Accounting Basics MCQs

Accounting Basics MCQs | Accountancy Knowledge http://www.accountancyknowledge.
com/accounting-basics-mcqs/
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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Accounting Basics MCQs | Accountancy Knowledge http://www.accountancyknowledge.com/accounting-basics-mcqs/
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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5 of 15 3/14/2019, 12:55 PM
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.
Search Accounting MCQs

Search Accounting MCQs
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
12 of 15 3/14/2019, 12:55 PM
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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Accounting Basics MCQs | Accountancy Knowledge http://www.accountancyknowledge.

1. Which of the following does not describe

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

2. The two most common specialized fields of

(d) Financial accounting and accounting systems

3. Which of the following user groups required

(c) Government agencies

4. AAA stands for?

(a) American accounting agency

5. Which one of the following statement

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

6. Which of the following provides information

(b) Financial accounting

7. Which of the following statement is true about

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

8. External reporting is the result of?

(d) Social accounting

9. How many approaches accounting has?

10. Accounting is the language of?

Accounting Basics MCQs (1-10)

You got 3 out of 10

>> Read theory of Accounting Basics

11. To understand and use accounting information

(b) The assumptions and measurement techniques involved in

12. The controller's responsibilities are primarily

(b) Accounting; Financial management

13. The outcome of financial accounting is to?

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

14. Which of the following is not a user of

(c) Chief executive officer

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

(c) Structure information

16. External Users of Financial Accounting

(c) Line Manager

17. Which of the following groups use financial

(c) Tax authorities, government and general public

18. Which of the following persons are most likely

(c) All of the above

19. Someone who uses accounting information is?

(b) An external user

20. External users include all of the following

Accounting Basics MCQs (11-20)

You got 5 out of 10

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>> Further Reading Accounting Definition.

Search Accounting MCQs

Journal Entry MCQs

General Ledger MCQs

Trial Balance MCQs

Cash Book MCQs 1

Cash Book MCQs 2

Adjusted Trial Balance

Closing and Worksheet

Cash Flow Statement

Related Accounting Join Us

Journal Entry Problems

Trial Balance Problems

Rectification of Error Format & Templates

Single Col. Cash Book Accounting Proforma

Three Col. Cash Book Journal Entry Format

Bank Reconciliation General Ledger Format