6.
____________ is the process of identifying, recording and classifying, * 1 point
summarizing, analysing and interpreting business transaction.
Mark only one oval.
Bookkeeping.
Transaction.
Accounting.
Financing.
7. Which of the following would not be considered internal users of * 1 point
accounting data for a company?
Mark only one oval.
The president of a company.
The controller of a company.
Creditors of a company.
Manager of the company.
8. Bookkeeping differs from accounting in that bookkeeping primarily * 1 point
involves which part of the accounting process?
Mark only one oval.
Identification.
Communication.
Recording.
Analysis.
9. Which of the following is one of the branches of accounting? * 1 point
Mark only one oval.
Taxation.
Marketing.
Mathematics.
Econometrics.
10. A business whose owners enjoy limited liability is a * 1 point
Mark only one oval.
proprietorship.
partnership.
company
sole proprietorship.
11. Which of the following can be classified as an intangible asset? * 1 point
Mark only one oval.
Accounts Receivable.
Capital.
Mortgage.
Goodwill.
12. A Statement of Financial Position shows 1 point
Mark only one oval.
revenues, liabilities, and owner's equity.
expenses, drawings, and owner's equity.
revenues, expenses, and drawings.
assets, liabilities, and owner's equity.
13. Which is NOT a professional accounting bodies in Malaysia? * 1 point
Mark only one oval.
Malaysian Accounting Standards Board
Malaysian Institute of Accountants
Inland Revenue Board of Malaysia
Malaysian Institute of Certified Public Accountant
14. Revenues would not result from * 1 point
Mark only one oval.
sale of merchandise.
initial investment of cash by owner.
performance of services.
rental of property.
15. Which is NOT the principle of ethic in accounting profession? 1 point
Mark only one oval.
Integrity
Objectivity
Confidentiality
Dishonest
16. A purchase of pen is treated as a revenue expense, according to the 1 point
concept of
Mark only one oval.
Revenue Recognition.
Consistency.
Materiality.
Fair Value Measurement.
17. Which of the following statements is INCORRECT? 1 point
Mark only one oval.
Assets – Owner’s Equity = Liabilities
Liabilities + Owner’s Equity = Assets
Assets – Liabilities = Owner’s Equity
Liabilities + Assets = Owner’s Equity
18. In May, Company X records the transaction by a debit to Insurance 1 point
expenses for RM5,000 and a credit to Cash for RM5,000. What is the
effect of this entry upon the accounting equation for Company X?
Mark only one oval.
Assets Increase; Liabilities Decrease
Assets Increase; Owner's Equity Increase
Assets Decrease; Owner's Equity Decrease
Assets increase, assets decrease
19. Switching accounting method every year would example FIFO method to 1 point
LIFO method to value inventory violate the:
Mark only one oval.
going concern
Historical Cost
Full Disclosure
Consistency
20. GAAP stands for 1 point
Mark only one oval.
Generally Accepted Auditing Procedures.
Generally Accepted Auditing Principles.
Generally Accepted Accounting Procedures.
Generally Accepted Accounting Principles
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