POP QUIZ TOPIC 1 BA

The activities of classifying, recording and summarizing the business transaction can be described as :

• Auditing

• Accounting

• Book-keeping

The art of measuring, communicating and interpreting financial activities is called

• Management accounting

• Financial accounting

• Cost accounting

The main purpose of financial accounting is

• Provide financial information to shareholders

• To maintain balance sheet

• To minimize taxes

Who is an external user of financial statements?

• Shareholder

• Manager

• Creditor

Which organization is involved in development of approved accounting standards in Malaysia?

• Malaysian Institute of Accountant (MIA)

• Malaysian Accounting Standard Board (MASB)

• Companies Commission of Malaysia (CCM)

Which one is the internal user?

• Potential investor

• Creditor

• Management of a company

What is the primary purpose of auditing in business?

• To prepare financial statements

• To ensure compliance with laws and regulations

• To manage day-to-day operations

What is the primary objective of cost accounting?

• Maximizing profits

• Cost control

• Financial reporting

Which accounting method focuses on providing information for internal decision-making?

• Management accounting

• Financial accounting

• Cost accounting

Which is NOT a professional accounting bodies in Malaysia ?

• Malaysian Accounting Standards Board

• Inland Revenue Board of Malaysia

• Malaysian Institute of Accountants