Accounting Basics MCQs 1-10

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

Environmental accounting

Financial accounting

Management accounting

Tax accounting

Correct! Wrong!

External reporting is the result of?

Financial accounting

Cost accounting

Social accounting

Management accounting

Correct! Wrong!

AAA stands for?

Australian accounting association

American accounting association

American accounting agency

Asian accounting association

Correct! Wrong!

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

Managerial accounting and tax accounting

Environmental accounting and financial accounting

Managerial accounting and financial accounting

Financial accounting and accounting systems

Correct! Wrong!

Which of the following does not describe accounting?

Language of business

Useful for decision making

Is an end rather than a mean to an end?

Financial accounting and accounting systems

Correct! Wrong!

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

The management

Government agencies

Investor and potential investors

Lenders

Correct! Wrong!

How many approaches accounting has?

Four

Two

One

Three

Correct! Wrong!

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

Recording, classifying and summarizing all activities in useful manner

Recording, classifying and summarizing economic activities in systematic way

Accounting is the systematic process of recording social activities only

Recording, classifying and summarizing economic activities in informal manner

Correct! Wrong!

Accounting is the language of?

Proprietor

School

Business

Management

Correct! Wrong!

Accounting Basics MCQs 1-10

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

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

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?

External reporting is the result of?

AAA stands for?

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

Which of the following does not describe accounting?

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

How many approaches accounting has?

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

Accounting is the language of?

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