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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.

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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