Accounting Basics MCQs 11-20

The outcome of financial accounting is to?

Calculate profit

Present the financial results to the organization by means of recognized financial statements

Provide management with detailed analyses of costs

Record all transactions in the books of accounts

Correct! Wrong!

Internal users of accounting information include all of the following except?

Store manager

Chief financial officer

Creditor

Chief executive officer

Correct! Wrong!

Accounting is an information and measurement system that does all of the following except?

Structure information

Analyze transactions

Recording social activities

Handle routine book-keeping tasks

Correct! Wrong!

Someone who uses accounting information is?

A manager

An internal user

A user

An external user

Correct! Wrong!

External users of accounting information include all of the following except?

Line Manager

Investors

Labor Union

General Public

Correct! Wrong!

To understand and use accounting information in making economic decisions, you must understand?

Which information is relevant for a particular type of decision that is being made?

All of given options

The nature of economic activities that accounting information describes

The assumptions and measurement techniques involved in developing accounting information

Correct! Wrong!

External users include all of the following except?

Customers

Officers

Lenders

Employees

Correct! Wrong!

Which of the following groups use financial accounting information?

All of given option

Suppliers, customers and competitors

Tax authorities, government and general public

Management, employees, shareholders and lenders

Correct! Wrong!

Which of the following persons are most likely to use accounting information?

Lending institutions

All of given option

Business owners

None of given option

Correct! Wrong!

The controller's responsibilities are primarily in nature, while the treasurer's responsibilities are primarily related to?

Financial management; Operations

Operational; Financial accounting

Financial management; Accounting

Accounting; Financial management

Correct! Wrong!

The outcome of financial accounting is to?

Internal users of accounting information include all of the following except?

Accounting is an information and measurement system that does all of the following except?

Someone who uses accounting information is?

External users of accounting information include all of the following except?

To understand and use accounting information in making economic decisions, you must understand?

External users include all of the following except?

Which of the following groups use financial accounting information?

Which of the following persons are most likely to use accounting information?

The controller's responsibilities are primarily in nature, while the treasurer's responsibilities are primarily related to?

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