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AA015 UPS 1 - TEST - Google Forms

Accounting is the process of identifying, recording and classifying, summarizing, analysing and interpreting business transactions. It involves the recording part of the accounting process, primarily recording business transactions. A statement of financial position shows assets, liabilities, and owner's equity.

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310 views5 pages

AA015 UPS 1 - TEST - Google Forms

Accounting is the process of identifying, recording and classifying, summarizing, analysing and interpreting business transactions. It involves the recording part of the accounting process, primarily recording business transactions. A statement of financial position shows assets, liabilities, and owner's equity.

Uploaded by

ami zawani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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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

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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

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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

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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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