way of ordinary share
Income from the business is not subject to tax
Profit or loss is divided among owners and members
What is the main objective of preparing the financial statements?
to show the value of the shares in the company
to provide information on financial performance and financial position of a business
to help management hiring additional work forces
to show managers the results of their departments
Which of the following items cannot be considered as a revenue?
Discount received
Commission received
Interest on loan
Dividend on investment
The concept that concern with the significance of currency used when dealing with economics events and agreeable by both parties is
Going concern concept
Monetary measurement concept
Consistency concept
Accrual concept
The statements below refer to the characteristics of a type of business.
# Widely scattered in Malaysia
# Solely owned business
# Profit gained or loss suffered by the owner itself
Which business meets the above characteristics?
Public limited company
Sole proprietorship
Private limited company
Partnership
Which of the following refers to a sole proprietorship business?
Limited liability
Capital contributed solely by owner
Share profit or loss among partners
Income not subject to tax
What is the main objective of accounting?
to show the value of shares in the company
to provide information on business activities to interested users
to help management to plan its business activities
to show managers the results of their departments
When a business purchase a motor vehicle on credit:
Assets increase, liability decrease
Asset decrease, liability increase
Assets increase, liability increase
Expense increase, liability increase
The effect for cash sales is?
Assets increase, liability increase
Assets increase, revenue increase
Assets decrease, revenue increase
Assets increase, revenue decrease
When a business purchase an assets by cash...
Asset decrease, Liability increase
Asset increase, liability increase
Asset increase, asset decrease
Expenses increase, asset increase
Which type of business organization has a separate legal entity from its owner?
Sole proprietorship
Partnership
Limited company
None of the above
The owner of business purchase a motor van for his private use and it is not been recorded in the business account. Which accounting concept did it follow?
Monetary measurement concept
Consistency concept
Business entity concept
Materiality concept
Users of accounting information is?
Potential Investors
Suppliers
Management
All of the above
Which of the following is classified as TANGIBLE ASSET? (Can choose more than 1 answer)
Mortgage on premises
Patent
Plant and machinery
Fixture and fittings
Motor vehicles
Accounting is defined as a process of the following, except...
Recording
Recognizing
Summarizing
Classifying
The recording of all the sales and purchases in accounting books in term of Ringgit Malaysia is in line with the concept of.....
Historical cost
Consistency
Materiality
Monetary measurement
Bookkeeping primarily involves all part of the accounting process EXCEPT
Recording
Interpreting
Summarizing
Classifying
Return inwards are
goods returned to the supplier
goods received from suppliers
good sold to customers
goods returned from customers
Which of the following is current liability?
Account receivable
Salary
Account payable
Drawing
Which of the following business organizations has the word "Enterprise" at the end of its name?
Partnership
Public company
Private company
Sole proprietorship
Which process explains that financial statements are analysed and the results of the analysis are used as a guidance to make decision?
Summarizing
Interpreting
Recording
Classifying
Which of the following group belongs to current assets?
Cash at bank, motor vehicle, inventories
Account receivable, inventories, cash at bank
Cash in hand, furniture, inventories
Land, building, machinery
Return outwards are
Goods returned to supplier
Goods received from supplier
Goods sold to customers
Goods returned from customer
