Accounting Basics MCQs (1-10)

AAA stands for?

American accounting association

American accounting agency

Australian accounting association

Asian accounting association

Correct! Wrong!

How many approaches accounting has?

One

Two

Three

Four

Correct! Wrong!

Which of the following user groups required the most detailed financial information?

Lenders

The management

Government agencies

Investor and potential investors

Correct! Wrong!

Which one of the following statement completely and correctly describes accounting?

Accounting is the systematic process of recording social activities only

Recording, classifying and summarizing economic activities in informal manner

Recording, classifying and summarizing economic activities in systematic way

Recording, classifying and summarizing all activities in useful manner

Correct! Wrong!

Accounting is the language of?

Business

Management

Proprietor

School

Correct! Wrong!

The two most common specialized fields of accounting in practice are?

Environmental accounting and financial accounting

Managerial accounting and financial accounting

Financial accounting and accounting systems

Managerial accounting and tax accounting

Correct! Wrong!

External reporting is the result of?

Cost accounting

Social accounting

Financial accounting

Management accounting

Correct! Wrong!

Which of the following provides information about the financial information’s, obligations and activities on the economic entity that is intended for use primarily by external decision makers?

Management accounting

Environmental accounting

Financial accounting

Tax accounting

Correct! Wrong!

Which of the following statement is true about purpose of accounting?

Accounting purpose gives quantitative information to economic decision makers

Provision of base for decision making is purpose of accounting

All of given statement are true regarding purpose of accounting

The purpose of accounting provide information to manager

Correct! Wrong!

Which of the following does not describe accounting?

Useful for decision making

Financial accounting and accounting systems

Language of business

Is an end rather than a mean to an end?

Correct! Wrong!

AAA stands for?

How many approaches accounting has?

Which of the following user groups required the most detailed financial information?

Which one of the following statement completely and correctly describes accounting?

Accounting is the language of?

The two most common specialized fields of accounting in practice are?

External reporting is the result of?

Which of the following provides information about the financial information’s, obligations and activities on the economic entity that is intended for use primarily by external decision makers?

Which of the following statement is true about purpose of accounting?

Which of the following does not describe accounting?

Facebook Handel

Search