ACC117 Part B
Authored by Nornida Ashikin
Financial Education
University
Used 17+ times
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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the management and control of a Limited
Company.
Managed and controlled by the owner.
Managed and controlled by partners or by a board which consists of a few
partners.
Managed and controlled by a board of directors appointed by the
shareholders.
Managed and controlled by members of society.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
______________ refers to a phase where financial statements are analyzed, and
the result of the analysis is used as a guide for users to make decisions.
Classifying
Recording
Summarizing
Interpreting
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The purpose of recording and analyzing accounting information of an organization
are as follows EXCEPT_____.
To provide future financial information.
To provide easier financial reference.
To avoid misleading financial statements.
To know the financial status of the organization.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The type of users that are interested in the establishment of good accounting
controls in a business as a means of reducing cost of production, selling and
distribution and, hence, the reduction of the prices of the goods they purchase
would be ______.
Owners
Consumers
Government
Suppliers
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Companies that record the withdrawal of goods by the owner as drawings in the
business books of accounts follow ________ concept.
Business entity
Going concern
Money measurement
Historical cost
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
FOUR (4) qualitative characteristics to enhance the usefulness of financial
statements are _____________.
Comparability, verifiability, neutrality, and understandability
Understandability, timeliness, comparability, and verifiability
Comparability, verifiability, completeness, and understandability
Timeliness, materiality, verifiability, and understandability
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Financial information is considered relevant if it has __________.
Both predictive value and confirmatory value
Either predictive value or confirmatory value or both
Only predictive value
Only confirmatory value
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