Accounting principles that assumes the entity will continue to operate indefinitely and financial statements are prepared on the basis that the business will continue for the foreseeable future are: Select one: A. going concern B. separate entity C. accrual basis D. historical concepts What is the meaning of accounts? Select one: A. The details of business transactions are supported by source documents B. are withdrawals and expenses that are deducted from owner’s equity C. An error that was made in carrying the account balance to the trial balance D. the basic storage units for accounting data Bookkeeping: Select one: A. consist of the interconnected business subsystems. B. a business unit chartered by the state and legally separate from its owners C. including accounting, that provide the information needed to run a business. D. is the process of recording financial transactions and keeping financial records. It is mechanical and repetitive and is usually handled by computers. The function of Securities and Exchange Commission (SEC) A. make up the new framework for financial reporting in Malaysia) B. to set and enforce accounting practices for companies whose securities are offered for sale to the general public. C. oversees MASB’s performance and financial arrangements D. to determine the standards that auditors must follow.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accounting principles that assumes the entity will continue to operate indefinitely and financial statements are prepared on the basis that the business will continue for the foreseeable future are:

Select one:

A. going concern

B. separate entity

C. accrual basis

D. historical concepts

What is the meaning of accounts?

Select one:

A. The details of business transactions are supported by source documents

B. are withdrawals and expenses that are deducted from owner’s equity

C. An error that was made in carrying the account balance to the trial balance

D. the basic storage units for accounting data

Bookkeeping:

Select one:

A. consist of the interconnected business subsystems.

B. a business unit chartered by the state and legally separate from its owners

C. including accounting, that provide the information needed to run a business.

D. is the process of recording financial transactions and keeping financial records. It is mechanical and repetitive and is usually handled by computers.

The function of Securities and Exchange Commission (SEC)

A. make up the new framework for financial reporting in Malaysia)

B. to set and enforce accounting practices for companies whose securities are offered for sale to the general public.

C. oversees MASB’s performance and financial arrangements

D. to determine the standards that auditors must follow.

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