ARFB113 - Topic 1

Bookkeeping is different from accounting. Which part of the accounting process does bookkeeping primarily involve?

• Identification

• Measurement

• Recording

• Communication

What is the primary purpose of financial reports in accounting?

• To analyze market trends

• To guide managerial decision-making

• To communicate financial information to stakeholders

• To determine employee salaries

• Nasi Lemak Pak Ali Enterprise

• Poliklinik Hareny & Family

• Cahaya Sdn. Bhd.

• Anush Landscaping Bhd

         Which of the following statements is incorrect?

• As a sole trader, the owner is not responsible for all the business’ liabilities when the

  business goes bankrupt.

• The minimum number of members of a partnership is two.

• The liability of shareholders in limited company is limited to their investment in the

  company.

• None of the answer are correct

         What is the main role of an accountant in a business?

• Ensuring the business is making a profit

• Preparing budgets and business plans

• Minimising the amount of tax payable to the government

• Recording, summarising and presenting financial information from source documents

  that generated by business transactions