Module 1

Who is the Father of Modern Accounting?

• Leonardo Da Vinci

• Frater Luca Bartolomes Pacioli

• Aristotle

• Abraham Maslow

The purpose of accounting is to....

• communicate information to interested users so that they can make informed decisions

• communicate financial and non-financial information to interested users so that they can make informed decisions

• communicate non-financial information to interested users so that they can make informed decisions

Which of the following does not represents the characteristics of Management Accounting?

• Helps in finding out cost of products and control costs

• Measures the operating efficiency of the enterprise

• Helps in identifying the financial position of the business

• Process of determining and accumulating the cost of products or activity

Cost accounting is needed by which type of users

• Internal users

• External users

What is the roles of management accountant?

• Provide information and accounting reports

• Responsible for carrying out the task of helping the management

• Assist departments in achieving the organization objectives.

• All of above

The following is the objective of cost accounting except....

• Ascertainment of cost

• Planning and controlling cost

• Decision making

• Observations

Financial accounting is....

• A language which communicates economic information to interested parties

• Primarily concerned with the recognition, measurement and communication of economic activities and conforms with accounting standards developed by standard-setting bodies

• Accumulation of accounting information for a company's internal users

• Accumulation of accounting information for a company's external users

The system of recording transactions based on Dual Aspect Concept is known as ______.

Creditors are the ______________users of accounting.

__________________ is a language of business.