Meaning & Scope Of Accounting


19 Questions MCQ Test | Meaning & Scope Of Accounting


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Attempt Meaning & Scope Of Accounting | 19 questions in 38 minutes | Mock test for preparation | Free important questions MCQ to study for Exam | Download free PDF with solutions
QUESTION: 1

The main objectives of book keeping are [2006 - November]

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QUESTION: 2

At the end of the financial year after sale of goods worth Rs. 2,00,000 there was a closing stock of Rs. 10,000 .This is : [2006 –November]

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QUESTION: 3

Financial statement are a part of [2007 –   February]

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QUESTION: 4

_______of American institute of certified public Accountants enumerated the functions of Accounting.[2007 –   February]

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QUESTION: 5

Management Accounting : [2007 –   May]

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QUESTION: 6

The direct advantage of accounting do not include: [2007 –  August ]

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QUESTION: 7

Double Accounting system owes its origin to: [2007 –November]

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QUESTION: 8

On 31st December, 2005, Ashok Ltd. purchased a machine from Mohan Ltd. for Rs. 1,75,000. This is: (Year end: 31 st December)

Solution:

Transaction means a business, performance of an act, an agreement while event signifies a happening, as a consequence of transaction, a result. Thus, purchase of Machinery on 31st Dec, 2005 i.e. last day of accounting year will be a transaction as well as event.

QUESTION: 9

The problems related to price- rise are handled under:

Solution:

Inflation refers to a general price rise in the economy. Thus, all issues related to price rise are handled under Inflation Accounting. Management Accounting deals with management related transactions. Cost Accounting deals with unit costing of a product and Financial Accounting deals with preparation of financial statements.

QUESTION: 10

Financial statements users. include [2008- June]

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QUESTION: 11

Which of these is not available in the financial statements of a company? [2008- June]

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QUESTION: 12

Rs.. 5000 paid as rent of office premises in an/a--------------- [2009- June]

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QUESTION: 13

Which of the following is correct? Owner’s equity is: [2009 - June]

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QUESTION: 14

If owner’s capital is Rs..50,000 liability is Rs.. 30,000 and fixed assets is Rs.. 70,000, then what is the value of current assets? [2009- June]

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QUESTION: 15

Net profit or loss will be derived at --------- stage of accounting. [2012- June]

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QUESTION: 16

which one of the following is not a main objective of accounting?------- [2012- June]

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QUESTION: 17

At the end of the financial year, Mr.X earns a profit of Rs.. 57,000 in his business. This is [2012- June]

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QUESTION: 18

 Which of the following is an event? [20013- June]

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QUESTION: 19

Accounting has unviseRs.al application for recording ____________and events and presenting suitable information for decision making. [2013- December]

Solution:
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