Managerial Accounting

The process of recording financial data upto trial balance is

• Book keeping

• Classifying

• Summarising

• Analyzing

Fixed assets are held by business for _____

• Converting into cash

• Generating revenue

• Resale

• None of the above

Which of the following is incorrect?

• Good will intangible asset

• Sundry debtors - current asset

• Loose tools tangible fixed asset

• Outstanding expenses -current asset.

Business enterprise is separate from its owner according to _____ concept.

• Money measurement concept

• Matching concept

• Entity concept

• Dual aspect

  concept

If the Market value of closing Inventory is less than its cost price, inventory will

he shown at ____

• Marketable value

• Fair Market value

• Both

• none

The main Purpose of Financial Accounting is?

• 1. To Provide financial information to shareholders

• 1. To maintain balance sheet

• 1. To minimize taxes.

• 1. To keep track of liabilities

The kind of debts which are needed to be repaid in a short term is known as?

• 1. Fixed Liabilities

• 1. Current Liabilities

• 1. Depreciating Assets

• 1. Intangible Assets

What are Outstanding Expenses?

• 1. Expenses which are not paid off in the current balance sheet.

• 1. The necessary purchases that keep a business going from day-to-day.

• 1. Type of expense that is due but has not been paid.

• 1. None of the above.

Who is an external user of financial statements?

• 1. Shareholders

• 1. CEO

• 1. Manager

• 1. Creditor

Capital + Liabilities = ?

• 1. Revenue

• 1. Assets

• 1. Unearned Income

• 1. Voucher