Accounting 1st Chapter MCQ

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Chapter 1
Introduction to accounting
[Note: All of you who want to pass the Accounting at first attempt must read manual
of ICAB before practicing the MCQ and are requested to practice the MCQ attentively
as these MCQ can be presented in the exam in many ways. Every true/false given in this
book may be given in the exam containing 4 options.]
1. Accounting is a way of …… the transactions of an entity.
a) Recording
b) Analyzing
c) Summarizing
Correct answers are …
a) a, b
b) b, c
c) a, c
d) Above all
2. Who are the prime users of published financial statements?

a) Managers
b) Present owners
c) Potential owners
a) a, b
b) b, c
c) a, c
d) Above all
3. People need financial information on a company to …

a) make economic decisions
b) assess managers' stewardship of the company's resources
c) assess the level, timing and certainty of its future cash flows
a) a, b
b) b, c
c) a, c
d) Above all
Nobel Saha; CA (Professional Level)

M. J. Abedin & Co. Chartered Accountants
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4. People need financial information on a company to assess the …… of its future cash
flows.
a) Level
b) Timing
c) Certainty
a) a, b
b) b, c
c) a, c
d) Above all
5. Where the transactions are recorded?

a) in the books of original entry
b) in the ledgers
c) in the trial balance
d) in the financial statements
6. After analyzing where the transactions are posted?

b) in the ledgers
7. Finally where the transactions are summarized?

b) in the ledgers
8. The roles of an accountant is to measure …

a) revenue of an entity
b) expenditure of an entity
c) if the entity is a business, its profit
a) a, b
b) b, c
c) a, c
d) Above all

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9. How many types of profit-making business entity are existing mainly?
a) 3
b) 4
c) 5
d) 6
10. The term sole trader refers to the ownership of the business.
a) True
b) False
11. From how many form a partnership can be?

a) 2
b) 3
c) 4
d) 5
12. The Conceptual Framework for financial reporting was issued by IASB in ……
a) September 2010
b) October 2010
c) September 2012
d) October 2012
13. The conceptual framework set out concepts that underlie …

a) the preparation of financial statement
b) the presentation of financial statement
c) the preparation and presentation of financial statement
d) none of the above
14. In reality key user groups of financial statement will vary between large & small
entities.
a) True
b) False
15. The conceptual framework focuses on ……

a) small entities
b) medium entities
c) large entities
d) above all

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16. The objective of general purpose financial reporting is to provide financial
information about the reporting entity.
a) True
b) False
17. At the time of making economic decisions, users need to assess……

a) the ability of the business to generate cash
b) the timing and certainty of cash flows
c) above all
18. Whether the business can generate cash of the right amount determines whether it
can ……
a) Pay its employees and suppliers
b) Meet interest payments
c) Repay loans
d) Pay something to its owners
a) a, b, c
b) b, c, d
c) a, c, d
d) Above all
19. IAS 1 refers ……

a) Preparation of financial statement
b) Presentation of financial statement
c) Preparation and presentation of financial statement
20. IAS 1 provides the objective of financial statement which is to provide information
about
a) financial position
b) financial performance
c) cash flow of the entity
d) all of the above

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21. According to IAS 1, the financial statement ……
a) show the results of management's stewardship of the resources entrusted to it
b) help users of financial statements in predicting the entity's future cash flows and
their timing and certainty
c) above all
22. Who exercise the stewardship function to make effective decisions in a business?
a) Managers
b) Directors
c) Owners of the company
d) Shareholder
a) a, b
b) a, b, c
c) b, c, d
d) Above all
23. Who make effective decision about pricing, output, employment & financing?
a) Managers
b) Directors
d) Shareholder
a) a, b
b) a, b, c
c) b, c, d
d) Above all
24. Who want to assess the management performance?

a) Managers
b) Directors
d) Shareholder
a) a, b
b) b, c
c) c, d
d) Above all
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25. Trade contacts include ……
a) suppliers who provide goods on credit
b) customers who purchase goods or services
c) above all
26. Who want to know about the company's ability to pay its debts?
a) Managers
b) Directors
d) Suppliers
27. Who need to know that whether the company is a secure source of supply.to make
sure repeat purchase and after sales service will be available?
a) Directors
b) Shareholder
c) Customers
d) Suppliers
28. Finance providers include banks which ……

a) allow the company to operate an overdraft
b) provide longer-term loan finance secured on the company's assets
c) above all
29. Who have no interest regarding any matter of the company?

