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Please do this exercise in group ( 3 to 4 persons) and upload your answer according to your group. One group submit one answer ONLY. Thanks

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Answer cant be direct typing here or you can do at A4 paper and snap photo as attachment. Thanks

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Accounting Concept Exercise

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Group
1. Amira
2. Hanis
3. Elysha

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PLEASE DO IT IN GROUP

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adam(ketua)
puteri
aishah
aqilah

goodluck geng

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ANIS
NONI
LIM

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Hakim K
Nurafiqa Hanis
Nurin Syakira
Ashmitha

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group 2 A1P1
1.RONIY(KETUA)
2.AIN
3.ADIBAH

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SECTION A THEORY                                                                                TOPIC 1 INTRODUCTION OF ACCOUNTING       

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SECTION A THEORY                                                                                TOPIC 1 INTRODUCTION OF ACCOUNTING       

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Q1 : Explain the definition of accounting?                                                  (2 Marks)

Q2 : List 2 type users of accounting information. For each users give one example.                                                                                                            (2 Marks)

Q3: Identify 2 branches of accounting?                                                       (2 Marks)

Q4: Name 3 basic form of business organization for profit oriented enterprises ?                                                                                                                                (3 Marks)

Q5: List 4 types of financial statements ?                                                   (2 Marks)

Q6: Explain the differences between bookkeeping and accounting?     (4 Marks)

Q7: Identify the characteristic of 3 types of business  ownership?        (6 Marks)
Q8. Restate 4 users of accounting information and explain how each user uses the accounting information?                                                                          (8 Marks)

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Q1: Accounting is a process of identifying, recording, classifying, summarising, communicating and interpreting.
Q2: 1. Internal Users- Managers
2. External Users- Creditors
Q3: 1. Financial Accounting
2. Managerial Accounting
Q4: 1. Sole Proprietorship
2. Partnership
3. Company
Q5: 1. Statement of comprehensive income
2. Statement of changes in equity
3. Statement of financial position
4. Statement of cash flows
Q6: Bookkeeping is a part of accounting and a process of recording in chronological order, the daily transaction of a business entity while accounting is an information system and a process of recording, classifying, summarising, reporting, analyzing and interpreting the financial condition and a perfomance of a business.
Q7: - Sole proprietorship have only one number of owner
- Partnership have two untill twenty number of owner
- Company have two untill unlimited number of owner
Q8: Managers: make routine decisions and controlling operations
Workers: identify and evalute business performance for salary and bons
Investors: to decide whether to buy more shares or dispose the shares
Creditors: Access the ability if business to repay the loan.

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Answer (Puteri Nur Aleeya bt Iqbal Azaham - A1P1)

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Answer (Puteri Nur Aleeya bt Iqbal Azaham - A1P1)

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1) Accounting is a process of identifying, recording,summarising, communicating and interpreting.
2) Internal users for example Manager
External users for example investors
3) - Financial Accounting
- Managerial Accounting
4) - Sole Proprietorship
- Partnership
- Company
5) - A statement of Cash Flows
- A statement of changes in equity
- A statement of financial position
- A statement of comprehensive income
6) Bookkeeping is a part of accounting and a process of recording , in chronological order, the daily transaction of a business entity while Accounting is an information system and a process of of recording classifying , summarizing, reporting , analyzing and interpreting the financial condition of a business.
7) - Sole proprietorship have only one owner
- Partnership can 2 until 20 person of owner
- Company can 2 until unlimited person of owner.
8) Manager : make routine decision and controlling operations.
Workers : indentify and evalute business perfomance for salary and bons
Investors : to decidr whether to buy more shares or dispose the share
Creditors : Access the ability if business to repay the loan.

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1 Accounting is identifying, recording, classifying, summarising, communicating, interpreting the financial condition and performance of a business.

2 Two type of user is internal user . Example managers, next, external user . Example, investor and creditor.

3 two branches of accounting is managerial accounting and financial accounting.

