Accounting Concepts Quiz

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Test your knowledge of fundamental accounting concepts!

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cikgu aslina

Malaysia

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Accounting Concepts Quiz


Froggy Jumps Accounting Concepts QuizVersion en ligne Test your knowledge of fundamental accounting concepts! par cikgu aslina 1 RM20,000 in business cash was used by En Yusof to purchase a golf set for his own use. a Historical cost b Economic entity concept c Consistency concept 2 Which concept assumes a business will continue operating? a Consistency b Going concern c Accrual basis 3 A company bought an iron for RM25 and treated it as a fixed asset, spreading its cost over five years a Full disclosure concept b Revenue is recognized c Materiality concept 4 Mrs. Anggerik received several stationery orders from customers on April 1, 2019, and the items were delivered on April 15, 2019. However, she recorded the sales revenue in her business accounts on April 1, 2019. a comply to the concept revenue recognition b not comply to the concept revenue recognition c Full disclosure concept 5 What is the main goal of the consistency concept? a Change methods frequently b Use the same accounting methods over time c Adjust methods for each period 6 Which concept states that financial statements should be free from bias? a Objectivity b Materiality c Fair Value 7 Puan Orkid started a computer business with a capital of RM150,000. She purchased a calculator worth RM10 for office use and recorded it as an expense. a Comply to the materiality concept b revenue recognition c Not comply to the materiality concept 8 Which concept emphasizes recording transactions at purchase price? a Historical cost principle b Fair value principle c Revenue recognition 9 What is the purpose of the 'entity concept'? a Separate business from personal finances b Ignore business transactions c Combine personal and business accounts 10 Record the vehicle at current value. a Materiality b Historical cost c Relevance 11 Ali runs a business and uses the company's account to pay for his personal car loan. Which accounting concept is violated here? a Going concern concept b Economic entity concept c Consistency concept 12 A company provides services worth RM5,000 in December 2024 but receives payment in January 2025. In which year should the revenue be recorded? a December 2025 b January 2025 c December 2024 13 Salaries of RM20,000 are paid in January 2025 for work done in December 2024. In which year should the expense be recorded? a December 2024 b December 2025 c January 2025 14 If a company changes its depreciation method from straight-line to reducing balance without valid reason, which accounting concept is not followed? a Full Disclosure concept b Consistency concept c Objectivity concept 15 A business plans to continue operations for the foreseeable future. This assumption is based on which accounting concept? a Going Concern b Matching c Consistency 16 A company buys a stapler for RM15 and records it as an expense instead of capitalizing it as an asset. This is acceptable based on which concept? a Prudence Concept b Consistency Concept c Materiality Concept 17 If a company estimates that one of its debtors may default, it records an allowance for doubtful debts. This is based on which concept? a Prudence Concept b Historical Concept c Fair Value Measurement Concept 18 Which of the following transactions supports the accrual concept over the cash basis? a Recording salary expenses only when paid b Recording sales only when cash is received c Recording utilities expense when incurred, even if not yet paid 19 Why is it important to apply the same accounting policies from one period to another? a To ensure comparability of financial statements b To avoid double entry errors c To minimize taxes 20 A construction company signs a RM1 million contract in January, starts work in March, and completes it in December. Payment is received in February the next year. According to revenue recognition principles, when should revenue be recorded? a December b January c February 21 If a company delays recognizing revenue until it is certain, but immediately records possible losses, which concepts are being applied? a Materiality b Prudence c Going Concern 22 An investment property increases in market value significantly. If the company chooses to revalue it to reflect current market value, which concept is being applied? a Historical Cost b Going Concern c Fair Value Measurement 23 A company is facing a major lawsuit that may affect its financial position, but no settlement has been reached yet. Which accounting concept requires this information to be presented in the financial statements? a Full Disclosure b Consistency c Prudence 24 A company chooses to ignore the effects of inflation and records all transactions in ringgit Malaysia. Which concept is applied here? a Going Concern b Monetary Unit Assumption c Prudence Concept 25 Why do businesses prepare monthly, quarterly, and yearly financial reports? a Due to the Accounting Period Concept b To improve audit accuracy c To comply with tax requirements 26 On 25 June 2025, they signed a RM12,000 contract with a client. The services were fully completed by 10 July, and payment was received on 20 July . The accountant recorded the revenue on 20 July .Which accounting concept has been violated? a Revenue Recognition Concept b Prudence Concept c Going Concern Concept 27 A company faces a likely RM200,000 court fine, but the accountant does not record it to avoid showing a loss. Which accounting concept is ignored? a Consistency Concept b Prudence Concept c Historical Cost Concept 28 Alif Enterprise changed its depreciation method in 2025 without disclosure or justification. Which accounting concept is breached? a Full disclosure b Consistency Concept c Going cencern

Accounting Concepts Quiz

Froggy Jumps

À propos de cette activité

Créé par

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Accounting Concepts QuizVersion en ligne

par cikgu aslina

RM20,000 in business cash was used by En Yusof to purchase a golf set for his own use.

Which concept assumes a business will continue operating?

A company bought an iron for RM25 and treated it as a fixed asset, spreading its cost over five years

Mrs. Anggerik received several stationery orders from customers on April 1, 2019, and the items were delivered on April 15, 2019. However, she recorded the sales revenue in her business accounts on April 1, 2019.

What is the main goal of the consistency concept?

Which concept states that financial statements should be free from bias?

Puan Orkid started a computer business with a capital of RM150,000. She purchased a calculator worth RM10 for office use and recorded it as an expense.

Which concept emphasizes recording transactions at purchase price?

What is the purpose of the 'entity concept'?

Record the vehicle at current value.

Ali runs a business and uses the company's account to pay for his personal car loan. Which accounting concept is violated here?

A company provides services worth RM5,000 in December 2024 but receives payment in January 2025. In which year should the revenue be recorded?

Salaries of RM20,000 are paid in January 2025 for work done in December 2024. In which year should the expense be recorded?

If a company changes its depreciation method from straight-line to reducing balance without valid reason, which accounting concept is not followed?

A business plans to continue operations for the foreseeable future. This assumption is based on which accounting concept?

A company buys a stapler for RM15 and records it as an expense instead of capitalizing it as an asset. This is acceptable based on which concept?

If a company estimates that one of its debtors may default, it records an allowance for doubtful debts. This is based on which concept?

Which of the following transactions supports the accrual concept over the cash basis?

Why is it important to apply the same accounting policies from one period to another?

A construction company signs a RM1 million contract in January, starts work in March, and completes it in December. Payment is received in February the next year. According to revenue recognition principles, when should revenue be recorded?

If a company delays recognizing revenue until it is certain, but immediately records possible losses, which concepts are being applied?

An investment property increases in market value significantly. If the company chooses to revalue it to reflect current market value, which concept is being applied?

A company is facing a major lawsuit that may affect its financial position, but no settlement has been reached yet. Which accounting concept requires this information to be presented in the financial statements?

A company chooses to ignore the effects of inflation and records all transactions in ringgit Malaysia. Which concept is applied here?

Why do businesses prepare monthly, quarterly, and yearly financial reports?

On 25 June 2025, they signed a RM12,000 contract with a client. The services were fully completed by 10 July, and payment was received on 20 July . The accountant recorded the revenue on 20 July .Which accounting concept has been violated?

A company faces a likely RM200,000 court fine, but the accountant does not record it to avoid showing a loss. Which accounting concept is ignored?

Alif Enterprise changed its depreciation method in 2025 without disclosure or justification. Which accounting concept is breached?