Accounting MCQs

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In accounting an Economic event is referred to as:
A. Cash
B. Bank statement
C. Transaction
D. Exchange of money
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Identify the correct sequence of accounting process
A. Communicating→recording→identifying
B. Recording→communicating→identifying
C. Identifying→communicating→recording
D. Identifying→recording→communicating
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Bookkeeping mainly concerns with which part of accounting process?
A. Analyzing
B. Preparing financial statements
C. Recording financial information
D. Auditing the books of accounts
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Financial accounting provides financial information to all of the following external users except:
A. Government agencies
B. Investors
C. Creditors
D. Managers
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For which step of accounting process the accountants of business entity prepare financial statements?
A. Identification of economic event
B. Communication of financial information
C. Recording financial information
D. Making decisions about business
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Keeping the log of financial information in books of original entries is called__________?
A. Recording
B. Summarizing
C. Grouping
D. Processing
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Which of the following is the external user of financial statements?
A. Manager of the business
B. Ceo of the business
C. Creditor of the business
D. Controller of the business
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Which of the following is the internal user of financial statements?
A. Creditor of the business
B. Government agency
C. Shareholder of the business
D. Manager of the business
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_________ is the first phase of accounting cycle?
A. Identifying an economic event or transaction
B. Preparing journals
C. Posting entries to ledger accounts
D. Making decisions about business
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Financial statements differ from management account because
A. They are mainly prepared for external users of financial information
B. They are more complex and hard to prepare
C. The are the summary of accounting data
D. The are prepared on basis of actual concept
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Word of the Day
11 Jul
Envisage
contemplate or conceive of as a possibility or a desirable future event.
گمان کرنا، تصور کرنا، سوچنا

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