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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.
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A small neighborhood barber shop that is operated by its owner would likely be organized as a
A) joint venture.
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Add RecommendationAdd TagsView All Assigned TagsB) partnership.
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Add RecommendationAdd TagsView All Assigned TagsC) corporation.
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Add RecommendationAdd TagsView All Assigned TagsD) proprietorship.
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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.
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Add RecommendationAdd TagsView All Assigned TagsB) partnership.
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Add RecommendationAdd TagsView All Assigned TagsC) private limited.
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Add RecommendationAdd TagsView All Assigned TagsD) proprietorship.
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Which of the following is NOT a characteristic of accountants’ role in the evolving business environment?
A) Providing relevant information in a timely manner
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Add RecommendationAdd TagsView All Assigned TagsB) Ensuring information is easily understood by stakeholders
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Add RecommendationAdd TagsView All Assigned TagsC) Developing accounting software applications
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Add RecommendationAdd TagsView All Assigned TagsD) Adhering to professional ethics
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A) i) only
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Add RecommendationAdd TagsView All Assigned TagsB) i) and ii)
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Add RecommendationAdd TagsView All Assigned TagsC) ii) and iii)
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Add RecommendationAdd TagsView All Assigned TagsD) iii) and iv)
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Which of the following would not be considered an external user of accounting data for the Big Burger shop?
A) Tax officers from IRAS.
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Add RecommendationAdd TagsView All Assigned TagsB) Management.
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Add RecommendationAdd TagsView All Assigned TagsC) Creditors.
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Add RecommendationAdd TagsView All Assigned TagsD) Customers.
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Which of the following would not be considered internal users of accounting data for a company?
A) The owner of a company.
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Add RecommendationAdd TagsView All Assigned TagsB) The accountant of a company.
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Add RecommendationAdd TagsView All Assigned TagsC) The suppliers of a company.
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Add RecommendationAdd TagsView All Assigned TagsD) The salesmen of the company.
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What may happen if stakeholders make decisions based solely on accounting information?
A) They may overlook important business-related factors
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Add RecommendationAdd TagsView All Assigned TagsB) They may increase profitability
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Add RecommendationAdd TagsView All Assigned TagsC) They may decrease market share
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Add RecommendationAdd TagsView All Assigned TagsD) They may improve customer satisfaction
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A) Perseverance
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Add RecommendationAdd TagsView All Assigned TagsB) Integrity
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Add RecommendationAdd TagsView All Assigned TagsC) Discipline
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Add RecommendationAdd TagsView All Assigned TagsD) Respect
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A) An entity is organized according to legal statutes.
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Add RecommendationAdd TagsView All Assigned TagsB) An entity is organized according to the rules set by the Singapore Accounting Standards
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Add RecommendationAdd TagsView All Assigned TagsC) The entity is an individual economic unit separate and apart from its owners
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Add RecommendationAdd TagsView All Assigned TagsD) The owner is the entity.
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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
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Add RecommendationAdd TagsView All Assigned TagsB) Business entity theory
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Add RecommendationAdd TagsView All Assigned TagsC) Monetary theory
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Add RecommendationAdd TagsView All Assigned TagsD) Revenue Recognition theory
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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
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Add RecommendationAdd TagsView All Assigned TagsB) Business entity theory
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Add RecommendationAdd TagsView All Assigned TagsC) Going Concern theory
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Add RecommendationAdd TagsView All Assigned TagsD) Revenue Recognition theory
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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
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Add RecommendationAdd TagsView All Assigned TagsB) Matching theory
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Add RecommendationAdd TagsView All Assigned TagsC) Monetary theory
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Add RecommendationAdd TagsView All Assigned TagsD) Revenue recognition
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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
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Add RecommendationAdd TagsView All Assigned TagsB) Matching theory
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Add RecommendationAdd TagsView All Assigned TagsC) Materiality theory
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Add RecommendationAdd TagsView All Assigned TagsD) Business entity
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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
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Add RecommendationAdd TagsView All Assigned TagsB) Matching theory
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Add RecommendationAdd TagsView All Assigned TagsC) Materiality theory
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Add RecommendationAdd TagsView All Assigned TagsD) Revenue recognition theory
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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.
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