4 Services , manufacturing, merchandising

5 a statement of comprehensive income for the period
A statement of financial position at the end of period
A statement of changes in equity for the period
A statement of cash flows for the period

6 the different between bookkeeping and accounting is bookkeeping is process of recording the daily transaction of business entity while accounting is process of recording, classifying, summarizing, reporting , analyzing and interpreting the financial confition and performance of business. Next, bookkeeping is a part of accounting while accounting is an information system.

7 sole proprietorship
- life of organization is limited
- liabilities unlimited
- capital source  from proprietor
Partnership
-life of organization is limited
- liabilities unlimited
- capital source from partners
Company
-life of organization is indefinite
- liabilities is limited

8 internal users
- management- make routine decisions and controll operation
-internal auditor- confirm the managerial system and financial system comply accounting standards.

External users
-investor- to know profit and amount of dividends
-creditor- asses ability the business to repay the loan

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1 . accounting is a process of identifying , recording , classifying , summarising , communicating and interpreting the financial condition and a performance of a business
2. 2 type users of accounting are internal users such as Manager . Second , external users such as creditor
3. financial accounting is the field of accounting that provides economic and financial for external users
managerial accounting provides economic and financial for internal users
4. merchandising , manufacturing  , service
5 . a statement of comprehensive income for the period
a statement of financial position for the period
a statement of changes equity for the period
a statement of cashflow for the period
6. the different between bookkeeping and accounting are bookkeeping is a part of accounting , process of recording in chronological order the daily of transaction
.  accounting is a process of identifying, recording, communicating, summarising , interpreting the financial of the business
7 . sole proprietorship - number of owner only 1
partnership - 2 till 20
company - 2 till unlimited
sole proprietorship - life of organization is unlimited
partnership- limited
company- indefinite
8. internal user
management - making routine decisions and controlling operations
workers - identife and evaluate business performance for salary and bonus
External users
- investors - to decide whether to but more shares or dispose the shares they have
creditors - the ability of the business to repay the loan

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1. The process of identifying, recording, classifying, summarising,communicating,interpreting and the results of business.
2. Internal user-managers
External users-investors
3. -Managerial accounting
-Financial accounting
4.-Services
- Manifacturing
- Merchandising
5.-Statement of comprehensive income
-Statement of changes in equity
- Statement of financial position
-Statement of cash flows
6. Bookeeping is a part of accounting which is the process only recording while accounting accounting process is recording,summarizing,reporting,analyzing,and interpreting the financial condition.
7. -The liabilities of sole proprietorship is unlimited and the                capital source is from proprietor
- The liabilities of partnership is unlimited and the capital source  is from partnership
-The liabilites of company is limited and the capital source is from shareholders.
8. Manager:make routine decision and controlling operations
Workers:identify and evaluate business perfomance for salary and bons
Investors:to decide wether to buy more shares or dispose the share
Creditors:access the ability if business to repay the loan

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Q1-Accounting is a process of identifying,recording,summarising and communicating
Q2-internal user:manager
external user:investor
Q3-financial accounting andaccountingand managerial accounting
Q4-sole proprietorship
-company
-cooperation
Q5-statement: cash flows
:comprehensive income
: financial position
: changes of equity

Q6-Bookkeeping is mainly related to identifying, measuring, and recording, financial transactions.
- Accounting is the process of summarizing, interpreting, and communicating financial transactions which were classified in the ledger account
Q7- sole proprietorship-only one owner
-partnership have 2-20 person of owner
-cooperation must have at least 50 or above person of owner
Q8-Investors will  use accounting information to guide investment decisions
-Banks or lending institutions may use accounting information to guide decisions such as whether to lend or how much to lend a business
-Managers need accounting information to plan, monitor and make business decisions
-Lenders use accounting information of borrowers to assess their credit worthiness

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ALIF A1P2

Q1: Accounting is a process of identifying , recording , communicating , summarising and interpreting .