a) Employees
b) Government agencies
c) Public
d) None of the above
30. There are some information regarding the user of financial information ……
a) stockbrokers need information to advise investors
b) credit agencies want information to advise potential suppliers of goods to the
company
c) journalists need information for their reading public
d) Government agencies are interested in the efficient allocation of resources in
order to provide a basis for national statistics.
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a) a, b
b) a, b, c
c) b, c, d
d) Above all
31. Accounting information is summarized in ledger to satisfy the information needs of

different groups.
a) True
b) False
32. Providing financial information has no cost.

a) True
b) False
33. Managers of a business need the most information to ……

a) make planning
b) control decisions
c) above all
34. A bank might demand a cash flow forecast as a pre-condition of granting an

overdraft.
a) True
b) False
35. Who is responsible for issuing IAS and IFRS?

a) ICAB
b) IASB
c) ICAEW
d) Above all
36. IASB as a member of ICAB adopts IAS and IFRS in Bangladesh.

a) True
b) False

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37. Conceptual framework identifies… users of financial statements and their.
a) objective of financial reporting
b) users of financial statements
c) specific information needs of the user of financial statements.
a) a, b
b) b, c
c) a, c
d) Above all
38. Who are the providers of risk capital for the company?
a) Investors
b) Current shareholders
c) Potential shareholders
a) a, b
b) b, c
c) a, c
d) Above all
39. Employees and their representative groups need information about the stability and
profitability of their employers.
a) True
b) False
40. Lenders are likely to be interested in an entity over a shorter period than trade
creditors, unless they are dependent upon the continuation of the entity as a major
customer.
a) True
b) False
41. Management are primarily responsible for ……

a) the preparation of financial statement
b) the presentation of financial statement
c) the preparation and presentation of financial statement

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42. If the reliability of the financial information becomes compromised, the users will
depend on the information.
a) True
b) False
43. Which of the followings have to be maintained by the accountants to gain public
confidence?
a) Code of conduct
b) Ethical behavior
c) Both of the above
44. Financial statements prepared under IASs collectively comprise ……

a) A statement of financial position
b) A statement of comprehensive income including an income statement
c) A statement of changes in equity
d) A statement of flow
e) Notes to the account
f) A revised statement of financial position from an earlier period
a) a, b, c, d
b) a, b, c, d, e
c) a, b, c, d, f
d) Above all
45. IAS 1 sets out …

a) The form of financial statement
b) The content of financial statement
46. Previous Balance Sheet is now known as ……

a) Statement of financial position
b) Statement of comprehensive income
c) Profit and loss account
d) Statement of cash flow

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47. A statement of financial position is prepared …
a) as at the end of the reporting period
b) for the reporting period
48. A statement of comprehensive income is prepared …

a) as at the end of the reporting period
b) for the reporting period
49. A statement of comprehensive income can be prepared in a two part format.

a) True
b) False
50. Which of the followings are prepared for the reporting period?
b) Statement of comprehensive income
c) Statement of changes in equity
d) Statement of cash flow
a) a, b, c
b) a, b, d
c) b, c, d
d) Above all
51. IAS 1 makes it clear that an entity may use “balance sheet” instead of “statement of
financial position”.
a) True
b) False
52. Notes to the financial statement comprise …

a) A summary of significant accounting policies
b) Other explanatory information
e) Both of the above
f) None of the above

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53. Statement of financial position refers a list of …… as at a particular date.
a) all the assets controlled by a business
b) all the liabilities owed by a business
54. IAS 1 refers to “equity holders” or “shareholders” rather than “owners”.

a) True
b) False
55. There are a number of factor affecting a company's financial position …

a) economic resources
b) financial structure
c) liquidity
d) adaptability
a) a, b, c
b) a, b, d
c) b, c, d
d) Above all
56. Which of the followings are under “economic resources”?

