Test: Meaning And Scope Of Accounting - 3
11 Questions MCQ Test Accountancy Class 11 | Test: Meaning And Scope Of Accounting - 3
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Which of the following is not a subfield of accounting?
Purposes of an accounting system include all the following except
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.
Financial accounting information is characterized by all of the following except
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 .
All of the following are functions of Accounting except
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.
Financial position of the business is ascertained on the basis of
On January 1, Sohan paid rent of Rs. 5,000. This can be classified as
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
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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