Accounting Basics MCQs (1-10)

Which of the following does not describe accounting?

Is an end rather than a mean to an end?

Language of business

Financial accounting and accounting systems

Useful for decision making

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

Financial accounting

Management accounting

Correct! Wrong!

External reporting is the result of?

Cost accounting

Management accounting

Social accounting

Financial accounting

Correct! Wrong!

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

The purpose of accounting provide information to manager

All of given statement are true regarding purpose of accounting

Accounting purpose gives quantitative information to economic decision makers

Provision of base for decision making is purpose of accounting

Correct! Wrong!

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

Financial accounting and accounting systems

Managerial accounting and financial accounting

Managerial accounting and tax accounting

Environmental accounting and financial accounting

Correct! Wrong!

Accounting is the language of?

Business

Management

School

Proprietor

Correct! Wrong!

How many approaches accounting has?

Three

Four

One

Two

Correct! Wrong!

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

Lenders

Government agencies

The management

Investor and potential investors

Correct! Wrong!

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

Recording, classifying and summarizing economic activities in informal manner

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 systematic way

Correct! Wrong!

AAA stands for?

Australian accounting association

American accounting agency

Asian accounting association

American accounting association

Correct! Wrong!

Accounting Basics MCQs (1-10)

Which of the following does not describe 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?

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

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

Accounting is the language of?

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?

AAA stands for?

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