a) cash
b) labor
c) materials
d) machinery
e) skills
f) owners
g) lenders
h) suppliers
a) a, b, c, d
b) a, b, d, e
c) a, b, c, d, e
d) Above all

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57. Information about the nature and amounts of an entity's economic resources and
claims can help users to assess …
a) The entity's liquidity and solvency
b) The entity's need for the additional financing
c) How successful the entity is likely to be in obtaining that financing
a) a, b
b) b, c
c) a, c
d) Above all
58. By gaining knowledge of the economic resources a business control, users will be
in a better position to predict the entity's ability to generate cash in future.
a) True
b) False
59. Information on financial structure helps users …

a) To predict future borrowing needs
b) To predict how future profits and cash flows will be distributed among owners
and lenders
c) To predict how successfully it will be able to raise future finance
a) a, b
b) b, c
c) a, c
d) Above all
60. Information on Liquidity/solvency helps users …

a) To predict future borrowing needs
b) To predict how future profits and cash flows will be distributed among owners
and lenders
c) To predict how successfully it will be able to raise future finance
d) To predict its ability to meet financial commitments as they fall due
61. In Bangladesh (sole proprietor and partnership businesses), the income statement
part of the statement of comprehensive income is mostly called the profit and loss
account.
a) True
b) False

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62. The reporting period chosen will depend on the purpose for which the statement is
produced.
a) True
b) False
63. The income statement which forms part of the published annual financial statements
of a limited liability company will usually be for the period of a year, commencing from
the date of the present year's financial statements.
a) True
b) False
64. Management might want to keep a closer eye on a company's profitability by making
up …… statements.
a) Quarterly
b) Monthly
c) Weekly
d) Daily
a) a, b, c
b) a, b, d
c) b, c, d
d) Above all
65. The Conceptual Framework sets out how information about the business's financial
performance is needed by users to …
a) to understand the return
b) to assesses how well management has discharged its responsibilities
c) to help predict the business's future return
a) a, b
b) b, c
c) a, c
d) Above all
66. The link between the statement of financial position and the statement of
comprehensive income is provided by the statement of cash flow and the statement of
changes in equity.
a) True
b) False
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67. Which of the followings are summaries of accumulated data?

b) Income statement
68. The balance sheet and the income statement form the basis of financial statements
for most businesses.
a) True
b) False
69. Financial statements are regulated by…

a) Legislation
b) The application of judgement using established accounting concepts
c) Accounting and financial reporting standards
d) Generally Accepted Accounting Practice (GAAP)
e) The need for fair presentation.
a) a, b, c, d
b) a, b, d, e
c) b, c, d, e
d) Above all
70. Which of the following factors have shaped the development of accounting?
a) Legislation (Companies Act 1998)
b) Accounting concepts and individual judgement
c) Accounting standards
d) Commonly used accounting practice
e) True and fair view/fair presentation
a) a, b, c, d
b) a, b, d, e
c) b, c, d, e
d) Above all

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71. Their form and content are regulated by legislation but must comply with...
a) accepted accounting standards
b) financial reporting standards
72. There is no figure in financial statements which is derived from the application of
judgement in applying fundamental accounting concepts.
a) True
b) False
73. Which of the following areas the judgement of different people may vary?
a) Valuation of buildings in times of changing property prices
b) Research and development (R&D)
c) Brands
a) a, b
b) b, c
c) a, c
d) Above all
74. The exercise of judgement in accounting matters should not always be underpinned
by ethical principles.
a) True
b) False
75. How many fundamental principles of professional ethics is described by the IFAC
Code of Ethics?
a) 3
b) 4
c) 5
d) 6
76. Which of the following fundamental principles of professional ethics is described

by the IFAC Code of Ethics?
a) Integrity
b) Objectivity
c) Professional competence and due care
d) Confidentiality
e) Professional behavior
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a) a, b, c, d
b) a, b, d, e
c) b, c, d, e
d) Above all
77. “A professional Accountant should be straightforward and honest in all professional

and business relationships” which falls under…
a) Integrity
b) Objectivity
d) Professional behavior
78. “A professional accountant should not allow bias, conflict of interest or undue
influence of others to override professional & business judgement.” which falls under
…
a) Integrity
b) Objectivity
79. “A professional accountant has a continuing duty to maintain professional

