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Accounting Basics MCQs

Contents [show]

MCQs 1 To 10

1. Which of the following does not describe

accounting?

(c) Is an end rather than a mean to an end?

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Correct!

2. The two most common specialized fields of

accounting in practice are?

(d) Financial accounting and accounting systems

Wrong!

3. Which of the following user groups required

the most detailed financial information?

(c) Government agencies

Wrong!

4. AAA stands for?

(a) American accounting agency

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Wrong!

5. Which one of the following statement

completely and correctly describes accounting?

(b) Recording, classifying and summarizing all activities in useful

manner

Wrong!

6. 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?

(b) Financial accounting

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Correct!

7. Which of the following statement is true about

purpose of accounting?

(d) All of above statement are true regarding purpose of accounting

Correct!

8. External reporting is the result of?

(d) Social accounting

Wrong!

9. How many approaches accounting has?

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(d) None

Wrong!

10. Accounting is the language of?

(d) Management

Wrong!

Accounting Basics MCQs (1-10)

You got 3 out of 10

Fail
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MCQs 11 To 20

11. To understand and use accounting information

in making economic decisions, you must
understand?

(b) The assumptions and measurement techniques involved in

developing accounting information

Wrong!

12. The controller's responsibilities are primarily

in nature, while the treasurer's responsibilities
are primarily related to?

(b) Accounting; Financial management

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Correct!

13. The outcome of financial accounting is to?

(c) Present the financial results to the organization by means of

recognized financial statements

Correct!

14. Which of the following is not a user of

Management Accounting Information?

(c) Chief executive officer

Wrong!

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15. An accounting system is used by a business to?

(c) Structure information

Wrong!

16. External Users of Financial Accounting

Information include all of the following except?

(c) Line Manager

Correct!

17. Which of the following groups use financial

accounting information?

(c) Tax authorities, government and general public

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Wrong!

18. Which of the following persons are most likely

to use accounting information?

(c) All of the above

Correct!

19. Someone who uses accounting information is?

(b) An external user

Wrong!

20. External users include all of the following

except?

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(c) Officers

Correct!

Accounting Basics MCQs (11-20)

You got 5 out of 10

Fair
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>> Further Reading Accounting Definition.

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Accounting Basics

Types of Businesses

Types of Accounts

Accounting Equation

Accounting Cycle

Journal Entry MCQs

General Ledger MCQs

Trial Balance MCQs

Rectification of Errors

Books of Accounts

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Cash Book MCQs 1

Cash Book MCQs 2

Bank Reconciliation 1

Bank Reconciliation 2

Adjusting Entries 1

Adjusting Entries 2

Adjusted Trial Balance

Financial Statement

Closing and Worksheet

Cash Flow Statement

Related Accounting Join Us

Problems & Sol.
Accounting Problems

Accounting Equation

Accounting Proforma

Journal Entry Problems

General Ledger

Trial Balance Problems

Rectification of Error Format & Templates

Books of Accounts Accounting Equation

Single Col. Cash Book Accounting Proforma

Three Col. Cash Book Journal Entry Format

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Bank Reconciliation General Ledger Format

Adjusting Entries 1 Standard G. Ledger

Adjusting Entries 2 Running Balance Ledger

Adjusted Trial Balance Trial Balance Format

Financial Statement Trial Balance with Total

Closing and Worksheet Adjusted Trial Balance

Financial Statements

Income Statement

Statement of O.E

Balance Sheet Format

Worksheet Format

Cash Book Format

Single Col. Cash Book

Double Col. Cash Book

Three Col. Cash Book

Bank Reconciliation

Cost of Goods Sold

Past Papers Accounting PDF

Papers Accounting Eq. Pdf

Quiz # 1 Journal Entry Pdf

Sessional 1 Trial Balance Pdf

Quiz 2 & 3 Rectification Pdf

Sessional 2 3 Col. Cash Book Pdf

Quiz 4 Bank Reconciliation Pdf

Final Exam Adjusting Entries Pdf

Financial Statement Pdf

Worksheet Pdf

Related Topics

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Accounting Basics

Types of Accounting

Types of Businesses

Types of Accounts

Assets

Liabilities

Drawings Account

Expenses

Owner’s Equity

Revenue Accounts

Accounting Equation

Chart of Accounts

Golden Rules of Acc.

Normal Balance

Accrual Accounting

Double Entry System

Accounting Cycle

Journal Entry

General Ledger

Trial Balance

Rectification of Errors

Books of Accounts

Cash Book

Petty Cash Book

Bank Reconciliation

Adjusting Entries

Financial Statement

Income Statement

Statement of O.E

Balance Sheet

Cash Flow Statement

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Closing Entries

Accounting Worksheet

Back To Accounting MCQs

Related Topics
Types of Businesses MCQs

Types of Accounts MCQs

Accounting Equation MCQs

Related Courses
Principles of Accounting

Cost Accounting

Principles of Finance

Financial Accounting

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