CA Foundation Exam > CA Foundation Notes > Principles and Practice of Accounting > MCQ With Answer: Meaning and Scope of Accounting
MCQ With Answer: Meaning and Scope of Accounting | Principles and Practice of Accounting - CA Foundation PDF Download
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)
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FAQs on MCQ With Answer: Meaning and Scope of Accounting - Principles and Practice of Accounting - CA Foundation
| 1. What is the meaning of accounting? |  |
Ans. Accounting refers to the process of recording, summarizing, analyzing, and interpreting financial transactions of a business. It involves the systematic recording of financial information to produce financial statements that provide relevant information to stakeholders.
| 2. What is the scope of accounting? | |
Ans. The scope of accounting encompasses various areas such as financial accounting, management accounting, cost accounting, tax accounting, and auditing. Financial accounting focuses on preparing financial statements for external users, while management accounting provides information for internal decision-making. Cost accounting deals with the analysis of costs, tax accounting involves complying with tax laws, and auditing ensures the accuracy and reliability of financial statements.
| 3. How is accounting different from bookkeeping? | |
Ans. Accounting and bookkeeping are closely related but have distinct differences. Bookkeeping involves the systematic recording of financial transactions, while accounting involves a broader range of activities such as analyzing, interpreting, and summarizing financial information. Bookkeeping is a subset of accounting and provides the foundational data for accounting processes.
| 4. What are the financial statements prepared in accounting? | |
Ans. The financial statements prepared in accounting include the income statement, balance sheet, statement of cash flows, and statement of changes in equity. The income statement showcases the revenues, expenses, and net income or loss of a business over a specific period. The balance sheet presents the financial position of a business at a given point in time. The statement of cash flows provides information on the cash inflows and outflows during a particular period. The statement of changes in equity tracks the changes in shareholders' equity over time.
| 5. What is the importance of accounting in business? | |
Ans. Accounting is crucial for businesses as it helps in measuring and communicating financial information, making informed decisions, and complying with legal and regulatory requirements. It provides a clear picture of a company's financial performance, liquidity, and solvency. Accounting information enables stakeholders such as investors, creditors, and management to evaluate the financial health of a business and make sound decisions based on reliable data. Additionally, accounting helps in tax planning, budgeting, and forecasting for future growth and sustainability.
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