knowledge and skill to ensure that a client or employer receives competent professional
service based on current development and practice, legislation and technique.” which
falls under …
a) Integrity
b) Objectivity
80. “A professional accountant should act diligently.” which falls under …

a) Integrity
b) Objectivity

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81. “Confidential information should not be used for the personal advantage of the
professional accountant or third parties.” which falls under …
a) Integrity
b) Objectivity
d) Confidentiality
82. “A professional accountant should comply with relevant laws and regulations.”
which falls under …
a) Integrity
b) Objectivity
83. “A professional accountant should avoid any action that discredits the profession.”
which falls under …
a) Integrity
b) Objectivity
]
84. Which is known as the International Ethics Standards Board for Accountants
(IESBA) code?
a) ICAB code
b) IASB code
c) ICAEW code
d) IFAC code
85. International Ethics Standards Board for Accountants (IESBA) code is revised in
…
a) 2009
b) 2010
c) 2011
d) 2012
86. New International Ethics Standards Board for Accountants (IESBA) code became
effective on …
a) 1 January 2009
b) 1 July 2009
c) 1 January 2011
d) 1 July 2011
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87. ICAB code of ethics may apply …

a) to the paid activities of the professional accountants
b) to the life of the professional accountants
88. Professional accountants are required to follow …

a) the spirit
b) the letter of the guidance
89. A specific matter being excluded from the guidance means that the accountant does
not have to think about it.
a) True
b) False
90. A specific matter being excluded from the guidance does not mean that the
accountant does not have to think about it; rather he must determine if the spirit of
guidance would also apply to that situation.
a) True
b) False
91. The principle of professional competence and due care is of particular relevance to
prepares of financial statements.
a) True
b) False
92. Accounting standards were developed in order to …

a) deal with some subjectivity
b) achieve comparability between different organizations
93. Accounting standards were developed at national level by …

a) ICAB
b) IASB
c) ICAEW
d) ICMAB

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94. Accounting standards were developed at international level by …
a) ICAB
b) IASB
c) ICAEW
d) ICMAB
95. The standards and interpretations that are issued by the IASB comprise …
a) IFRS
b) IAS
c) IFRIC Interpretations
d) SIC Interpretations
a) a, b, c
b) a, b, d
c) b, c, d
d) Above all
96. The rules of Generally Accepted Accounting Practice (GAAP) derive from …
a) The Companies Act
b) Local and international accounting and financial reporting standards
c) Statutory requirements in other countries (particularly the US)
d) Stock exchange listing requirements
e) Local custom and practices
a) a, b, c, d
b) a, b, d, e
c) b, c, d, e
d) Above all
97. Financial statements are required to …

a) give a true and fair view
b) present fairly in all material respects
98. The Conceptual Framework states that if financial information is to be useful …

a) it must be relevant
b) it must be faithfully represented
c) it should give true and fair value

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a) a, b
b) b, c
c) a, c
d) Above all
99. The Companies Acts require that the financial statements …

a) must be relevant
b) must be faithfully represented
c) should give true and fair value
d) Above all
100. In terms of IAS 1, financial statements should present fairly, and

a) the financial position of the entity
b) the financial performance of the entity
c) the cash flows of the entity
d) Above all
101. Financial information should be …

a) Relevant
b) Faithfully represent
102. The usefulness of financial information is enhanced if …

a) Comparable
b) Verifiable
c) Timely
d) Understandable
a) a, b, c
b) a, b, d
c) b, c, d
d) Above all

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103. Conceptual Framework identifies the fundamental qualitative characteristics to be
…
a) Relevance
b) Faithful representation
104. Financial information can make a difference to decisions if it has …

a) predictive value
b) confirmatory value
c) completeness
d) free from error
a) a, b
b) a, b, d
c) b, c, d
d) Above all
105. Which of the followings can be used to predict future outcome?

a) predictive value
106. Which of the followings provides feedback about previous evaluation?

a) predictive value
107. Which of the followings confirms whether past prediction were reasonable?
a) predictive value

