Accounting Basics MCQs (11-20)

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

Business owners

Lending institutions

All of given option

None of given option

Correct! Wrong!

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

Recording social activities

Handle routine book-keeping tasks

Analyze transactions

Structure information

Correct! Wrong!

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

Line Manager

General Public

Labor Union

Investors

Correct! Wrong!

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

Chief executive officer

Store manager

Chief financial officer

Creditor

Correct! Wrong!

The outcome of financial accounting is to?

Record all transactions in the books of accounts

Calculate profit

Provide management with detailed analyses of costs

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

Correct! Wrong!

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

Accounting; Financial management

Operational; Financial accounting

Financial management; Accounting

Financial management; Operations

Correct! Wrong!

Which of the following groups use financial accounting information?

Tax authorities, government and general public

All of given option

Suppliers, customers and competitors

Management, employees, shareholders and lenders

Correct! Wrong!

External users include all of the following except?

Employees

Lenders

Customers

Officers

Correct! Wrong!

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

The nature of economic activities that accounting information describes

All of given options

The assumptions and measurement techniques involved in developing accounting information

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

Correct! Wrong!

Someone who uses accounting information is?

A user

A manager

An internal user

An external user

Correct! Wrong!

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

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

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

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

The outcome of financial accounting is to?

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

Which of the following groups use financial accounting information?

External users include all of the following except?

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

Someone who uses accounting information is?

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