Accounting Basics MCQs (1-10)

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

The management

Lenders

Investor and potential investors

Government agencies

Correct! Wrong!

AAA stands for?

Australian accounting association

Asian accounting association

American accounting association

American accounting agency

Correct! Wrong!

Accounting is the language of?

Business

Management

School

Proprietor

Correct! Wrong!

How many approaches accounting has?

Three

Two

One

Four

Correct! Wrong!

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

Recording, classifying and summarizing economic activities in systematic way

Accounting is the systematic process of recording social activities only

Recording, classifying and summarizing all activities in useful manner

Recording, classifying and summarizing economic activities in informal manner

Correct! Wrong!

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

Financial accounting and accounting systems

Environmental accounting and financial accounting

Managerial accounting and tax accounting

Managerial accounting and financial 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?

Tax accounting

Management accounting

Financial accounting

Environmental accounting

Correct! Wrong!

Which of the following does not describe accounting?

Financial accounting and accounting systems

Useful for decision making

Language of business

Is an end rather than a mean to an end?

Correct! Wrong!

External reporting is the result of?

Management accounting

Social accounting

Financial accounting

Cost accounting

Correct! Wrong!

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

The purpose of accounting provide information to manager

Provision of base for decision making is purpose of accounting

All of given statement are true regarding purpose of accounting

Accounting purpose gives quantitative information to economic decision makers

Correct! Wrong!

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

AAA stands for?

Accounting is the language of?

How many approaches accounting has?

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

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

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 does not describe accounting?

External reporting is the result of?

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

Search