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108. Information's relevance is affected by …
a) its nature
b) its materiality
109. If there is undue delay in the reporting of information, it may become …

a) more relevant
b) less relevant
c) irrelevant
d) above all
110. A faithful representation will be …

a) Complete
b) Neutral
c) Unbiased
d) Free from error
a) a, b
b) a, b, d
c) b, c, d
d) Above all
111. Free from error in the context of faithful representation does not mean the
information is perfectly accurate in all respect.
a) True
b) False
112. Faithful representation means …

a) There is no errors or omissions in the description of it.
b) The process used has been selected and applied with no error
113. Which of the followings are enhancing qualitative characteristics?

a) Comparability
b) Verifiability
c) Timeliness
d) Understandability

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a) a, b
b) a, b, d
c) b, c, d
d) Above all
114. Applying consistency is a means of achieving comparability.

a) True
b) False
115. Verifiability means that different knowledgeable and independent observers could
consensus.
a) True
b) False
116. Information is understandable if it is …

a) Classified
b) Characterized
c) Presented clearly
d) Presented concisely
a) a, b
b) a, b, d
c) b, c, d
d) Above all
117. IAS 1 and the Conceptual Framework contains …

a) fundamental assumptions behind ledger accounting
b) preparation of the financial statement
118. The main objectives of IAS 1 is to …

a) prescribe the basis for presentation
b) ensure comparability with the entity's financial statements of previous periods
c) ensure comparability with the financial statements of other entities
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a) a, b
b) b, c
c) a, c
d) Above all
119. The objectives of financial statements are …

a) to provide information in making economic decisions
b) to show the result of management's stewardship
c) to assist users in predicting the entity's future cash flows, their timing and
certainty.
a) a, b
b) b, c
c) a, c
d) Above all
120. Preparation of the financial statements is the responsibility of the …

a) managers
b) board of directors
c) owners of the company
d) shareholder
121. Financial statements should present fairly …

a) the financial position
b) financial performance
c) cash flows of the entity
a) a, b
b) b, c
c) a, c
d) Above all
122. Applying IASs is presumed to result in fair presentation.

a) True
b) False

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123. Compliance with IASs should be implicitly stated in a note to the financial
statements.
a) True
b) False
124. According to IAS 1, what is required for a fair presentation?

a) Selection and application of accounting policies
b) Presentation of information
c) Additional disclosures
a) a, b
b) b, c
c) a, c
d) Above all
125. Which types of information “Presentation of information” provides?

a) Relevant
b) Reliable
c) Comparable
d) Understandable
a) a, b, c
b) a, b, d
c) b, c, d
d) Above all
126. Which of the followings is required to enable users to understand the impact of
particular transactions, events, and conditions on the entity's financial and performance?
a) Accounting policies
b) Presentation of information
c) Additional disclosures
d) Above all
127. When management decides that compliance with a requirement of an IAS would
be so misleading to meet their objectives, departure from the IAS may be required to
achieve a fair presentation.
a) True
b) False

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128. According to “Going Concern” the entity is viewed as continuing in operation for
the far-off future.
a) True
b) False
129. When preparing a normal set of financial statements, the business will continue to
operate in approximately the same manner for the foreseeable future at least the next 6
month.
a) True
b) False
130. When an entity is not going concern its assets are valued at their break-up value.
a) True
b) False
131. Financial statements prepared on a break-up basis will contain neither non-current
assets nor non-current liabilities.
a) True
b) False
132. If the going concern assumption is not followed that fact must be disclosed …
a) The basis on which the financial statements have been prepared.
b) The reasons why the entity is not considered to be a going concern.
133. Transactions are recorded in the financial statements as the cash is paid or received.
a) True
b) False
134. Transactions are recorded in the financial statements as the income or expenses are
earned or incurred in the reporting period.
a) True
b) False

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135. According to accrual basis at the time of computing profit income earned must be
matched against the expenses incurred in earning it.
a) True
b) False
136. To maintain consistency, the presentation and classification of items in the

financial statements should stay the same from one period to the next, if …
a) There is a significant change in the nature of the operations
b) A review of the financial statements indicates a more appropriate presentation
c) A change in presentation is required by an IAS
137. By having consistent presentation the comparability of financial statements in

enhanced …
a) over a period of time
b) between different companies
138. Omissions or misstatements of items are material if they could …… influence the
economic decisions of users taken on the basis of financial statements.
a) individually
b) collectively
139. Materiality depends on the …… of the omission or misstatement.

