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Test: Meaning And Scope Of Accounting - 2


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15 Questions MCQ Test Accountancy Class 11 | Test: Meaning And Scope Of Accounting - 2

Test: Meaning And Scope Of Accounting - 2 for Commerce 2022 is part of Accountancy Class 11 preparation. The Test: Meaning And Scope Of Accounting - 2 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Meaning And Scope Of Accounting - 2 MCQs are made for Commerce 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Meaning And Scope Of Accounting - 2 below.
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Test: Meaning And Scope Of Accounting - 2 - Question 1

 Which of the following is correct?

Owner’s Equity is: 

Test: Meaning And Scope Of Accounting - 2 - Question 2

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

Detailed Solution for Test: Meaning And Scope Of Accounting - 2 - Question 2

The transaction is simply a economic activity which can be cash or non cash which happens in day to day operation of a business. e.g Sale purchase of goods, Sale purchase of assets etc.

Test: Meaning And Scope Of Accounting - 2 - Question 3

All of the following are functions of Accounting except

Detailed Solution for Test: Meaning And Scope Of Accounting - 2 - Question 3

Ledger posting is a 'book-keeping' exercise whereas the others are purely accounting in nature, which are done in accordance with various accounting standards, policies, etc.

Test: Meaning And Scope Of Accounting - 2 - Question 4

Management Accounting:

Test: Meaning And Scope Of Accounting - 2 - Question 5

Financial statements users include:

Detailed Solution for Test: Meaning And Scope Of Accounting - 2 - Question 5

The correct option is D.

Financial statements are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand. A government in whose jurisdiction a company is located will request financial statements in order to determine whether the business paid the appropriate amount of taxes. Shareholders will likely require financial statements to be provided, since they are the owners of the business and want to understand the performance of their investment. Vendors will require financial statements in order to decide whether it is safe to extend credit to a company.

Test: Meaning And Scope Of Accounting - 2 - Question 6

Which of the following is not a subfield of accounting?

Test: Meaning And Scope Of Accounting - 2 - Question 7

The direct advantage of accounting do not include:

Test: Meaning And Scope Of Accounting - 2 - Question 8

On March 31, 2011 after sale of goods worth Rs. 2,000, he is left with the closing inventory of  Rs. 10,000. This is

Test: Meaning And Scope Of Accounting - 2 - Question 9

Which of the following is an event?

Test: Meaning And Scope Of Accounting - 2 - Question 10

Net Profit or Loss will be derived at _______ stage of accounting

Detailed Solution for Test: Meaning And Scope Of Accounting - 2 - Question 10

Summarising stage is concerned with the preparation and presentation of the classified data in a manner useful to the internal as well as external users of financial statements. This process leads to the preparation of the following financial statements. Therefore, Net Profit or Loss is derived at the summarising stage.

Test: Meaning And Scope Of Accounting - 2 - Question 11

Rs. 5,000 paid as rent of office premises in an/a _________

Test: Meaning And Scope Of Accounting - 2 - Question 12

Financial Statements are a part of:

Test: Meaning And Scope Of Accounting - 2 - Question 13

Users of accounting information include

Test: Meaning And Scope Of Accounting - 2 - Question 14

______ was the root of financial accounting system:

Detailed Solution for Test: Meaning And Scope Of Accounting - 2 - Question 14

The wealthy men employed steward to manage their property; the steward in return rendered an account periodically of their stewardship. Thus 'Stewardship Accountingwas the root of financial accounting system.

Test: Meaning And Scope Of Accounting - 2 - Question 15

Purposes of an accounting system include all the following except

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