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WorksheetsCHAPTER 1- PRE-QUIZ ACC 1063
Total questions: 25
Worksheet time: 17mins
1.Which of the following would NOT be considered as internal users of accounting data for a company?
A. The salesman of a company
B. The president of a company
C. The CEO of a company
D. The creditors of a company
2. Which of the following are the internal users of financial statements?
A. Government
B. Employees
C. Creditors
D. Customers
3. On April 2015, a businessman bought a premise valued at RM 120,000. On December 2018, the market value for the premise was RM 240,000. The double-entry still recorded at RM 120,000. This situation explained about the accounting concept of:
A. Historical concept
B. Periodic concept
C. Duality concept
D. Money measurement concept
4. The accounting standards in Malaysia is issued by
A. Malaysian Accountant Association
B. Malaysian Institute of Auditors
C. Malaysian Accounting Standard Board
D. Malaysian Finance Association
5. Accounting information is helpful in the;
evaluation of the performance of business
determine the amount taxable
recording of all business transactions
evaluate the firm’s ability to pay wages
6. Which process would make accounting different from bookkeeping?
A. Summarising
B. Classifying
C. Interpreting
D. Recording
7. Which of the following are the internal users of financial statements?
i. Investors
ii. Employees
iii. Managers
iv. Owner
A. i and iii
B. ii and iv
C. i, ii and iii
D. ii, iii and iv
8. Which of the following is the disadvantage of sole trader?
A. Greater control.
B. Disagreement.
C. Tax liability.
D. Lack of continuity
9. Bookkeeping differs from accounting. Bookkeeping is primarily involves which part of the accounting process.
A. Identification
B. Measurement
C. Recording
D. Communication
10. Identify the external user of accounting information.
A. Boards of directors
B. Employees
C. Government
D. Managers
11. Accounting process involves the following EXCEPT ____________
A. Summarising financial data.
B. Identifying suitable personnel.
C. Reporting financial event.
D. Analysing economic data.
12. An example of internal user of financial statement is ______________
A. Marketing manager.
B. Inland tax authority officer.
C. Financial Institutions manager.
D. Public investor.
13. Which of the following answers is the most suitable with these characteristics?
Number of members : 2 – 50 members
Capital contributions : Large
Liabilities : Limited
A. Jaya Cendol Enterprise
B. Poliklinik Aza dan Rakan-rakan
C. Ceria Sdn Bhd
D. Maju Bhd
14. Once an accounting policy is selected, it should be used in the next period and thereafter. This is in accordance with _______________.
A. Matching concept
B. Materiality concept
C. Consistency concept
D. Historical cost concept
15. One of the following statements about users of accounting information is incorrect. The incorrect statement is ___________________.
A. Present creditors are considered external users.
B. Regulatory authorities are considered internal users.
C. Taxing authorities are considered external users.
D. Management is considered internal users.
16. What is the maximum number of owners/shareholders in a sendirian berhad?
A. 20 persons
B. 50 persons
C. 100 persons
D. Unlimited number of persons.
17. The owner is a creditor to the business. This is based on ____________.
A. Business entity concept
B. Materiality concept
C. Duality concepts
D. Prudence concepts
18.Identify the most suitable accounting concepts to match the followings statements:
Assets of JJ Trading will be valued at their cost.
Consistency
Prudence
Business separate entity
Historical Cost
19. Identify the most suitable accounting concepts to match the followings statement:
Siti Khadijah as an accountant in Purple Trading will make sure that the total in debit side in T account always equal with the total in credit side.
Historical cost
Duality
Separate business entity
Monetary measurement
20.Identify the most suitable accounting concepts to match the followings statement:
Mr Jacob would not pay his life insurance premium by using money from his business.
Prudence
Separate business entity
Historical cost
Duality
21.Identify the most suitable accounting concepts to match the followings statement:
A business should follow its accounting policies without unnecessary changes.
Materiality
Conservatism
Consistency
Going concern
22.Identify the most suitable accounting concepts to match the followings statement:
A concept that states the business will continue to operate for an indefinite period of time
Consistency
Accounting period
Materiality
Going concern
23.Identify the most suitable accounting concepts to match the followings statement:
Any business can be subdivided into months quarters or a year for meaningful financial reporting process.
Going concern
Accounting period
Duality
Monetary measurement
24. The accounting standards in Malaysia is issued by
A. Malaysian Accountant Association
B. Malaysian Institute of Auditors
C. Malaysian Accounting Standard Board
D. Malaysian Finance Association
25. Which of the following is not a business transaction?
A. purchased a LCD for personal use
B. paid rent for office premises RM 6,000.
C. paid salaries and wages amounted to RM 10,000.
D.purchase of goods for resale amounted to RM 5,000.
