Accounting Mcqs

Page No. 65

________ is a separate legal entity that Total capital can be divided in many shares.


aPartnership

✖


bSole proprietorship

✖


cCompany

✓


dNon-profit organization

✖


View Answer Company

Financial statements differ from management account because


aThey are mainly prepared for external users of financial information

✓


bThey are more complex and hard to prepare

✖


cThe are the summary of accounting data

✖


dThe are prepared on basis of actual concept

✖



_________ is the first phase of accounting cycle?


aIdentifying an economic event or transaction

✓


bPreparing journals

✖


cPosting entries to ledger accounts

✖


dMaking decisions about business

✖



Which of the following is the internal user of financial statements?


aCreditor of the business

✖


bGovernment agency

✖


cShareholder of the business

✖


dManager of the business

✓



Which of the following is the external user of financial statements?


aManager of the business

✖


bCEO of the business

✖


cCreditor of the business

✓


dController of the business

✖



Keeping the log of financial information in books of original entries is called__________?


aRecording

✓


bsummarizing

✖


cGrouping

✖


dProcessing

✖


View Answer Recording

For which step of accounting process the accountants of business entity prepare financial statements?


aIdentification of economic event

✖


bCommunication of financial information

✓


cRecording financial information

✖


dMaking decisions about business

✖



Financial accounting provides financial information to all of the following external users except:


aGovernment agencies

✖


binvestors

✖


cCreditors

✖


dManagers

✓


View Answer Managers

Bookkeeping mainly concerns with which part of accounting process?


aAnalyzing

✖


bPreparing financial statements

✖


cRecording financial information

✓


dAuditing the books of accounts

✖



Identify the correct sequence of accounting process


aCommunicating→Recording→Identifying

✖


bRecording→Communicating→Identifying

✖


cIdentifying→communicating→recording

✖


dIdentifying→recording→communicating

✓



Goto Page No.

Page 65 of 71

Alphabetical MCQs Categories
—

Here below You find all kind of categories of MCQs in alphabetical order.


"Comprehensive Collection of MCQs: Alphabetically Organized by Subject"
—

"Discover an extensive collection of multiple-choice questions (MCQs) neatly categorized by subject from A to Z. This resource is designed for anyone eager to explore various topics in a straightforward and organized manner. Whether you're a student preparing for exams, an educator seeking supplementary materials, or simply curious about different subjects, this compilation offers a convenient way to learn and assess your knowledge. With questions arranged alphabetically, navigation is effortless, allowing you to delve into subjects of interest at your own pace. Engage, learn, and expand your understanding with this accessible and comprehensive repository of MCQs!"


BolPakistan

bolpakistan.com.pk includes Job Mcqs and Pak Mcqs is the Top Largest Mcqs Forum in World, in which you can read Mcqs of All Subjects, PPSC test preparation, FPSC, NTS and PPSC PAST PAPERS, PPSC PAST MCQS. A Collection of Repeated MCQs for JOBs seekers.

Copyright © 2024, Designed & Developed by BolPakistan