Introduction to accounting Test

Result

Introduction to accounting Test - 7

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Weekly Quiz Competition

Question 1
1 / -0

The information provided in the annual financial statement do not include__

A
Information of personal assets of owner

B
Profits or loss made during the year

C
Balance sheet

D
None of these

Solution

information is only related to business and not personal transactions of the owner.
Question 2
1 / -0

Which of the following can be considered as a business transaction?

A
Goods are purchased on credit

B
Death of a employee

C
Appointment of an efficient Manager

D
Personal assets sold by owner

Solution

since it is related to business and it is monetary transactions so it is business transaction.
Question 3
1 / -0

Identified and measured accounting events should be recorded in which order

A
Chronological order

B
Any order

C
Horizontal

D
None of these

Solution

it is recorded according to the sequence of occurence i e date wise
Question 4
1 / -0

Which stakeholder would be most interested in the VAT and other tax liabilities of the firm

A
Social responsibility groups

B
Government and other regulators

C
Management

D
None of these

Solution

government is interested in tax related information of the business
Question 5
1 / -0

Which stakeholder would be most interested in the earning capacity of a business firm?

A
Suppliers

B
Government and other regulators

C
Customers

D
Investors

Solution

investos invest money in the business so they are interested in the return of the business
Question 6
1 / -0

Which stakeholder would be most interested in the ethical or environmental activities of the firm

A
Social responsibility groups

B
Government and other regulators

C
Management

D
Suppliers

Solution

social responsibility groups check that the business should not exploit the environment.
Question 7
1 / -0

Which stakeholder would be most interested in whether the firm has a long-term future

A
Government and other regulators

B
Management

C
Lenders

D
Suppliers

Solution

lender are the people who give loan to the business. they are interested in the accounting information to get a view that whether their money will be repaid or not.
Question 8
1 / -0

Which stakeholder would be most interested in profitability and share performance

A
Government and other regulators

B
Social responsibility groups

C
Management

D
owner and share holders.

Solution

they are interested to know whether the share prices are increasing or not
Question 9
1 / -0

Which stakeholder would be most interested in the ability of the firm to carry on providing a service or producing a product.

A
Customers

B
Suppliers and Creditors

C
Management

D
Social responsibility groups

Solution

customers are interested in knowing whether the business is providing good quality product or services.
Question 10
1 / -0

Which qualitative characteristic of accounting information is reflected when accounting information is clearly presented?

A
Comparability

B
Understandability

C
Reliability

D
Relevance

Solution

accounting information is to be shown in such a way that it is easy understandable by the users.

User

Question Analysis

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My Perfomance

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Re-Attempt Weekly Quiz Competition

Introduction to accounting Test - 7

Result

Introduction to accounting Test - 7

Score

-

Rank

-

SHARING IS CARING

Question 1

Information of personal assets of owner

Profits or loss made during the year

Balance sheet

None of these

Solution

Question 2

Goods are purchased on credit

Death of a employee

Appointment of an efficient Manager

Personal assets sold by owner

Solution

Question 3

Chronological order

Any order

Horizontal

None of these

Solution

Question 4

Social responsibility groups

Government and other regulators

Management

None of these

Solution

Question 5

Suppliers

Government and other regulators

Customers

Investors

Solution

Question 6

Social responsibility groups

Government and other regulators

Management

Suppliers

Solution

Question 7

Government and other regulators

Management

Lenders

Suppliers

Solution

Question 8

Government and other regulators

Social responsibility groups

Management

owner and share holders.

Solution

Question 9

Customers

Suppliers and Creditors

Management

Social responsibility groups

Solution

Question 10

Comparability

Understandability

Reliability

Relevance

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

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