Accounting Basics MCQs 1-10

How many approaches accounting has?

Three

Four

One

Two

Correct! Wrong!

Which of the following does not describe accounting?

Language of business

Financial accounting and accounting systems

Useful for decision making

Is an end rather than a mean to an end?

Correct! Wrong!

Accounting is the language of?

Business

School

Proprietor

Management

Correct! Wrong!

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

Recording, classifying and summarizing all activities in useful manner

Accounting is the systematic process of recording social activities only

Recording, classifying and summarizing economic activities in systematic way

Recording, classifying and summarizing economic activities in informal manner

Correct! Wrong!

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

Environmental accounting and financial accounting

Managerial accounting and financial accounting

Managerial accounting and tax accounting

Financial accounting and accounting systems

Correct! Wrong!

AAA stands for?

Australian accounting association

Asian accounting association

American accounting agency

American accounting association

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

Management 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

The purpose of accounting provide information to manager

All of given statement are true regarding purpose of accounting

Correct! Wrong!

External reporting is the result of?

Cost accounting

Social accounting

Management accounting

Financial accounting

Correct! Wrong!

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

Government agencies

Lenders

The management

Investor and potential investors

Correct! Wrong!

How many approaches accounting has?

Which of the following does not describe accounting?

Accounting is the language of?

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

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

AAA stands for?

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?

External reporting is the result of?

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

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