MCQ With Answer: Meaning and Scope of Accounting Notes | Study Principles and Practice of Accounting - CA Foundation

CA Foundation: MCQ With Answer: Meaning and Scope of Accounting Notes | Study Principles and Practice of Accounting - CA Foundation

The document MCQ With Answer: Meaning and Scope of Accounting Notes | Study Principles and Practice of Accounting - CA Foundation is a part of the CA Foundation Course Principles and Practice of Accounting.
All you need of CA Foundation at this link: CA Foundation

Ques 1: Which of the following is not a subfield of accounting? 
(a) Management accounting.
(b) Cost accounting.
(c) Book-keeping
Ans: (c)

Ques 2: Purposes of an accounting system include all the following except
(a) Interpret and record the effects of business transaction. 

(b) Classify the effects of transactions to facilitate the preparation of reports.
(c) Dictate the specific types of business enterprise transactions that the enterprises may engage in.
Ans: (c)

Ques 3: Book-keeping is mainly concerned with
(a) Recording of financial data.
(b) Designing the systems in recording, classifying and summarising the recorded data.
(c) Interpreting the data for internal and external users.
Ans: (a)

Ques 4: All of the following are functions of Accounting except
(a) Decision making.
(b) Ledger posting. 

(c) Forecasting.
Ans: (b)

Ques 5: Financial statements are part of
(a) Accounting. 

(b) Book-keeping.
(c) Management Accounting.
Ans: (a)

Ques 6: Financial position of the business is ascertained on the basis of
(a) Records prepared under book-keeping process.
(b) Trial balance.
(c) Balance Sheet.

Ans: (c)


Ques 7: Users of accounting information include
(a) Creditors/Suppliers
(b) Lenders/ Customers
(c) Both (a) and (b)

Ans: (c)

Ques 8: Financial statements do not consider
(a) Assets expressed in monetary terms. 

(b) Liabilities expressed in monetary terms.
(c) Assets and liabilities expressed in non-monetary terms

Ans: (c)

Ques 9: On January 1, Sohan paid rent of ` 5,000. This can be classified as
(a) An event.
(b)  A transaction.
(c) A transaction as well as an event.
Ans: (b)

Ques 10:  On March 31, 2015 after sale of goods worth Rs 2,000, he is left with the closing inventory of  Rs 10,000. This is 
(a) An event.
(b)  A transaction.
(c) A transaction as well as an event.
Ans: (a)

The document MCQ With Answer: Meaning and Scope of Accounting Notes | Study Principles and Practice of Accounting - CA Foundation is a part of the CA Foundation Course Principles and Practice of Accounting.
All you need of CA Foundation at this link: CA Foundation

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