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WorksheetsQUIZ 1 - SPAF123
Total questions: 19
Worksheet time: 3mins
Duane Reade Sdn. Bhd. is carrying inventory at its current market value of RM150,000. Inventory had an original cost of RM100,000.
Historical Cost Concept
Materiality Concept
Consistency Concept
Prudence Concept
ACCOUNTING is a system or process of ________, summarizing business and financial transactions, analysing, verifying and reporting that money related activities to permit individuals and business to make informed__________.
(a)
A large company purchases a RM10 wastebasket and recorded it as an asset for the company.
Historical Cost Concept
Materiality Concept
Accrual Concept
Business Entity Concept
Rania family treated the company assets as their own.
Consistency Concept
Prudence Concept
Going - concern Concept
Business Entity Concept
Recognized RM200,000 in revenue in periods earlier than should have been recognized.
Cost Concept
Periodicity Concept
Accrual Concept
Matching Concept
Mars Berhad keep on changing their accounting treatment for the depreciation of its non-current assets.
Matching Concept
Consistency Concept
Double entry Concept
Prudence Concept
Owner of the DEF Enterprise bought a car for the personal use of his wife. He has recorded this in his business, including the petrol paid for the car.
Going - concern Concept
Prudence Concept
Business Entity Concept
Accrual Concept
A company continues in business even though its founder died
Double entry Concept
Consistency Concept
Business Entity Concept
Going - concern Concept
Payment such as postage, stationery and cleaning expenses should not be disclosed separately. They should be grouped together as sundry expenses.
Double entry Concept
Materiality Concept
Business Entity Concept
Separate Legal Entity
FAD Enterprise had been sued and it was expected that the business will need to pay compensation of RM10,000.
Accrual Concept
Double entry Concept
Prudence Concept
Materiality Concept
if someone transacts a purchase of a drink from a local store, he pays cash to the shopkeeper and in return, he gets a bottle of drink.
Prudence Concept
Double entry Concept
Exchange Concept
Matching Concept
A Sole Ownership firm is owned by?
Single Person
Group of Persons
Managing Committee
Government
In which case a sole ownership firm is most favourable?
Large Scale Operations
Medium Scale Operations
Small Scale Operations
None of the above
What is the profit-sharing in a sole proprietorship firm?
None
Equally among partners
Equally among all the employees
No profits
What is the liability of partners in a partnership firm?
Limited
Unlimited
Limited to the capital of business
No Liability
When is the Debit to partner's capital a/c entry passed in accounts?
Drawings are made
Investment is done
Interest on Drawings is charged
Capital is withdrawn
How will the profits be divided among partners in the absence of a partnership deed?
Depending on the capital invested.
Depending on the work experience.
Unequal
Equal
The main Purpose of Financial Accounting is?
To Provide financial information to shareholders
To maintain balance sheet
To minimize taxes
To keep track of liabilities
Which is true of a private limited company?
It must be started by one person
The owner chooses who to sell shares to
It must sell shares to family and friends
Anyone can buy a share of the business
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