Introduction to accounting Test

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Introduction to accounting Test - 8

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Weekly Quiz Competition

Question 1
1 / -0

Use of common unit of measurement and common format of reporting promotes;

A
Understandability

B
Comparability

C
Relevance

D
Reliability

Solution

it becomes easier to comapre accounts of one business with the other.
Question 2
1 / -0

Match the following:

i. Investors a. Growth of their investment

ii. Creditors b. True and fair disclosure of information

iii. Tax authority c. Assess financial capability

A
i - (b), ii - (c), iii - (a)

B
i - (a), ii - (c), iii - (b)

C
i - (a), ii - (b), iii - (c)

D
i - (c), ii - (a), iii - (b)

Solution

investors are concerned about increase in their investiment. creditors are interested in knowing whether the money will be recovered or not and. tax authority are interested in knowing whether the business is paying proper taxes or not.
Question 3
1 / -0

Providing banking services to the customers is an example of

A
Sales

B
Purchase

C
Revenue

D
Expenses

Solution

for banking business providing banking services to the customer will be considered as sales.
Question 4
1 / -0

Excess of expenses over revenue is

A
Loss

B
Expense

C
Profit

D
Gain

Solution

when expenses of business are more and income is less then it is loss for the business.
Question 5
1 / -0

The objective of providing discount is to encourage the debtors to pay the dues promptly is

A
Seasonal discount

B
Cash discount

C
Trade discount

D
None of these

Solution

cash discount is given only on the amount paid or received in cash. it encourages the debtor to pay cash quickly.
Question 6
1 / -0

Income statement include

A
Balance sheet only

B
Statement of profit and loss

C
Trial Balance only

D
Profit and loss account only

Solution

profit and loss account is the other name of income statement.
Question 7
1 / -0

Positional statement refers to

A
Balance sheet

B
Trading account

C
Profit and loss account

D
Ledger

Solution

Balance sheet shows the position of assets and liabilities of the business.
Question 8
1 / -0

Accounting is

A
Objective of business

B
Profit of business

C
Language of business

D
None of these

Solution

accounting describes the business. it shows the profit and loss and financial position of business.
Question 9
1 / -0

Which branch of accounting deals with information related to cost

A
Financial accounting

B
Cost accounting

C
Management accounting

D
All of these

Solution

cost accounting is related to all the cost incurred for producing and selling of the goods.

Question 10

1 / -0

Match the following:

a. Financial accounting	i. Information related to cost of products
b. Cost accounting	ii. Information for decision making
c. Management accounting	iii. To ascertain profit and loss

a - (iii), b - (i), c - (ii)

a - (i), b - (iii), c - (ii)

a - (iii), b - (ii), c - (ii)

None of these

Solution

financial accounting is to a certain the profit and loss of business. cost accounting helps in calculating the cost of the product and management accounting helps the manager in taking decisions.

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i. Investors	a. Growth of their investment
ii. Creditors	b. True and fair disclosure of information
iii. Tax authority	c. Assess financial capability

Introduction to accounting Test - 8

Result

Introduction to accounting Test - 8

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Question 1

Understandability

Comparability

Relevance

Reliability

Solution

Question 2

i - (b), ii - (c), iii - (a)

i - (a), ii - (c), iii - (b)

i - (a), ii - (b), iii - (c)

i - (c), ii - (a), iii - (b)

Solution

Question 3

Sales

Purchase

Revenue

Expenses

Solution

Question 4

Loss

Expense

Profit

Gain

Solution

Question 5

Seasonal discount

Cash discount

Trade discount

None of these

Solution

Question 6

Balance sheet only

Statement of profit and loss

Trial Balance only

Profit and loss account only

Solution

Question 7

Balance sheet

Trading account

Profit and loss account

Ledger

Solution

Question 8

Objective of business

Profit of business

Language of business

None of these

Solution

Question 9

Financial accounting

Cost accounting

Management accounting

All of these

Solution

Question 10

a - (iii), b - (i), c - (ii)

a - (i), b - (iii), c - (ii)

a - (iii), b - (ii), c - (ii)

None of these

Solution

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