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- 1. Multiple Choice
__________ is a specialised branch of accounting that keeps track of a company’s financial transactions.
Cost accounting
Management accounting
Financial Accounting
Corporate accounting
- 2. Multiple Choice
Financial accountancy is governed by ___________
local standards only
international standards
local as well as international accounting standards
company’s internal top management only
- 3. Multiple Choice
_____ is the scope of financial accounting.
A. Collection and processing of data
B. Verifying or auditing data
C. Publishing data
D. All of the above
- 4. Multiple Choice
Which is not a benefit of financial accounting?
A. Maintaining systematic records
B. Protecting and safeguarding business assets
C. Historical in nature
D. Facilitates rational decision making
A. Maintaining systematic records
B. Protecting and safeguarding business assets
C. Historical in nature
D. Facilitates rational decision making
- 5. Multiple Choice
Which is not a limitation of financial accounting?
A. Inadequate information to fix up the price of products manufactured
B. Lack of data for comparison of cost of operation of the firm with other firms in the industry
C. The data available is historical in nature
D. Complies with the various legal requirements
A. Inadequate information to fix up the price of products manufactured
B. Lack of data for comparison of cost of operation of the firm with other firms in the industry
C. The data available is historical in nature
D. Complies with the various legal requirements
- 6. Multiple Choice
The overriding purpose of financial accounting is to summarize financial activity in business in the ______
A. profit and loss statement
B. balance sheet
C. cash flow statement
D. all of the above
- 7. Multiple Choice
_________ are the basis of the business’s financial accounting.
A. Accounting records
B. Bookkeeping
C. Sales Volume
D. Both A & B
A. Accounting records
B. Bookkeeping
C. Sales Volume
D. Both A & B
- 8. Multiple Choice
Financial accounting provides accounting information to the ________ though the information is useful for internal purposes also.
A. external users
B. internal users
C. company
D. competitors
- 9. Multiple Choice
Financial accounting reports include _____
A. profit and loss account
B. directors report
C. balance sheet and auditors report
D. all of the above
- 10. Multiple Choice
Financial accounting reports to the ________ after the completion of the accounting year.
A. internal management
B. external parties
C. Media
D. rivals
A. internal management
B. external parties
C. Media
D. rivals
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