Introduction to accounting Test

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Introduction to accounting Test - 19

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Weekly Quiz Competition

Question 1
1 / -0

_______ is/are sub-field(s) of Accounting.

A
Management Accounting

B
Cost Accounting

C
Financial Accounting

D
All of the above

Solution

The economic development and technological improvements have resulted in an increase in the scale of operations and the advent of the company form of business organisation. This has made the management function more and more complex and increased the importance of accounting information. This gave rise to special branches of accounting: Financial accounting, cost accounting, management accounting.
Question 2
1 / -0

Which of these would be considered as external user of the financial statements?

A
Board of directors

B
Shareholders

C
Finance manager

D
Production manager

Solution

Financial statement of the business are prepared on a periodic basis to check the health of the business. This is a statutory requirement also. There are internal and external users to view and refer the financial statement. Banks, financial institutions and investors are considered as external users. Investors are always look for a better returns from the business where they have invested the amount for which they have a tool i.e. financial statement.
Question 3
1 / -0

Which branch of Accounting is concerned with ascertainment and control of cost of business activities?

A
Cost Accounting

B
Management Accounting

C
Human Resource Accounting

D
Financial Accounting

Solution

Cost accounting is a branch of accounting. This tool is basically used by the business to find out the cost of any product or service. It also have various methods to find out the cost of any product. Cost accounting is a mechanism through which any business can control the cost. It has various tools and scientific method to have such control.
Question 4
1 / -0

_______ is used to an economic event in accounting.

A
Event

B
Transaction

C
Dealing

D
Operations

Solution

Every economic activity is performed through transactions and events. A transaction may be a business, performance of an act or an agreement. Transaction is used to an economic event in accounting.
Question 5
1 / -0

Which branch of Accounting caters to information requirement of external users of financial statements?

A
Cost Accounting

B
Management Accounting

C
Human Resource Accounting

D
Financial Accounting

Solution

Financial accounting is the original form of accounting. It is mainly confined to the preparation of financial statements for the use of outsiders like shareholders, debenture holders, creditors, banks and financial institutions. The field of accounting that serves external users of financial statements in decision making process is known as financial accounting.
Question 6
1 / -0

Gopal Sons starts a business by investing Rs. 15 lakh and purchases goods worth Rs.12.5 lakh. At the end of the year he is left with a profit of Rs.1,50,000. The surplus profit of Rs.1,50,000 is a /an_________.

A
Event

B
Transaction

C
Dealing

D
Operations

Solution

Every economic activity is performed through transactions and events.
An event is the happening, consequence or result of the transaction.
Hence in our example, the surplus profit is of 150,000 is the result of business operation(transaction), therefore, it is an event.
Whereas the purchase of goods is a transaction as it is intentionally done by the business.
Question 7
1 / -0

Which of the following would be considered as an internal user of the financial statements?

A
Shareholder

B
Credotor

C
Debtor

D
Finance Manager

Solution

Financial statements record and outline the financial activities of a business, an individual or any other entity. Financial statements are meant to present the financial information of the entity in equation as clearly and concise as possible for both the entity and for readers. Internal users refers to mangers who use accounting information in making decision related to the company's operation.
Question 8
1 / -0

_______ is/are sub-field of Accounting.

A
Social Re-engineering

B
Human Resource Accounting

C
Social Responsibility Accounting

D
Management Accounting

Solution

There are mainly three branches of accounting
1. Financial Accounting
2. Cost Accounting
3. Management Accounting,
Question 9
1 / -0

Which of these statements is true about book keeping?

A
It is a language of business

B
It is a process concerned with recording of transactions

C
It is end result of Accounting process

D
It is concerned with summarizing of business transactions

Solution

There are two parts of Accountancy
1. Bookkeeping - It is concerned with recording, classifying of financial data.
2. Accounting - It is concerned with summarising, analysing, interpreting and communicating of financial data.
Question 10
1 / -0

If presentation of financial information/statement or accounting policy is designed with a pre-designed motive to influence the decision-making or judgement or achieve a pre-determined result or object, the financial statement are not said to have satisfied the criteria of ___________.

A
Relevance

B
Materiality

C
Neutrality

D
Substance over form

Solution

Financial report should present true and fair view, which means that financial statements must be free from errors or from other missions. Financial statements cannot be prepared with the purpose to influence certain decisions, i.e. they might be neutral.

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Re-Attempt Weekly Quiz Competition

Introduction to accounting Test - 19

Result

Introduction to accounting Test - 19

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SHARING IS CARING

Question 1

Management Accounting

Cost Accounting

Financial Accounting

All of the above

Solution

Question 2

Board of directors

Shareholders

Finance manager

Production manager

Solution

Question 3

Cost Accounting

Management Accounting

Human Resource Accounting

Financial Accounting

Solution

Question 4

Event

Transaction

Dealing

Operations

Solution

Question 5

Cost Accounting

Management Accounting

Human Resource Accounting

Financial Accounting

Solution

Question 6

Event

Transaction

Dealing

Operations

Solution

Question 7

Shareholder

Credotor

Debtor

Finance Manager

Solution

Question 8

Social Re-engineering

Human Resource Accounting

Social Responsibility Accounting

Management Accounting

Solution

Question 9

It is a language of business

It is a process concerned with recording of transactions

It is end result of Accounting process

It is concerned with summarizing of business transactions

Solution

Question 10

Relevance

Materiality

Neutrality

Substance over form

Solution

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