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)
The document MCQ With Answer: Meaning and Scope of Accounting | 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
|
68 videos|160 docs|83 tests
|
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.
Related Exams
About this Document
|
2.6K Views |
|
4.90/5 Rating |
|
Nov 23, 2024 Last updated |
Document Description: MCQ With Answer: Meaning and Scope of Accounting for CA Foundation 2024 is part of Principles and Practice of Accounting preparation.
The notes and questions for MCQ With Answer: Meaning and Scope of Accounting have been prepared according to the CA Foundation exam syllabus. Information about MCQ With Answer: Meaning and Scope of Accounting covers topics
like and MCQ With Answer: Meaning and Scope of Accounting Example, for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for MCQ With Answer: Meaning and Scope of Accounting.
Introduction of MCQ With Answer: Meaning and Scope of Accounting in English is available as part of our Principles and Practice of Accounting
for CA Foundation & MCQ With Answer: Meaning and Scope of Accounting in Hindi for Principles and Practice of Accounting course.
Download more important topics related with notes, lectures and mock test series for CA Foundation
Exam by signing up for free. CA Foundation: MCQ With Answer: Meaning and Scope of Accounting | Principles and Practice of Accounting - CA Foundation
Description
Full syllabus notes, lecture & questions for MCQ With Answer: Meaning and Scope of Accounting | Principles and Practice of Accounting - CA Foundation - CA Foundation | Plus excerises question with solution to help you revise complete syllabus for Principles and Practice of Accounting | Best notes, free PDF download
Information about MCQ With Answer: Meaning and Scope of Accounting
In this doc you can find the meaning of MCQ With Answer: Meaning and Scope of Accounting defined & explained in the simplest way possible. Besides explaining types of
MCQ With Answer: Meaning and Scope of Accounting theory, EduRev gives you an ample number of questions to practice MCQ With Answer: Meaning and Scope of Accounting tests, examples and also practice CA Foundation
tests
|
68 videos|160 docs|83 tests
|
Download as PDF
|
Explore Courses for CA Foundation exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
MCQ With Answer: Meaning and Scope of Accounting | Principles and Practice of Accounting - CA Foundation
,MCQ With Answer: Meaning and Scope of Accounting | Principles and Practice of Accounting - CA Foundation
,study material
,Semester Notes
,MCQs
,practice quizzes
,Extra Questions
,Objective type Questions
,Viva Questions
,past year papers
,Previous Year Questions with Solutions
,Important questions
,mock tests for examination
,Summary
,MCQ With Answer: Meaning and Scope of Accounting | Principles and Practice of Accounting - CA Foundation
,shortcuts and tricks
,Sample Paper
,Exam
,ppt
,Free
,video lectures
;
Additional Information about MCQ With Answer: Meaning and Scope of Accounting for CA Foundation Preparation
MCQ With Answer: Meaning and Scope of Accounting Free PDF Download
The MCQ With Answer: Meaning and Scope of Accounting is an invaluable resource that delves deep into the core of the CA Foundation exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the MCQ With Answer: Meaning and Scope of Accounting now and kickstart your journey towards success in the CA Foundation exam.
Importance of MCQ With Answer: Meaning and Scope of Accounting
The importance of MCQ With Answer: Meaning and Scope of Accounting cannot be overstated, especially for CA Foundation aspirants.
This document holds the key to success in the CA Foundation exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
MCQ With Answer: Meaning and Scope of Accounting Notes
MCQ With Answer: Meaning and Scope of Accounting Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to MCQ With Answer: Meaning and Scope of Accounting.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, MCQ With Answer: Meaning and Scope of Accounting Notes on EduRev are your ultimate resource for success.
MCQ With Answer: Meaning and Scope of Accounting CA Foundation Questions
The "MCQ With Answer: Meaning and Scope of Accounting CA Foundation Questions" guide is a valuable resource for all aspiring students preparing for the
CA Foundation exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study MCQ With Answer: Meaning and Scope of Accounting on the App
Students of CA Foundation can study MCQ With Answer: Meaning and Scope of Accounting alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the MCQ With Answer: Meaning and Scope of Accounting,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of MCQ With Answer: Meaning and Scope of Accounting is prepared as per the latest CA Foundation syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup