Introduction to Accounting

Which of the following is not an internal user of Financial Statements?

• Board of Directors

• Managers

• Employees

• None of them

Which one is not the advantage of accounting?

• Facilitates Loan

• Facilitates Sale of Business

• Facilitates Qualitative information

• Facilitates Comparative Study

Which is the important objective of accounting?

• To keep systematic records of financial transactions.

• To ascertain the net profit or loss of business.

• To ascertain the financial position of a business.

• All of the above

Which of the following is not a characteristics of accounting?

• Recording non-monetary transactions

• Classifying

• Analysis

• Summarising

Which one is the advantage of Accounting?

• Accounting is not fully exact?

• Replacement of Memory

• Accounting does not record price level changes

• Shows the present value of business

Which of the following is not an internal user of financial statements?

• Supplier

• Managers

• Employees

• Proprietor

Which of the following is not recorded in the books of Accounting?

• Sales of goods

• Payment of Salary

• Quality of Staff

• Purchase of Goods

Which is the important objective of accounting?

• To keep systematic records of financial transactions.

• To ascertain the net profit or loss of business.

• To ascertain the financial position of a business.

• All of the above

Which one is an internal user of financial statements?

• Investors

• Proprietor

• Researchers

• Banks

Qualitative Characteristics of Accounting includes

• (a) Reliability and Relevance

• (b) Understandability and Comparability

• Both (a) & (b)

• None of the above