a) size
b) nature
140. Which of the followings could be the determining factor of materiality?

a) The size of an item
b) The nature of an item
c) A combination of both
d) Above all

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141. Each material class of similar items shall be presented jointly in the financial
statements.
a) True
b) False
142. Items of a dissimilar nature or function shall be presented separately if they are
immaterial.
a) True
b) False
143. A specific disclosure requirement in an IAS need not be satisfied if the information
is immaterial.
a) True
b) False
144. The Conceptual Framework links materiality particularly to the quantitative

characteristics of relevance.
a) True
b) False
145. There is no absolute measure of materiality.

a) True
b) False
146. Some items are regarded as particularly sensitive as being material by nature.
a) True
b) False
147. An amount of 5000 taka as remuneration paid to director the director of the
company is material figure.
a) True
b) False

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148. Assets, liabilities, income and expenditure must be presented jointly in the
financial statements.
a) True
b) False
149. IAS 1 allows assets, liabilities, income and expenditure to be offset against each
other if such a treatment is required or permitted by another IFRS.
a) True
b) False
150. Income or expenses can be offset only when …

a) An IFRS requires or permits it.
b) Gain, losses and related expenses arising from the same / similar transactions are
not material in aggregate.
151. The business entity concept comprise that accountant’s regard a business as a
separate entity, distinct from it’s …
a) Owners
b) Managers
152. Items are normally measured in financial statements is at historical cost.

a) True
b) False
153. An important advantage of historical concept is that …

a) The objectivity of financial statements is minimized.
b) The objectivity of financial statements is maximized.
c) The subjectivity of financial statements is minimized.
d) The subjectivity of financial statements is maximized.
154. In historical concept, there is usually a source document to prove the amount paid
…
a) to purchase an asset
b) to pay an expense
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155. At historical cost concept, transaction are recorded at their cost when they
occurred.
a) True
b) False
156. Capital expenditure are those expenditure which results …

a) in the acquisition of long-term assets
b) an improvement of earning capacity
c) an enhancement of earning capacity
a) a, b
b) b, c
c) a, c
d) Above all
157. Long-term assets are those which will be kept in the entity for …
a) more than six months
b) less than six months
c) more than one year
d) less than one year
158. Revenue expenditure are those expenditure which is incurred either …

a) For trade purposes
b) To maintain the existing earning capacity of long-term assets
159. Which of the followings are capital expenditure?

a) Costs incurred in bringing a long-term asset to its final condition
b) Costs incurred in bringing a long-term asset to its final location
c) Legal fees
d) Duties
e) Carriage costs borne by the asset's purchaser
f) Installation costs

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a) a, b, c, e, f
b) a, b, c, d, f
c) b, c, d, e, f
d) Above all
160. Which of the followings are revenue expenditure?

a) Repair costs in relation to long-term assets
b) Maintenance costs in relation to long-term assets
c) Staff costs in relation to long-term assets
a) a, b
b) b, c
c) a, c
d) Above all
161. What proceeds from the sale of non-current assets?

a) Capital income
b) Revenue income
c) Capital expense
d) Revenue expense
162. The profits or losses from the sale of long-term assets are included in the statement
of financial position for the accounting period in which the sale takes place.
a) True
b) False
163. Revenue income derives from …

a) the sale of trading assets
b) the provision of services
c) interest and dividends received from business investments
a) a, b
b) b, c
c) a, c
d) Above all

32
164. When a loan is repaid, it …
a) reduces the liabilities and increases the assets
b) increases the liabilities and reduces the assets
c) increases the liabilities and the assets
d) reduces the liabilities and the assets
165. Calculating profit for any accounting period depends on the correct and consistent
classification of revenue or capital items.
a) True
b) False

