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MCQs

Total Questions : 842 | Page 4 of 85 pages
Question 31. Identify the correct sequence of accounting process
  1.    Communicating -> Recording -> Identifying
  2.    Recording -> Communicating -> Identifying
  3.    Identifying -> Communicating -> Recording
  4.    Identifying -> Recording -> Communicating
 Discuss Question
Answer: Option D. -> Identifying -> Recording -> Communicating
Question 32. Which of the following is the external user of financial statements?
  1.    Manager of the business
  2.    CEO of the business
  3.    Creditor of the business
  4.    Controller of the business
 Discuss Question
Answer: Option C. -> Creditor of the business
Question 33. Auditing refers to
  1.    Reporting the financial information
  2.    Examination of financial information
  3.    Preparation of financial statements
  4.    Maintaining the ledger accounts
 Discuss Question
Answer: Option B. -> Examination of financial information
Question 34. 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
 Discuss Question
Answer: Option C. -> Recording financial information
Question 35. 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
 Discuss Question
Answer: Option D. -> Manager of the business
Question 36. ________ is the first phase of accounting cycle
  1.    Identifying an economic event or transaction
  2.    Preparing Journal
  3.    Posting entries to Ledger accounts
  4.    Making decisions about business
 Discuss Question
Answer: Option A. -> Identifying an economic event or transaction
Question 37. ______ 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
 Discuss Question
Answer: Option C. -> Company
Question 38. 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
 Discuss Question
Answer: Option A. -> Future economic benefits for the business
Question 39. _______ is the gross inflow of economic benefits
  1.    Assets
  2.    Liabilities
  3.    Income
  4.    Expenses
 Discuss Question
Answer: Option C. -> Income
Question 40. Liabilities are which of the following?
  1.    Resources
  2.    Obligations
  3.    Future benefits
  4.    Expenses
 Discuss Question
Answer: Option B. -> Obligations

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