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Test: Meaning And Scope Of Accounting - 3


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11 Questions MCQ Test Accountancy Class 11 | Test: Meaning And Scope Of Accounting - 3

Test: Meaning And Scope Of Accounting - 3 for CA Foundation 2022 is part of Accountancy Class 11 preparation. The Test: Meaning And Scope Of Accounting - 3 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Meaning And Scope Of Accounting - 3 MCQs are made for CA Foundation 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Meaning And Scope Of Accounting - 3 below.
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Test: Meaning And Scope Of Accounting - 3 - Question 1

Which of the following is not a subfield of accounting?

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

Purposes of an accounting system include all the following except

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

The purpose of accounting is to accumulate and report on financial information about the performance, financial position, and cash flows of a business. This information is then used to reach decisions about how to manage the business, or invest in it, or lend money to it. This information is accumulated in accounting records with accounting transactions, which are recorded either through such standardized business transactions as customer invoicing or supplier invoices, or through more specialized transactions, known as journal entries.

accounting involves recording, classifying, summarizing, and interpreting financial information.So it does not define which type of business transactions  that the enterprise must engage in.

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

Financial accounting information is characterized by all of the following except

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

The correct answer is B.

Judgement is required to prepare accounting information since it is based on various accounting assumptions, policies, principles and standards. Therefore, financial accounting information involves professional judgement which cannot be ignored .

Test: Meaning And Scope Of Accounting - 3 - Question 4

Book-keeping is mainly concerned with

Test: Meaning And Scope Of Accounting - 3 - Question 5

All of the following are functions of Accounting except

Detailed Solution for Test: Meaning And Scope Of Accounting - 3 - Question 5

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 - 3 - Question 6

Financial statements are part of

Test: Meaning And Scope Of Accounting - 3 - Question 7

Financial position of the business is ascertained on the basis of

Test: Meaning And Scope Of Accounting - 3 - Question 8

Users of accounting information include

Test: Meaning And Scope Of Accounting - 3 - Question 9

Financial statements do not consider

Test: Meaning And Scope Of Accounting - 3 - Question 10

On January 1, Sohan paid rent of Rs. 5,000. This can be classified as

Test: Meaning And Scope Of Accounting - 3 - Question 11

On March 31, 2006 after sale of goods worth Rs. 2,000, he is left with the closing stock of Rs. 10,000. This is

Detailed Solution for Test: Meaning And Scope Of Accounting - 3 - Question 11

Unsold items i.e Closing stock is captured in the financial statements as 'Current Assets'.

An event can be internal or external. This is an internal event.

There is no exchange of goods or services or money. Hence, it cannot be termed as a 'transaction'.

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