Q2: Internal user : Manager
External user : creditor

Q3: Managerial accounting
Financial accounting

Q4: Proprietorship , Partnership , corporation

Q5 : income statement , balance sheet , cash flow statement , change of equity statement

Q6: Bookkeeping is a process that only involves identifying , measuring and recording financial statement while accounting is the process of summarising, interpreting, and communicating financial transactions which were classified in the ledger account.

Q7: Proprietorship: liability unlimited
Partnership : liability unlimited
Corporation : liability limited

Q8: Internal users :
Management - evaluating and analyzing organization’s financial performance and position, to take important decisions .
Owners - They need accurate financial information to know what they have earned or lost during a particular period of time

External users :
Investor -know how their funds are used by the management and what is the expected performance of business in future in terms of profitability and growth.
Government agencies -use financial information of businesses for the purpose of imposing taxes and regulations.

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1 Accounting is a process of identifying, recording, classifying ，summarizing, communicating and interpreting.
2 Internal user - manager
External user - investor
3 financial accounting
Managerial accounting
4 sole proprietorship
Partnership
Company
5statement of comprehensive income
Statement of change in equity
Statement of financial position
Statement of cash flow
6 bookkeeping is the process which involved preliminary work in accounting only while accounting is more extensive and through work beyond bookkeeping
7 sole proprietorship - liabilities unlimited
Partnership - liabilities unlimited
Company - liabilities limited
8 management - making routine decision and controlling operation

Workers - identifying and evaluate business performance for bonus and salary

Investor -to decide whether to buy more share or dispose share
Creditor -assess the ability of business to pay loan

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Khairul Idlan. A1P5
1.Consistency concept
2. Historical Cost Concept
3. Consistency concept
4. Materiality Concept
5. Expenses Recognition

1. The Economic Entity Concept
2. The historical Cost Concept
3. Accounting Period concept

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Irfan norizam A1P4
1.Consistency-use a same method from year to year
2.Historical cost-actual price of a land must be recorded
3.Consistency-use a same method from year to year
4.Materiality-assets depreciation must be recorded
5.Economy entity-owner's activity must be separated from business company activity

I) economy entity-owner's activity must be separated with business company activity
Ii) historical cost-actual price must be recorded
Iii) Consistency-use a same method from year to year

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1. Consistency. Use one method or accounting principle only from year to year
2. Historical Cost. Record the actual price
3. Consistency. Use one method or accounting principle only from year to year
4. Materiality. Asset depreciation that affect the financial statement need to be recorded
5. Economic Entity. Owner’s activity must be separated from company’s activity

Question 2
1. Economic Entity. Owner’s activity must be separated from company’s activity
2.Historical Cost. Record the actual price
3. Consistency. Use one method or accounting principle only from year to year

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Amir A1P5
Question 1:
1) consistency concept
2) historical cost
3) consistency concept
4) expenses recognition
5) economy entity  concept

Question 2:
1) economic entity concept
2) historical cost
3) consistency concept

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SEE ZHAO WEI A1P5

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Syahier azfar  A1P4

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Question 1
1 Consistency Concept
2 Historical Cost
3 Consistency Concept
4 Expense Recognition
5 Economic Entity

Question 2
1 Economic Entity
2 Historical Cost
3 Consistency Concept

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1) Accounting is a process of identifying , summarising , communicating and interpreting.

2) Internal user : Manager
External user : Investor

3) -Financial Accounting
- Managerial Accounting

4) - service
- Manufacturing
- Merchandising

5) Statement of Cash Flow
Statement of Change in Equity
Statement of Comprehensive Income
Statement of Financial Position

6) Bookeeping does not include finacial statement while accounting does include financial statement.

