Accounting Basics MCQs 1-10

Accounting is the language of?

Business

Management

Proprietor

School

Correct! Wrong!

AAA stands for?

American accounting association

Asian accounting association

Australian accounting association

American accounting agency

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 economic activities in informal manner

Recording, classifying and summarizing economic activities in systematic way

Recording, classifying and summarizing all activities in useful manner

Correct! Wrong!

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

Managerial accounting and tax accounting

Financial accounting and accounting systems

Managerial accounting and financial accounting

Environmental 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

Financial accounting

Environmental accounting

Management accounting

Correct! Wrong!

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

Accounting purpose gives quantitative information to economic decision makers

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

Correct! Wrong!

Which of the following does not describe accounting?

Is an end rather than a mean to an end?

Financial accounting and accounting systems

Useful for decision making

Language of business

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!

External reporting is the result of?

Management accounting

Cost accounting

Financial accounting

Social accounting

Correct! Wrong!

How many approaches accounting has?

Four

Three

One

Two

Correct! Wrong!

Accounting is the language of?

AAA stands for?

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 statement is true about purpose of accounting?

Which of the following does not describe accounting?

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

External reporting is the result of?

How many approaches accounting has?

Search