Financial Accounting Revision
Authored by fathin shaida
Financial Education
University
Used 8+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the purpose of accounting and bookkeeping?
Misleading can be avoided
Presenting the financial status, and profit and loss of a business
Easy to refer
All above
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which flow from the list below illustrates the accounting cycle?
Identifying - Classifying - Recording - Summarizing - Reporting - Analyzing
Identifying - Recording - Classifying - Summarizing - Reporting - Analyzing
Identifying - Recording - Classifying - Reporting - Summarizing - Analyzing
Identifying - Recording - Summarizing - Classifying - Reporting - Analyzing
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an external user of accounting information?
Government
Managers
Business owners
Employees
4.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
There are many different types of business organizations, including
Sole proprietorship
Entrepreneurship
Partnership
Company
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This concept implies that the economic activities of a business can be divided into certain periods; monthly, quarterly, or yearly.
Monetary
Economic entity
Going concern
Periodicity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statement is FALSE regarding the accounting concepts
Going concern assumes that a business will continue for a long time
Historical cost requires that assets to be recorded at cost
Economic entity assumes that a business should include the transactions of the its owner
Matching concept requires the revenue and cost to be matched
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The following characteristics should be present in the accounting information, EXCEPT
Accessibility
Consistency
Reliability
Relevance
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