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WorksheetsChap: 1 Introduction Accounting
Total questions: 30
Worksheet time: 20mins
The type or branch of accounting that generates reports for the use of external parties such as creditors, investors and government agencies is known as:
Financial Accounting
Managerial Accounting
Tax Accounting
Forensic Accounting
Which one of the following is not an external user of accounting information?
Investor
Creditor
Manager
Customer
Who is known as the father of accounting?
Leonardo da Vinci
Fra Luca Pacioli
Al Khawarizmy
Al Mazendarany
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
The process of identify, classify, recording and communicating business transaction is called as book-keeping.
True
False
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 branch of accounting embraces the preparation of various tax returns and tax planning necessary to minimize the impact of taxes on the firm?
Auditing
Cost accounting
Financial accounting
Tax accounting
Which branch of accounting deals with the calculate the profit or loss of a business during a period and to provide an accurate picture of the financial position of the business as on a particular date to investors or banks?
Auditing
Cost accounting
Financial Accounting
Tax accounting
Board of Director are the___________users of the accounting information.
internal
external
Financial Accounting provides information to internal users only.
True
False
The owner of a company is 2 to 20 people. Which ownership complies with this statement?
Sole Proprietorship
Corporation (Public Company)
Corporation (Private Limited)
Partnership
The owner of a company is either 2 to unlimited numbers. Which ownership complies with this statement?
Sole Proprietorship
Corporation (Private Limited)
Corporation (Public Company)
Partnership
The company changed raw materials into finished products and sold to customers. What type of business activity were they involved in?
Services
Merchandising
Manufacturing
Banking
Which one is not a service company?
MAXIS
CIMB bank
Ernst & Young
SHARP
Professional partnership owners consist of how many partners?
1-20
2-50
1-50
2-50
Sole trader has a unlimited liability.
True
False
Which type of business ownership has a limited liability?
Sole Proprietorship and Partnership
Partnership and Private Limited Company
Private Limited Company and Public Company
Sole Proprietorship and Public Company
Which type of business ownership is the most easily formed?
Sole Proprietorship
Partnership
Public Company
Private Limited Company
Which type of business ownership does not have company tax?
Sole Proprietorship
Partnership
Sole Proprietorship and Partnership
Private Limited Company and Public Company
By law, a corporation may act as an individual where it may purchase, own and sell property in the name of the corporation itself.
True
False
Both Merchandising Firm and Manufacturing Firm have "Sales" account.
True
False
CELCOM is a merchandising company.
True
False
What is the name of the statement that complies with the accounting equation?
Statement of Profit or Loss
Statement of Cash Flow
Statement of Financial Position
Statement of Owner's Equity
Which statement is used to calculate the profit or loss of the business?
Statement of Comprehensive Income
Statement of Financial Position
Statement of Owner's Equity
Statement of Cash Flows
Which one is NOT an accounting bodies in Malaysia?
MAA
MIA
MICPA
MASB
Which functions belongs to MICPA?
Determining the qualifications for members.
Issuing new accounting standards.
Recruiting, educate, train and assess a body of members skilled in accounting profession.
Controlling the accounting practice in Malaysia.
Which are NOT the function of MIA?
Determining the qualifications for members.
Controlling the accounting practice in Malaysia.
Issuing new accounting standards.
Provide training and education
The role of MASB is review, revise and adopt existing accounting standard.
True
False
The accounting process involves all of the following EXCEPT
identifying economic transactions that are relevant to the business.
communicating financial information to users by preparing financial reports.
recording nonquantifiable economic events.
analyzing and interpreting financial reports.
To know the company’s profitability and the amount of dividend paid out to shareholders.
Which user refers to the above statement?
Investor
Banks
Creditors
LHDN
