<div style="text-align: center;"> </div> <div style="text-align: center;"> <div style="padding-bottom: 5px;"> </div> <span style="font-size: 18pt;"><img class="img-auto" style="min-width: 100px; max-width: 267px;" src="https://www.quiz-maker.com/3012/CDN/94-4592507/logo-uniten-baru.png" alt="logo uniten baru" width="100%" /></span></div> <div style="text-align: center;"> </div> <div style="text-align: center;"> </div> <div style="text-align: center;"><span style="font-size: 18pt;">COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTING</span></div> <div style="text-align: center;"><span style="font-size: 24px;">ABAF014 BUSINESS ACCOUNTING 1</span></div> <div style="text-align: center;"> </div> <div style="text-align: center;"><span style="font-size: 18pt;">TOPIC 1 INTRODUCTION TO ACCOUNTING</span></div> <div style="text-align: center;"><span style="font-size: 18pt;">TUTORIAL QUESTIONS</span></div> <div style="text-align: center;"><span style="font-size: 18pt;">MULTIPLE CHOICE QUESTIONS</span></div> <div style="text-align: center;"><em><span style="font-size: 18pt;">INSTRUCTION: CHOOSE THE BEST POSSIBLE ANSWERS.</span></em></div> | Take the Quiz

The Pioneer of Accounting is ________.

A. Benedetto Cotrugli

B. William Pickles

C. Luca Pacioli

D. Leonardo Da Vinci

The art of recording, classifying and summarizing is called _______.

A. journalizing

B. accounting

D. Record keeping

D. bookkeeping

Bookkeeping provides the _______.

A. Primary information

B. Secondary information

C. Final information

D. None of these

To control the cost of production and distribution is the main field of ________.

A. Financial Accounting

B. Cost Accounting

C. Auditing

D. None of these

Recording of the business transaction in a systematic way is called _______.

A. accounting

B. recording

C. journalizing

D. bookkeeping

The supply of goods or services in exchange of money between two parties is known as _______.

A. Service transactions

B. Business transactions

C. Credit transactions

D. Goods transactions

The main function of Accounting is to _______.

A. Record economic data

B. Provide informational basis for action

C. Classify and record business transactions

D. All of the above

Management accounting provides valuable services to management in performing ________.

A. All management functions

B. Controlling functions

C. Coordinating management functions

D. None of these

The type of accounting that generates reports and information for the use of internal management is known as _______.

A. Tax accounting

B. Managerial accounting

C. Auditing

D. International accounting

Which one of the following is NOT an external user of accounting information?

A. Investor

B. Creditor

C. Manager

D. Customer

The type of accounting that generates reports for the use of external parties such as creditors, investors and government agencies is known as _________.

A. Financial Accounting

B. Forensic accounting

C. Managerial accounting

D. Tax accounting

Following is the role of an accountant EXCEPT _________.

A. Tax planning

B. Produce goods to sell to customers

C. Maintenance of book of records.

D. Financial services

__________ contains the status of the company’s asset, liability and equity accounts.

A. Balance Sheet

B. Income Statement

C. Cashflows Statement

D. Trial Balance

__________ needs the accounting information of an entity to assess its ability to settle the amount owed to them when it is due.

A. Investor/shareholder.

B. Trade creditor.

C. Customer.

D. Employee.

External users of financial statements of Syarikat Indah Bhd. Are ranging from the followings EXCEPT __________.

A. Suppliers.

B. Bankers.

C. Company’s Finance Manager.

D. Inland Revenue Board of Malaysia (LHDN).

What is the purpose of preparing an Income Statement?

A. To compute the net profit or loss from the business operation.

B. To show the financial position of the business.

C. To show the amount of cash generated in the business activities. .

D. To calculate the liabilities and owner’s equity of the business

What is the purpose of preparing a Balance Sheet?

A. To compute the net profit or loss from the business operation.

B. To show the financial position of the business.

C. To show the amount of cash generated in the business activities. .

D. To calculate the liabilities and owner’s equity of the business

What is the purpose of preparing a Cashflows Statement?

A. To compute the net profit or loss from the business operation.

B. To show the financial position of the business.

C. To show the amount of cash generated in the business activities. .

D. To calculate the liabilities and owner’s equity of the business

Which of the following type of business formation does NOT exist with the primary purpose of making profit?

A. Cooperative

B. Partnership

C. Sole proprietorship

D. Company

From an accounting standpoint, which of the following are considered as separate business entities?

A. Companies

B. Partnerships

C. Sole Proprietorships

D. ALL of the above

_________ normally exist with the primary purpose of furthering the interests of its members.

A. Cooperative

B. Partnership

C. Clubs

D. None of these

Financial _____ is performed to measure company’s ability to pay their short term debt when it comes due.

A. analysis

B. ratios

C. estimates

D. budget

When two or more people share ownership of a single business, this is called __________.

A. Clubs and Societies

B. Partnership

C. Companies

D. Cooperative

_______ are concerned about risk and return of their investments.

A. Customers

B. Creditors

C. Employees

D. Investors/Shareholders

Business must practice and adhere to rules, assumptions or principles consistently. They cannot change their practices without reasonable reason. This refers to ___.

A. Consistency

B. Integrity

C. Accountability

D. Objectivity

Any record relating to economic activities and transactions must be prepared based on complete evidence and supported by authorized business document with relevant and complete information. This refers to ___.

A. Consistency

B. Integrity

C. Accountability

D. Objectivity

Accountants must must not have any conflict of interest, which can influence their actions and decisions in their roles as the accountant. This refers to ___.

A. Consistency

B. Integrity

C. Accountability

D. Objectivity

_________ has limited liability and the owners of a corporation are its shareholders.

Company

Sole proprietorship

Partnership

Cooperative

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COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTING

ABAF014 BUSINESS ACCOUNTING 1

TOPIC 1 INTRODUCTION TO ACCOUNTING

TUTORIAL QUESTIONS

MULTIPLE CHOICE QUESTIONS

INSTRUCTION: CHOOSE THE BEST POSSIBLE ANSWERS.

More Quizzes

COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTING ABAF014 BUSINESS ACCOUNTING 1 TOPIC 1 INTRODUCTION TO ACCOUNTING TUTORIAL QUESTIONS MULTIPLE CHOICE QUESTIONS INSTRUCTION: CHOOSE THE BEST POSSIBLE ANSWERS.

More Quizzes

COLLEGE OF BUSINESS MANAGEMENT AND ACCOUNTING

ABAF014 BUSINESS ACCOUNTING 1

TOPIC 1 INTRODUCTION TO ACCOUNTING

TUTORIAL QUESTIONS

MULTIPLE CHOICE QUESTIONS

INSTRUCTION: CHOOSE THE BEST POSSIBLE ANSWERS.