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COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTING

ABAF014 BUSINESS ACCOUNTING 1

 

TOPIC 2 ACCOUNTING PRINCIPLES

TUTORIAL QUESTIONS

MULTIPLE CHOICE QUESTIONS

INSTRUCTION: CHOOSE THE BEST POSSIBLE ANSWERS.

The accountancy profession in Malaysia is governed by the _______ through the powers conferred by the Accountants Act 1967.
A. Malaysian Accounting Standards Board (MASB)
B. Malaysian Institute of Accountant (MIA)
C. Companies Act 1965
D. Bursa Malaysia
According to accrual concept of accounting, financial or business transaction is recorded __________.
A. When transaction occurs
B. When cash is received
C. When profit is computed
D. When balance sheet is prepared
An organization is assumed to be in operation for an indefinite period of time and assets will continue to be used to generate revenue to the business. What is the relevant concept of accounting in the statement?
A. Consistency concept
B. Going concern concept
C. Prudence concept
D. Periodicity concept
Charging off a wastepaper basket with an estimated life of ten years as an expense of the period when purchased is an example of the application of the __________.
A. Consistency concept
B. Materiality concept
C. Periodicity concept
D. Matching concept
__________ implies that the current market value or an estimation of a market price be used as the present value of expected cash flows.
A. Historical Cost concept
B. Materiality concept
C. Prudence concept
D. Fair Value concept
An accountant should never anticipate profits but should make provision for all losses whether actual or anticipated. This concept refers to ___________.
A. Consistency concept
B. Materiality concept
C. Prudence concept
D. Matching concept
Which accounting concept or principle states that the transactions of a business must be recorded separately from those of its owners or other businesses?
A. Consistency concept
B. Separate entity concept
C. Periodicity concept
D. Matching concept
Which accounting principle/concept allows accountants to ignore other accounting principle/concept if the amount in question is immaterial?
A. Separate entity concept
B. Materiality concept
C. Prudence concept
D. Monetary concept
Which financial information exhibits the characteristic of consistency when _________.
A. Extraordinary gains and losses are not included on the same income statement
B. Expenses are reported as charges against revenues of period in which the expenses are paid.
C. An accounting gives identical accountable events the same accounting treatment from one period to another.
D. Accounting procedures are adopted that give a constant rate of net income.
According to___________, the efficiency of the top management of the business must not be clearly recorded in the books of accounts.
A. Separate entity concept
B. Materiality concept
C. Full disclosure concept
D. Monetary concept
Which concept requires the company's financial statements to have footnotes containing information that is important to users of the financial statements?
A. Full disclosure concept
B. Materiality concept
C. Consistency concept
D. Monetary concept
Any transactions that occur are recorded into two different accounts with the same amount in the ledger book.
A. Double entry concept
B. Periodicity concept
C. Prudence concept
D. Separate entity concept
All transactions are recorded in terms of value of money.
A. Prudence concept
B. Materiality concept
C. Full disclosure concept
D. Monetary concept
To measure the performance of a business, business life should be divided into specific periods of time.
A. Prudence concept
B. Periodicity concept
C. Consistency concept
D. Going concern concept
The premises are recorded in the balance sheet at its cost price.
A. Historical cost concept
B. Fair value concept
C. Monetary concept
D. Prudence concept
The financial statements of MetaL Company contained some footnotes important for users for decision making.
A. Prudence concept
B.Full disclosure concept
D. Materiality concept
D. Consistency concept
Insurance premiums for the owner’s house should be excluded from the expense of the business.
A. Separate entity concept
B. Prudence concept
C. Materiality concept
D. Consistency concept
______ is established to oversee MASB’s performance and financial arrangements.
A. Foundation Reporting Foundation
B. Bank Negara Malaysia
C. Companies Act 1965
D. Bursa Malaysia
________ was established as an independent authority to issue accounting standards for the purpose of financial reporting in Malaysia.
A. Bank Negara Malaysia
C. MIA
C. MASB
D. Foundation Reporting Foundation
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