Accounting Basics MCQs (1-10)

How many approaches accounting has?

Three

One

Four

Two

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?

Management accounting

Financial accounting

Environmental accounting

Tax accounting

Correct! Wrong!

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

Financial accounting and accounting systems

Environmental accounting and financial accounting

Managerial accounting and tax accounting

Managerial accounting and financial accounting

Correct! Wrong!

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

Recording, classifying and summarizing economic activities in informal manner

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

Correct! Wrong!

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

All of given statement are true regarding purpose of accounting

The purpose of accounting provide information to manager

Accounting purpose gives quantitative information to economic decision makers

Provision of base for decision making is purpose of accounting

Correct! Wrong!

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

Lenders

Investor and potential investors

Government agencies

The management

Correct! Wrong!

External reporting is the result of?

Financial accounting

Cost accounting

Social accounting

Management accounting

Correct! Wrong!

AAA stands for?

American accounting agency

Australian accounting association

American accounting association

Asian accounting association

Correct! Wrong!

Accounting is the language of?

Business

Proprietor

School

Management

Correct! Wrong!

Which of the following does not describe accounting?

Useful for decision making

Financial accounting and accounting systems

Language of business

Is an end rather than a mean to an end?

Correct! Wrong!

How many approaches accounting has?

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?

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

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

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

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

External reporting is the result of?

AAA stands for?

Accounting is the language of?

Which of the following does not describe accounting?

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