Introduction to Accounting Quiz

What is accounting concerned with?

What is a sole proprietorship?

• A business owned by one individual

• A business owned by multiple individuals

• A business entity with limited liability

• A business that must end with 'Berhad'

What are the two types of limited companies?

• Public and Private

• Sole and Partnership

• Limited and Unlimited

• For-Profit and Non-Profit

What is the purpose of accounting information?

• To know the financial status of the organisation

• To mislead financial statements

• To avoid tax payments

• To increase expenses

What are the stages of accounting?

• Classifying, Recording, Summarising, Interpreting

• Recording, Summarising, Interpreting, Analyzing

• Summarising, Interpreting, Classifying, Reporting

• Interpreting, Classifying, Recording, Reporting

Who are the external users of accounting information?

• Payables/Bankers

• Employees

• Managers

• Owners

What is the accounting process?