MCQs on Bookkeeping And Accounting, MCQ 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-4, From Question No. 61 to 80 )
61. The use of management accounting is
a) Compulsory
b) Optional
c) Obligation
d) Statutory requirement
62. Financial account state the…………………..position of a concern.
a) Financial
b) Economic
c) Non financial
d) None of these
63. The word accounting can be classified in to:
a) Financial accounting and management accounting
b) Financial accounting and cost accounting
c) Financial accounting, management accounting and cost accounting
d) Cannot be classified
64. Amount brought in by proprietor should be credited to
a) cash account
b) capital account
c) drawings account
d) creditors account
65. Which of the following is true for: -“In accounts recording is done of_ _ _ _ _”
a) only financial transaction
b) only non- financial transaction
c) Both
d) Personal transaction of Proprietor
66. An asset must be________ by the business to be shown as an asset in
its balance sheet.
A. Possessed
B. Owned
C. Controlled
D. Used
67. An asset possesses which of the following?
A. Future economic benefits for the business.
B. All kinds of benefits for the business
C. Expenses for the business
D. Merits & Demerits for the business
68._______ is a separate legal entity whose total capital can be divided into many
shares
A. Partnership
B. Sole Proprietorship
C. Company
D. Non-profit organization
69. _______is the first phase of accounting cycle
A. Identifying an economic event or transaction
B. Preparing Journal
C. Posting entries to Ledger accounts
D. Making decisions about business
70. 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
71.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
72. Auditing refers to
A. Reporting the financial information
B. Examination of financial information
C. Preparation of financial statements
D. Maintaining the ledger accounts
73. Double entry implies that
A. Recording entries in Journal
B. Recording entries in Ledger account
C. Recording two aspects of every transaction
D. Recording every transaction in books
74.The process of entering all transactions from the Journal to Ledger is called
A. Posting
B. Entry
C. Accounting
D. None of the above
75. Identify the correct sequence of accounting process
A. Communicating -> Recording Identifying
B. Recording -> Communicating -> Identifying
C. Identifying Recording -> Communicating
D. Identifying -> Recording -> Communicating
76. Bookkeeping mainly consists of which part of accounting process?
A.AnalysingB. Preparing financial statements
C. Recording financial information D. Auditing the books of accounts
77.Who is considered the father of accounting in India?
a) Chankya b) Aryabhatt
c) Sri Kalyan Subramani Aiyar
d) A. P. J Abdul Kalam
78. Which of the following statement is correct?
a) Book keeping is very old
b) The work of book-keeping is usually entrusted to junior employees
c) Function of book-keeping is performed by the book-keeper
d) All of the above
79. "Accounting is an art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events which are of a financial character and interpreting the result thereof." This definition is given by:
a) American Institute of Certified Public Accountants
b) J. Betty
c) Henry Fayol
d) Gestonburg
80. Which of the following is an important reason for studying accounting?
a) The information provided by accounting is useful in making many economic decisions.
b) Accounting plays an important role in society
c) The study of accounting could lead tochallenging career
d) All of the above.
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