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WorksheetsTOPIC 1 - INTRODUCTION TO ACCOUNTING 3
Total questions: 10
Worksheet time: 5mins
Klinik Abu and Rakan-Rakan has the following characteristic EXCEPT:
The members are between 2 to 50 persons.
Registered under the Partnership Act 1961.
The capitals are in the form of ordinary shares.
The financial reports are not required to be published.
Which of the following is NOT an internal user of accounting information?
Owners
Managers
Accounts payable
Employees
The internal users of !nancial statement seek the following information
EXCEPT:
Employees - Career enhancement and promotions
Management teams - Planning and budgeting purposes
Owner - Business growth and profit performances
Government - Economic planning and taxation purposes
What is the similarity possess by the following business: I) Abu MiniMart II)
Klinik Abu and Bakar
Unlimited liabilities
Separate legal entity
Audited financial statement
Published financial statement
Which of the following refers to a partnership business?
Limited liability
Capital contributed by way of ordinary shares
Income from business not subject to tax
Profit or loss is divided among owners and members
Which business meets the following characteristics: I) Widely scattered in
Malaysia II) Solely owned business III) Profit gained or loss suffered by own
self
Public limited company
Sole proprietorship
Private limited company
Partnership
From
From the legal point of view, the type of business organisation that has a
separate legal entity from its owners and where the owners are not
personally liable for the debts of business is __________.
Limited company
Sole proprietorship
Partnership
None of the above
Which of the following is FALSE in explaining the users of accounting
information:
Bankers need accounting information to evaluate the business ability to pay
debts on time.
Investors use the accounting information for planning, controlling and
organising the business.
Government needs accounting information for tax purposes.
Employees needs accounting information to ensure steady employment.
The following steps in the accounting cycle have not been listed in the
correct order. Rearrange the following steps to show the correct
sequence in the accounting cycle. I) Trial balance II) Journalising III)
Business transaction IV) Source document V) Posting VI) Financial
statements
VI, I, V, II, III and IV
III, IV, II, V, I and VI
IV, III, II, I, V and VI
II, IV, V, III, I and VI
Which
Which of the following is the !rst step in the accounting cycle?
Journal entries are made
Source documents are prepared
A trial balance is prepared
Posting made to the ledger
