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QUIZ
– AA015
TOPIC
1
Answer all question. You are given 30 minutes to answer those questions.
Total mark = 30 marks.
1.
What
is the definition of accounting?
(2 marks)
2.
State
users of accounting information. State two example for each user.
(6 marks)
3.
State
seven branches of accounting.
(7 marks)
4.
State
three types of business ownership.
(3 marks)
5.
State
types of business activities.
(3 marks)
6.
State
four types of Financial Statement.
(4 marks)
7. State three professional accounting bodies.
(3 marks)
8.
State
one fundamental principle of professional ethics.
(1 marks)
9.
Give
one potential career in accounting.
(1
marks)
ANSWER – AA015 TOPIC 1
1.
What
is the definition of accounting?
Process
of identifying, recording, classifying, summarising, communicating and
interpreting the results of business or economic transactions to users in order
for them to make better decisions.
(2 marks)
2.
State
users of accounting information. State two example for each user.
I.
Internal
Manager/Management
Board of Director
/owner
Internal Auditor
II.
External
Existing/current
investor
Potential
investors
Creditors
Government
agencies - Inland Revenue Board of Malaysia (Lembaga Hasil Dalam Negeri)
Customers
Labour unions
(6 marks)
3.
State
seven branches of accounting.
Financial
Accounting
Management
Accounting
Cost Accounting
Auditing
Public Sector
Accounting
Taxation
Forensic
Accounting
(7 marks)
4.
State
three types of business ownership.
Sole Proprietorship
Partnership
Company
(3 marks)
5.
State
types of business activities.
Services
Manufacturing
Merchandising
(3 marks)
6.
State
four types of Financial Statement.
Statement of
Comprehensive Income / Statement of Profit or Loss (including tax)
Statement of
Changes in Equity
Statement of
Financial Position
Statement of Cash
Flows
(4 marks)
7.
State
three professional accounting bodies.
Malaysian
Accounting Standards Board (MASB)
Malaysian
Institute of Accountants (MIA)
Malaysian
Institute of Certified Public Accountants (MICPA)
(3
marks)
8.
State
one fundamental principle of professional ethics.
1.
Integrity - Accountants
must not have any conflict of interest, which can influence their actions and
honest.
2.
Objectivity - Not
allowing a conflict of interest or prejudice to influence an auditor’s
judgement
3. Professional
competence and due care –
The
requirement to attain and maintain knowledge and skill at a level required to
perform service. Also the need to act diligently and make decisions with
thought and care.
4.
Confidentiality - Not
disclosing sensitive financial information or trade secrets for personal gain or
for the gain of others.
5.
Professional Behaviour - Complying
with the rules and maintaining the professionalism of the audit firm.
(1 mark)
9.
Give
one potential career in accounting.
·
Public
Accounting - career in auditing, taxation, and management consulting serving
the general public
·
Private
/ Corporate Accounting - careers in industry working in cost accounting,
budgeting, accounting information systems and taxation
·
Governmental
Accounting - careers with the IRS (Internal Revenue Service), public colleges
and universities and in state and local governments.
·
Forensic
Accounting - uses accounting, auditing and investigative skills to conduct
investigations into theft and fraud
(1
mark)