33
Solutions of chapter 1
1 d 31 b 61 a
2 d 32 b 62 a
3 d 33 c 63 b
4 d 34 a 64 d
5 a 35 b 65 d
6 b 36 b 66 a
7 d 37 d 67 c
8 d 38 d 68 a
9 a 39 a 69 d
10 a 40 b 70 d
11 a 41 c 71 c
12 a 42 b 72 b
13 c 43 c 73 d
14 a 44 d 74 b
15 c 45 c 75 c
16 a 46 a 76 d
17 c 47 a 77 a
18 d 48 b 78 b
19 b 49 a 79 c
20 d 50 c 80 c
21 c 51 a 81 d
22 a 52 c 82 d
23 a 53 c 83 d
24 c 54 b 84 d
25 c 55 d 85 a
26 d 56 c 86 c
27 c 57 d 87 c
28 c 58 a 88 c
29 d 59 d 89 b
30 d 60 d 90 a

34
91 a 121 d 151 c
92 c 122 a 152 a
93 a 123 b 153 b
94 b 124 d 154 c
95 d 125 d 155 a
96 d 126 c 156 d
97 c 127 a 157 c
98 a 128 b 158 c
99 c 129 b 159 d
100 d 130 a 160 d
101 c 131 a 161 a
102 d 132 c 162 b
103 c 133 b 163 d
104 a 134 a 164 d
105 a 135 a 165 a
106 b 136 d 166
107 b 137 c 167
108 c 138 c 168
109 b 139 c 169
110 d 140 d 170
111 a 141 b 171
112 c 142 b 172
113 d 143 a 173
114 a 144 b 174
115 a 145 a 175
116 d 146 a 176
117 c 147 a 177
118 d 148 b 178
119 d 149 a 179
120 b 150 c 180


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1

2. Who are the prime users of published financial statements?

3. People need financial information on a company to …

Nobel Saha; CA (Professional Level)

5. Where the transactions are recorded?

6. After analyzing where the transactions are posted?

7. Finally where the transactions are summarized?

8. The roles of an accountant is to measure …

Nobel Saha; CA (Professional Level)

11. From how many form a partnership can be?

13. The conceptual framework set out concepts that underlie …

15. The conceptual framework focuses on ……

Nobel Saha; CA (Professional Level)

17. At the time of making economic decisions, users need to assess……

19. IAS 1 refers ……

Nobel Saha; CA (Professional Level)

24. Who want to assess the management performance?

28. Finance providers include banks which ……

29. Who have no interest regarding any matter of the company?

31. Accounting information is summarized in ledger to satisfy the information needs of

32. Providing financial information has no cost.

33. Managers of a business need the most information to ……

34. A bank might demand a cash flow forecast as a pre-condition of granting an

35. Who is responsible for issuing IAS and IFRS?

36. IASB as a member of ICAB adopts IAS and IFRS in Bangladesh.

Nobel Saha; CA (Professional Level)

41. Management are primarily responsible for ……

Nobel Saha; CA (Professional Level)

44. Financial statements prepared under IASs collectively comprise ……

45. IAS 1 sets out …

46. Previous Balance Sheet is now known as ……

Nobel Saha; CA (Professional Level)

48. A statement of comprehensive income is prepared …

49. A statement of comprehensive income can be prepared in a two part format.

52. Notes to the financial statement comprise …

Nobel Saha; CA (Professional Level)

54. IAS 1 refers to “equity holders” or “shareholders” rather than “owners”.

55. There are a number of factor affecting a company's financial position …

56. Which of the followings are under “economic resources”?

Nobel Saha; CA (Professional Level)

59. Information on financial structure helps users …

60. Information on Liquidity/solvency helps users …

Nobel Saha; CA (Professional Level)

67. Which of the followings are summaries of accumulated data?

69. Financial statements are regulated by…

Nobel Saha; CA (Professional Level)

76. Which of the following fundamental principles of professional ethics is described

77. “A professional Accountant should be straightforward and honest in all professional

79. “A professional accountant has a continuing duty to maintain professional

80. “A professional accountant should act diligently.” which falls under …

Nobel Saha; CA (Professional Level)

87. ICAB code of ethics may apply …

88. Professional accountants are required to follow …

92. Accounting standards were developed in order to …

93. Accounting standards were developed at national level by …

Nobel Saha; CA (Professional Level)

97. Financial statements are required to …

98. The Conceptual Framework states that if financial information is to be useful …