Accounting for Management Solved MCQs

1.	…………….is concerned with recording transactions and preparing financial reports for the external and internal users of accounting.
A.	management accounting
B.	financial accounting
C.	cost accounting
D.	all of these
Answer» B. financial accounting

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2.	The Branch of accounting concerned with collection, determining and controlling cost of products and services is called………………
A.	management accounting
B.	financial accounting
C.	cost accounting
D.	all of these
Answer» C. cost accounting

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3.	……………is concerned with providing information to management for taking managerial decisions.
A.	management accounting
B.	financial accounting
C.	cost accounting
D.	all of these
Answer» A. management accounting

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4.	The father of Double Entry system is………………
A.	luca pacioli
B.	lopus patricia
C.	lukas christian
D.	none of these
Answer» A. luca pacioli

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5.	……………….is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events, which are in part, at least of financial character and interpreting the results there of.
A.	management accounting
B.	accounting
C.	cost accounting
D.	all of these
Answer» B. accounting

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6.	Which among the following do not belong to the category of Accounting ?
A.	management accounting
B.	financial accounting
C.	cost accounting
D.	none of these
Answer» D. none of these

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7.	The objective of financial accounting is to find out…………………..
A.	profitability and financial position
B.	liquidity
C.	solvency
D.	none
Answer» A. profitability and financial position

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8.	……………….journal is used to record credit sale of goods
A.	sales journal
B.	cash book
C.	purchase journal
D.	none of these
Answer» A. sales journal

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9.	The ………….Management is mainly concerned with the policy decisions.
A.	top
B.	middle
C.	bottom
D.	all of these
Answer» A. top

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10.	The Prime function of accounting is to ………………………..
A.	record economic data
B.	provide the informational basis for action
C.	classify and record business transactions
D.	attain non economic goals
Answer» C. classify and record business transactions

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11.	The basic function of Management Accounting is to ……………………….
A.	record all business transactions
B.	interpret the financial data
C.	assist the management in performing its functions effectively
D.	none of these
Answer» C. assist the management in performing its functions effectively

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12.	Management accounting provides invaluable services to Management in performing…………..
A.	all management functions
B.	co-ordination functions
C.	controlling functions
D.	none of these
Answer» A. all management functions

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13.	Accounting designed to serve parties external to the operating responsibility of the firm is termed as…………….
A.	management accounting
B.	financial accounting
C.	cost accounting
D.	none of these
Answer» B. financial accounting

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14.	Cost Accounting and Management Accounting are ……………….. in nature.
A.	complementary
B.	contradictory
C.	different
D.	similar
Answer» A. complementary

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15.	Management accounting has a ……….. scope than cost accounting.
A.	wider
B.	narrow
C.	no
D.	none of these
Answer» A. wider

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16.	…………….is the amount of expenditure [actual or notional] incurred on or attributable to a given thing.
A.	expenses
B.	costing
C.	cost
D.	none of these
Answer» C. cost

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17.	………………..is the technique and process of ascertaining costs
A.	cost
B.	costing
C.	cost accounting
D.	none of these
Answer» C. cost accounting

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18.	………..is the process of accounting for cost which includes the application of cost control methods and ascertainment of profitability of activities
A.	cost
B.	costing
C.	cost accounting
D.	none of these
Answer» C. cost accounting

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19.	Which among the following is not a management accounting technique?
A.	standard costing
B.	marginal costing
C.	project appraisal
D.	none
Answer» D. none

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20.	………..Accounting is concerned with historical data
A.	cost accounting
B.	management accounting
C.	financial accounting
D.	none
Answer» C. financial accounting

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21.	……………..is the process of identifying the financial strengths and weakness of the firm by properly establishing relationship between the items of balance sheet and Profit and Loss Account
A.	financial statements
B.	financial analysis
C.	trend analysis
D.	all of these
Answer» B. financial analysis

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22.	……………explains what has happened to a business unit as a result of operations between two balance sheet dates.
A.	income statement
B.	profit and loss account
C.	both of these
D.	none
Answer» C. both of these

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23.	The analysis done by investors , credit agencies , government agencies and other creditors who have no access to the internal records of a company is known as ……………..
A.	internal analysis
B.	horizontal analysis
C.	external analysis
D.	none of these
Answer» C. external analysis

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24.	The analysis done by persons who have access to the books of account and other information related to the business is termed as……………
A.	internal analysis
B.	horizontal analysis
C.	external analysis
D.	none of these
Answer» A. internal analysis

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25.	In ………………..type of analysis , financial statements for a number of years are reviewed and analyzed.
A.	internal analysis
B.	horizontal analysis
C.	external analysis
D.	none of these
Answer» B. horizontal analysis

discuss

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Accounting for Management Solved MCQs

…………….is concerned with recording transactions and preparing financial reports for the external and internal users of accounting.

The Branch of accounting concerned with collection, determining and controlling cost of products and services is called………………

……………is concerned with providing information to management for taking managerial decisions.

The father of Double Entry system is………………

……………….is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events, which are in part, at least of financial character and interpreting the results there of.

Which among the following do not belong to the category of Accounting ?

The objective of financial accounting is to find out…………………..

……………….journal is used to record credit sale of goods

The ………….Management is mainly concerned with the policy decisions.

The Prime function of accounting is to ………………………..

The basic function of Management Accounting is to ……………………….

Management accounting provides invaluable services to Management in performing…………..

Accounting designed to serve parties external to the operating responsibility of the firm is termed as…………….

Cost Accounting and Management Accounting are ……………….. in nature.

Management accounting has a ……….. scope than cost accounting.

…………….is the amount of expenditure [actual or notional] incurred on or attributable to a given thing.

………………..is the technique and process of ascertaining costs

………..is the process of accounting for cost which includes the application of cost control methods and ascertainment of profitability of activities

Which among the following is not a management accounting technique?

………..Accounting is concerned with historical data

……………..is the process of identifying the financial strengths and weakness of the firm by properly establishing relationship between the items of balance sheet and Profit and Loss Account

……………explains what has happened to a business unit as a result of operations between two balance sheet dates.

The analysis done by investors , credit agencies , government agencies and other creditors who have no access to the internal records of a company is known as ……………..

The analysis done by persons who have access to the books of account and other information related to the business is termed as……………

In ………………..type of analysis , financial statements for a number of years are reviewed and analyzed.

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