Question: ________ is the first phase of accounting cycle
A.Identifying an economic event or transaction
B.Preparing Journal
C.Posting entries to Ledger accounts
D.Making decisions about business
Answer: Option A

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Question 1. ______ is a separate legal entity whose total capital can be divided into many shares
  1.    Partnership
  2.    Sole Proprietorship
  3.    Company
  4.    Non-profit organization
Answer: Option C
Question 2. An asset possesses which of the following?
  1.    Future economic benefits for the business
  2.    All kinds of benefits for the business
  3.    Expenses for the business
  4.    Merits & Demerits for the business
Answer: Option A
Question 3. _______ is the gross inflow of economic benefits
  1.    Assets
  2.    Liabilities
  3.    Income
  4.    Expenses
Answer: Option C
Question 4. Which of the following is the internal user of financial statements?
  1.    Creditor of the business
  2.    Government agency
  3.    Shareholder of the business
  4.    Manager of the business
Answer: Option D
Question 5. Bookkeeping mainly consists of which part of accounting process?
  1.    Analysing
  2.    Preparing financial statements
  3.    Recording financial information
  4.    Auditing the books of accounts
Answer: Option C
Question 6. Auditing refers to
  1.    Reporting the financial information
  2.    Examination of financial information
  3.    Preparation of financial statements
  4.    Maintaining the ledger accounts
Answer: Option B

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