7) ● Sole Propiertorship
- 1 owner
- Unlimited liabilities
● Partnership
- 2-20 owners
- Unlimited liabilities
● Company
- 2 to unlimited owner
- Limited liabilities

8) [Internal auditor]
- To prepare financial statement of company
[Management]
- Making routine decision and controlling operation
[Worker]
- Identifying and evalute business performance for
bonus and salary
[Creditor]
- Assess the ability of business to pay loan

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1) Accounting is the process of identifying, measuring, communicating and interpreting.

2) Internal User : Manager
External user : Investor

3) Financial accounting & Managerial Accounting

4) Sole proprietorship, Partnership, Company

5) Statement of Comprehensive Income
Statement of change in equity
Stament of cash flow
Statement of financial position

6) Bookkeeping is not including financial statement but accounting has prepare financial statement

7) Sole proprietorship has only 1 owner, partnership has 2 until 20 owners while company can have 2 until unlimited owner
8) Managment - making routine decision and controlling operation
Worker - Identifying and evalute business performance for bonus and salary
Investor - to decide whether to buy more share or dispose share
Creditor - assess the ability of business to pay      loan

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Aisyah Humaira bt Zuhairi dan Hanis Farahin bt hairulnizam

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Nazima Ahmad

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Aisyah Humaira bt Zuhairi dan Hanis Farahin bt Hairulnizam

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Alif Haiqal  A1P3

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NOR IRDINA AFIQAH A1P3
NURUL ILLYANA A1P3

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Hakim A1P1

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Syafiqa,hanny,nabihah A1P5

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NURUL AZEERA BATRISYA BINTI ZAMREE (A1P2)

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NURUL AZEERA BATRISYA BINTI ZAMREE (A1P2)

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6) bookkeeping :-process involved is preliminary work in accounting
-person in charge is accountant clerk
Accounting- more extensive and through work beyond bookkeeping
-person in charge is accountant
7) i) sole proprietorship-only one owner
ii) partnership - 2-20 owner
iii) company - 2-unlimited owner
8) worker- identify and evaluate business performance for salary and bonus
Creditors- access the ability of the business to repay the loan
Investor- know company profit and the devidens
Management- making routing desicions and controlling operations.

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1) Accounting is a process of identifying, recording,summarising, communicating and interpreting.✅

2) Internal users for example Manager✅

External users for example investors✅

3) - Financial Accounting✅

- Managerial Accounting✅

4) - Sole Proprietorship

- Partnership

- Company

5) - A statement of Cash Flows✅

- A statement of changes in equity✅

- A statement of financial position

- A statement of comprehensive income

6) Bookkeeping is a part of accounting and a process of recording , in chronological order, the daily transaction of a business entity while Accounting is an information system and a process of of recording classifying , summarizing, reporting , analyzing and interpreting the financial condition of a business.

7) - Sole proprietorship have only one owner✅

- Partnership can 2 until 20 person of owner✅

- Company can 2 until unlimited person of owner.✅

8) Manager : make routine decision and controlling operations.✅

Workers : indentify and evalute business perfomance for salary and bons

Investors : to decidr whether to buy more shares or dispose the share

Creditors : Access the ability if business

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Adam Esqandar A1P2

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Syafikah,hanny,nabihah (part2)( A1P5)

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Chong Yun Kwan A1P3

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Mohd Shahir..A1P3

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1) Accounting is a process of identifying, recording,summarising, communicating and interpreting.
2) Internal users for example auditor
External users for example creditors
3) - Financial Accounting
- Managerial Accounting
4) - merchandising
- Partnership
- Company
5) - Cash Flows
- A statement of changes in equity
- A statement of financial position
- A statement of comprehensive income
6) Bookkeeping is a part of accounting and a process of recording , in chronological order, the daily transaction of a business entity while Accounting is an information system and a process of of recording classifying , summarizing, reporting , analyzing and interpreting the financial condition of a business.
7) - Sole proprietorship have only one owner
- Partnership can 2 until 20 person of owner
- Company can 2 until unlimited person of owner.
8) Manager : make routine decision and controlling operations.
Workers : indentify and evalute business perfomance for salary and bons
Investors : to decidr whether to buy more shares or dispose the share
Creditors : Access the ability if business to repay the loan.

