The main purpose of accounting is to provide financial info to

Related MCQs

• Which of the following is true statement for computerised accounting system? a. the computer accounting system is based on the concept of database. b. Computer accounting system does not away with the concept of creating and maintaining journals, ledger etc.
• Accounting procedures and accounting practices should remain same from year to year under which of the following accounting principles:
• The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is
• Accounting Standard 1 requires the significant Accounting Policies to
• To convert the accounts prepared on cash system of accounting into mercantile system of accounting, which of these adjustments is not necessary
• Any change in the accounting policy relating to inventories which has a material effect in the current or later periods should be disclosed. This is in accordance with the accounting principle of:
• When stock is valued at cost in one accounting period and at lower of cost and Net realizable value in another accounting period
• General rules that are used as a guide in accounting and as a basis of accounting practices are called:
• Anticipate no profits and provide for all possible losses. This is essence of which of the following accounting principles:
• The Accounting Standards are issued for the purpose of —