MCQ on Bookkeeping and Accounting, MCQs on Bookkeeping and Accounting,
Hello viewers, Today we are going to start MCQs on Book Keeping and Accounting , I hope it will be beneficial for your upcoming exam. (Part-3, From Question No. 41 to 60 )
41.The basic function of financial accounting is to
a) Record all business transaction
b) Interpret financial data
c) Assist the management in performing function effectively
42. Management Accounting provides invaluable services to management in performing
a) All management function
b) Interpret financial data
c) Controlling function
d) None of these
43..Book keeping is mainly concerned with
a) Recording of financial data relating to business operation
b) Designing the systems in recording classifying,summarizing the recorded data
c) Interpreting the data for internal and external users
Ans-a) Recording of financial data relating to business operation
44.Accounting principles are generally based on
a) Practicability
b) Subjectivity
c) Convenience in recording
d) None of these
Ans-a) Practicability
45. The system of recording transaction based on dual aspect concept is called
a) Double account system
b) Double entry system
c) Single entry system
d) None of these
46. Accounting principles are …………………………. which are adopted by the accountant
universally while recording accounting transaction.
a) Rules of action or conduct
b) Which u can change as per accountant
c) Which keep changing every year
d) None of these
47..Basic assumptions or conditions upon which the science of accounting is based.
a) Accounting convention
b) Accounting concepts
c) Accounting principles
d) None of these.
Ans-b) Accounting concepts
48.Which of the following statements is not an objective of financial reporting?
a. Provide information that is useful in investment and credit decisions.
b. Provide information regarding policy of organisation
c. Provide information that is useful in assessing cash flow prospective
d.None of theses
Ans-b. Provide information regarding policy of organisation
49. The basic sequence in the accounting process can best be described as:
a. Transaction, journal entry, source document, ledger account, trial balance.
b. Source document, transaction, ledger account, journal entry, trial balance.
c. Transaction, source document, journal entry, trial balance, ledger account.
d. Transaction, source document, journal entry, ledger account, trial balance.
Ans- d. Transaction, source document, journal entry, ledger account, trial balance.
50.Which of the following functions is managerial accounting intended to facilitate?
a)Planning
b) Decision making
c) Control
d) All of these
Ans-D All of these
51. Accounting concepts are based on
a) Certain assumptions
b) Certain facts and figures
c) Certain accounting records
d) Practice experience
Ans-b) Certain facts and figures
52. Cost accounting information can be used for:
a. Budget control and evaluation.
b. Determining standard costs and variances.
c. Pricing and inventory valuation decisions.
d. All of these
Ans-d. All of these
53. . Financial account provide summary of:
a)Assets
b) Liability
c) Accounts
Ans-c) Accounts
54. Financial statements are:
a) Estimates of facts
b) Anticipated facts
c) recorded facts
55. Retained earnings statement depicts:
a) Appropriation of profits
b) Estimates of profits
c) Estimates of costs
Ans-a) Appropriation of profits
56. User of financial statement is:
a) Management b) Creditors
c) Bankers d) All of the above
57. Financial accounting deals with:
a) Determination of cost
b) Determination of profit
c) Determination of price
d) Determination of selling price
Ans-b) Determination of profit
58. Financial account record only
a) Actual figures
b) Budgeted figures
c) Standard figures
d) Management Figure
Ans-a) Actual figures
59. The term Management Accounting was first used in
a) 1919
b) 1939
c) 1950
d) 1960
Ans-c) 1950
60. Management Accounting relates to
a) Recording of accounting data
b) Recording of cost data
c) Presentation of account data
d) None of the above
Ans-c) Presentation of account data
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