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1) Accounting is a process of identifying , summarising , communicating and interpreting.

2) Internal user : Manager
External user : Investor

3) -Financial Accounting
- Managerial Accounting

4) - Sole Propiertorship
- Partnership
- Company

5) Statement of Cash Flow
Statement of Change in Equity
Statement of Comprehensive Income
Statement of Financial Position

6) Bookeeping does not include finacial statement while accounting does include financial statement.

7) ● Sole Propiertorship
- 1 owner
- Unlimited liabilities
● Partnership
- 2-20 owners
- Unlimited liabilities
● Company
- 2 to unlimited owner
- Limited liabilities

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1) Accounting is a process of identifying, recording,summarising, communicating and interpreting.

2) Internal users for example Manager

External users for example investors

3) - Financial Accounting

- Managerial Accounting

4) - Sole Proprietorship

- Partnership

- Company

5) - A statement of Cash Flows

- A statement of changes in equity

- A statement of financial position

- A statement of comprehensive income

6) Bookkeeping is a part of accounting and a process of recording , in chronological order, the daily transaction of a business entity while Accounting is an information system and a process of of recording classifying , summarizing, reporting , analyzing and interpreting the financial condition of a business.

7) - Sole proprietorship have only one owner

- Partnership can 2 until 20 person of owner

- Company can 2 until unlimited person of owner.

8) Manager : make routine decision and controlling operations.

Workers : indentify and evalute business perfomance for salary and bons

Investors : to decidr whether to buy more shares or dispose the share

Creditors : Access the ability if business to repay the loan.

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Accounting is a process of identifying, recording,summarising, communicating and interpreting.

2) Internal users for example Manager

External users for example investors

3) - Financial Accounting

- Managerial Accounting

4) - Sole Proprietorship

- Partnership

- Company

5) - A statement of Cash Flows

- A statement of changes in equity

- A statement of financial position

- A statement of comprehensive income

6) Bookkeeping is a part of accounting and a process of recording , in chronological order, the daily transaction of a business entity while Accounting is an information system and a process of of recording classifying , summarizing, reporting , analyzing and interpreting the financial condition of a business.

7) - Sole proprietorship have only one owner

- Partnership can 2 until 20 person of owner

8) Manager : make routine decision and controlling operations

Workers : indentify and evalute business perfomance for salary and bons

Investors : to decidr whether to buy more shares or dispose the share

Creditors : Access the ability if business

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Frizka Aina A1P5 part 1

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Q1: Accounting is a process of recording, identifying, summarizing, communicating, reporting, classifying, analyzing and interpreting the financial condition and perfomance of a business.

Q2:
1) Internal users, example : Managers
2) External users, example : Investors

Q3:
1) Financial accounting
2) Managerial accounting

Q4:
1) Sole proprietorship
2) Partnership
3) Company

Q5:
1) Balance sheet
2) Cash flow statement
3) Changes in equity shares
4) Income statement

Q6:
From definition, bookkeeping is a part of accounting. The process of recording, in chronological order, the daily transactions of a business entity. Meanwhile, the definition of accounting is a process of identifying, recording, communicating and summarizing perfomance of a business.

Q7:
1) Number of owner for sole proprietorship is one.
2) Number of owner for partnership is 2 - 20 people.
3) Number of owner for company is 2 -unlimited.

Q8:

External users

1) Management : Making routine decisions and controlling operations.
2) Internal auditor : Confirmed the management system and the financial system of a company comply with accounting standards.

Internal users

1) Creditors : Assess the ability of the business to repay the loan.
2) LHDN : To determine the amount of tax to be collected by them.

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Muhammad Khairul Idlan bin helmy A1P5

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Aliya Azhar (A1P4)

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Aliya Azhar (A1P4)

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SITI AINA ALEEYA (A1P4)