Accounting Basics MCQs (1-10)

Which of the following does not describe accounting?

Useful for decision making

Is an end rather than a mean to an end?

Language of business

Financial accounting and accounting systems

Correct! Wrong!

External reporting is the result of?

Financial accounting

Social accounting

Cost accounting

Management accounting

Correct! Wrong!

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

Environmental accounting and financial accounting

Managerial accounting and tax accounting

Financial accounting and accounting systems

Managerial accounting and financial accounting

Correct! Wrong!

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

All of given statement are true regarding purpose of accounting

Provision of base for decision making is purpose of accounting

The purpose of accounting provide information to manager

Accounting purpose gives quantitative information to economic decision makers

Correct! Wrong!

How many approaches accounting has?

Four

Two

Three

One

Correct! Wrong!

Accounting is the language of?

Business

Proprietor

School

Management

Correct! Wrong!

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

Investor and potential investors

The management

Lenders

Government agencies

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

Tax accounting

Management accounting

Financial accounting

Correct! Wrong!

AAA stands for?

Asian accounting association

American accounting agency

Australian accounting association

American accounting association

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 all activities in useful manner

Recording, classifying and summarizing economic activities in informal manner

Recording, classifying and summarizing economic activities in systematic way

Correct! Wrong!

Which of the following does not describe accounting?

External reporting is the result of?

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

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

How many approaches accounting has?

Accounting is the language of?

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

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?

AAA stands for?

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

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