WorksheetsIntroduction to Accounting 2
Total questions: 25
Worksheet time: 1hrs 15mins
Interpret the meaning of Going Concern in accounting perspective
Continue to expand and operate in the future or long term period
Be liquidated in the near future
Purchase new asset in the near future
Purchase another business in the future
“The same accounting method will be used from one accounting period to another accounting period”
Going concern
Consistency
Materiality
Accountability
In Malaysia, the accounting report are required to follow which standards and guidelines?
Generally Accepted Accounting Principles (GAAP)
Malaysian Financial Reporting Standards Board (MFRS)
International Financial Reporting Standards Board (MFRS)
Malaysia Accounting Standards Boards (MASB)
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 Proprietorship
Limited Liability Partnership
Private Company
Public 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 Proprietorship
Partnership
Company
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
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 proprietorship
partnership
company
none of above
Which type of business organization has a separate legal entity from its owners, and the owners are not liable for debts of business?
Sole proprietorship
Partnership
Company
None of the above
In a partnership, all the partners can involve themselves in the management and decision making process.
True
False
A Limited Liability Partnership business normally owned by 2 to 50 partners
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
Which among the options are the measurement principles in accounting
materiality
objectivity
neutrality
going concern
"The business entity should disclose all material information in the financial statements to enable users to make economic decision"
Historical cost principle
Economic entity
Full disclosure principle
Consistency
the time interval which requires a business to produce its financial performance within a specific time period
Periodicity assumption
Neutrality
Going concern
Historical cost
Forming a LLP has the flexibility in decision making compare to a company
True
False
a company that end with Sdn Bhd is a public company?
True
False
there are a total of ___ assumptions, concepts and conventions in accounting
7
6
9
8
There are four measurements principle in providing guidance for accountants in preparing of financial statement. Which is the correct principle?
Going concern
Neutrality
Objectivity
Economic entity
The principle stated that revenue are recognised when earned and expense are recognised when it incurred. Which principle is this?
Full disclosure
Accrual-based accounting
Monetary unit
Revenue and expense recognition
Limited liability is defined as a form of legal protection for shareholders and owners that prevents individuals from being held personally responsible for their company's debts or financial losses. Is this correct
Yes
No
Sole proprietorship business can be own by a minimum of 2 to no maximum number of owners
True
False
