Test: Meaning And Scope Of Accounting - 2


15 Questions MCQ Test Fundamentals of Accounting for CA CPT | Test: Meaning And Scope Of Accounting - 2


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QUESTION: 1

 Which of the following is correct?

Owner’s Equity is: 

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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)

Solution:

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.

QUESTION: 3

All of the following are functions of Accounting except

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QUESTION: 4

Management Accounting:

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QUESTION: 5

Financial statements users include:

Solution:

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.

QUESTION: 6

Which of the following is not a subfield of accounting?

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QUESTION: 7

The direct advantage of accounting do not include:

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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

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QUESTION: 9

Which of the following is an event?

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QUESTION: 10

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

Solution:

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.

QUESTION: 11

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

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QUESTION: 12

Financial Statements are a part of:

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QUESTION: 13

Users of accounting information include

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QUESTION: 14

______ was the root of financial accounting system:

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QUESTION: 15

Purposes of an accounting system include all the following except

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