1. Which of the following is TRUE about financial accounting?

I. Financial accounting is broader than bookkeeping

II. Financial accounting involves planning of business capital

III. Financial accounting assist business owners and managers in making decision

IV. Financial accounting involves bookkeeping process only

A. I and II

B. I and III

C. II and IV

D. III and IV

2. Which of the following is NOT in the Statement of Financial Position of a business?

A. Current Asset

B. Cost of Good Sold

C. Owner's Equity

D. Non Current Liabilities

3. Which of the following statement is INCORRECT?

A. Going concern concept assume that the business will operate for a long period of time and will not dissolved in the near future

B. According to consistency convention, accounting principles should be used consistently C. Separate entity concept assume that business and the owner are treated as separate entities.

D. Historical cost concept assume that the business transaction should be recorded based on estimation.

4. Given the following, what is the amount of Capital?

Assets: Premises RM20,000, Inventory RM8,500, Cash RM100. Liabilities: Payables RM3,000, Loan from Ahmad RM4,000

A. ( mathrm{RM} 21,100 )

B. ( mathrm{RM} 21,600 )

C. ( mathrm{RM} 32,400 )

D. None of the above

5. Which of the following BEST describes a trial balance?

A. Show the financial position of a business

B. It is a special account

C. Show all the entries in the book

D. It is a list of balances on the book

1. Which of the following is TRUE about financial accounting? I. Financial accounting is broader than bookkeeping II. Financial accounting involves planning of business capital III. Financial accounting assist business owners and managers in making decision IV. Financial accounting involves bookkeeping process only A. I and II B. I and III C. II and N D. III and IV 2. Which of the following is NOT in the Statement of Financial Position of a business? A. Current Asset B. Cost of Good Sold C. Owner's Equity D. Non Current Liabilities 3. Which of the following statement is INCORRECT? A. Going concern concept assume that the business will operate for a long period of time and will not dissolved in the near future B. According to consistency convention, accounting principles should be used consistently C. Separate entity concept assume that business and the owner are treated as separate entities. D. Historical cost concept assume that the business transaction should be recorded based on estimation. 4. Given the following, what is the amount of Capital? Assets: Premises RM20,000, Inventory RM8,500, Cash RM100. Liabilities: Payables RM3,000, Loan from Ahmad RM4,000 A. RM21,100 B. RM21,600 C. RM32,400 D. None of the above 5. Which of the following BEST describes a trial balance? A. Show the financial position of a business B. It is a special account C. Show all the entries in the book D. It is a list of balances on the book