WorksheetsTOPIC 1
Total questions: 40
Worksheet time: 25mins
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
Which branch of accounting is concerned with analyzing costs of products or services rendered in a business?
Auditing
Cost accounting
Financial Accounting
Management 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
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 is definition of accounting?
It's a process of classifying, recording, and summarizing the business transaction in monetary unit.
It's a process of recording, classifying, and summarizing the business transaction in monetary unit.
It's a process of classifying, recording and summarizing the business transaction interpreting the data in assist stakeholders in making decision.
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
Define the bookkeeping
It's a process of classifying, recording and summarizing the business transaction.
Its a process of recording, summarizing and classifying the business transactions.
It's a process of classifying, summarizing and recording the business transactions.
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 is concerned with analyzing costs of products or services rendered in a business?
Auditing
Cost accounting
Financial Accounting
Management 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
The starting point of the accounting process is
communicating information to users.
identifying economic events.
recording economic events.
None of these answers are correct.
Communication of economic events is the part of the accounting process that involves
identifying economic events
quantifying transactions into dollars and cents.
preparing accounting reports
recording and classifying information.
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 non quantifiable economic events.
analyzing and interpreting financial reports
Which of the following would not be considered an external user of accounting data for the LMN Company?
LHDN
Management
Creditors.
Customers.
Which of the following would not be considered internal users of accounting data for a company?
The president of a company
The controller of a company.
Creditors of a company
Salesmen of the company.
Which of the following is an external user of accounting information?
Labor unions.
Finance directors
Company officers.
Managers
Internal user
External user
Internal users
External users
Internal users
External users
Marketing department
Internal Users
External Users
Internal users
External users
Internal users
External users
Which of the following business has unlimited liability
Sole trader
Limited Liability Partnership
Private Limited Company
Public Limited Company
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 trader
Partnership
Company/corporation
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
Which of the following are the types of financial statements
1.Statement of Cash Flow
2.Statement of Comprehensive Income
3.Statement of Financial Position
4. Trial balance
1, 2, 3 and 4
1, 2 and 3
2 and 4
2, 3 and 4
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 trader
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 trader
Partnership
Limited Company
None of the above
Statement of Cash Flow shows the movement in owner's equity over a period
True
False
A partnership business normally owned by 2 to 50 partners
True
False
Proton Berhad is example of public limited company.
True
False
Which one is true about Bookkeeping?
More extensive and involving a thorough work
Is an information system
Is a part of accounting
Person in charge of Accounting is known as...
Accountant
Accounts Clerk
Manager of a company
Types of Financial Statements are..
Statement of Comprehensive Income, Statement of Owner’s Equity and Statement of Financial Position
Statement of Comprehensive Income, Statement of Owner’s Equity, Statement of Financial Position and Statement of Cash Flows
Statement of Comprehensive Income, Statement of Owner’s Equity, Statement of Financial Position and Budget
There are......branches of accounting
6
5
4
What is the function of financial Accounting?
To give an information about financial position of business
To determine the amount of profit and loss
To ensure salary increments and other benefit
To know the ability of a company or business to repay debts
Which of the following is not the field of accounting?
Management Accounting
Financial Accounting
Tax Accounting
Principle Accounting
Which of the following would not be considered as the external users of accounting data?
Malayan Banking Berhad
Inland Revenue Board
Potential investor
Marketing Manager
