Time Left:
00
:
00 :
00
HRS
MIN
SEC
Time Spent: %%TIMESPENT%%
Time expired. Sorry, you will not be able to continue with this quiz. Please opt-in to see the result.
SEC
HRS
MIN
SEC
SEC
Total Time
[SQBTimeSpent]
0
HRS
0
MIN
0
SEC
01 Introduction to Business
This quiz tests knowledge on business organization, accounting roles, stakeholders, and accounting theories in an introduction to business accounting course. Topics include forms of business structures, accountant roles, accounting information for decision-making, professional ethics, and accounting theories like business entity theory and historical cost theory.
Continue
1%
A small neighborhood barber shop that is operated by its owner would likely be organized as a
A) joint venture.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) partnership.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) corporation.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) proprietorship.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
Caleb and Chris met at law school and decided to start a small law practice after graduation. They agree to split revenues and expenses evenly. The most common form of business organisation for a business such as this would be a
A) joint venture.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) partnership.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) private limited.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) proprietorship.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
Which of the following is NOT a characteristic of accountants' role in the evolving business environment?
A) Providing relevant information in a timely manner
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) Ensuring information is easily understood by stakeholders
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) Developing accounting software applications
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) Adhering to professional ethics
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
A) i) only
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) i) and ii)
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) ii) and iii)
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) iii) and iv)
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
Which of the following would not be considered an external user of accounting data for the Big Burger shop?
A) Tax officers from IRAS.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) Management.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) Creditors.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) Customers.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
Which of the following would not be considered internal users of accounting data for a company?
A) The owner of a company.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) The accountant of a company.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) The suppliers of a company.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) The salesmen of the company.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
What may happen if stakeholders make decisions based solely on accounting information?
A) They may overlook important business-related factors
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) They may increase profitability
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) They may decrease market share
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) They may improve customer satisfaction
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
A) Perseverance
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) Integrity
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) Discipline
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) Respect
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
A) An entity is organized according to legal statutes.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) An entity is organized according to the rules set by the Singapore Accounting Standards
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) The entity is an individual economic unit separate and apart from its owners
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) The owner is the entity.
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
The personal assets of the owner of a company will not appear on the company's financial because of which accounting theory?
A) Historical cost theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) Business entity theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) Monetary theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) Revenue Recognition theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
Which accounting theory is associated with the assumption that the company will continue on long enough to carry out its objectives and commitments?
A) Historical cost theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) Business entity theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) Going Concern theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) Revenue Recognition theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
Which accounting theory directs a company to show all the expenses related to its revenues of a specified period even if the expenses were not paid in that period?
A) Historical cost theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) Matching theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) Monetary theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) Revenue recognition
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
A large company purchases a $250 digital camera and expenses it immediately instead of recording it as an asset and depreciating it over its useful life. This practice may be acceptable because of which accounting theory?
A) Historical cost theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) Matching theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) Materiality theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) Business entity
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
KC Salons purchased land in 2017 for $290 000. In 2025, it purchased a nearly identical parcel of land for $460 000. In its 2025 statement of financial position, KC valued these two parcels of land at a combined value of $920 000. By reporting the land in this manner
A) Historical cost theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsB) Matching theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsC) Materiality theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsD) Revenue recognition theory
A text area will be displayed in the frontend when users select this answer.
Add RecommendationAdd TagsView All Assigned TagsContinue
%%QUESTIONANSWERS%%
Skip Opt-in
Almost there...
Where can we email you the results? Please enter details below.
You got a score of %%YOURSCORE%% out of %%TOTALSCORE%%
Don't be discouraged by not passing the online quiz on introduction to business accounting.
Use this as an opportunity to review the topics covered such as forms of business structures, accountant roles, and accounting information for decision-making. With some more focused study, you can improve your understanding and perform better next time.
Use this as an opportunity to review the topics covered such as forms of business structures, accountant roles, and accounting information for decision-making. With some more focused study, you can improve your understanding and perform better next time.
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Continue
%%CATEGORY_TOTAL_PERCENT%%
%%CATEGORY_TOTAL_NUMBER%%
[CATEGORY_TOTAL_PERCENT]
[CATEGORY_ONLY_PERCENT]
[CATEGORY_TOTAL_NUMBER]
You got a score of %%YOURSCORE%% out of %%TOTALSCORE%%
Congratulations on passing the quiz! You have demonstrated a good understanding of business organization, accounting roles, stakeholders, and accounting theories. Keep up the good work and continue to deepen your knowledge in this area.
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Continue
%%CATEGORY_TOTAL_PERCENT%%
%%CATEGORY_TOTAL_NUMBER%%
[CATEGORY_TOTAL_PERCENT]
[CATEGORY_ONLY_PERCENT]
[CATEGORY_TOTAL_NUMBER]
You got a score of %%YOURSCORE%% out of %%TOTALSCORE%%
Wow! You have excelled in the online quiz on introduction to business accounting. Your strong grasp of business organization, accounting roles, stakeholders, and accounting theories is impressive. Keep challenging yourself and consider exploring more advanced concepts in the field of accounting. Well done!
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Product Title
Buy Now
Continue
%%CATEGORY_TOTAL_PERCENT%%
%%CATEGORY_TOTAL_NUMBER%%
[CATEGORY_TOTAL_PERCENT]
[CATEGORY_ONLY_PERCENT]
[CATEGORY_TOTAL_NUMBER]
Retake
YOUR TOTAL POINTS
0