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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 |
9. |
The ………….Management is mainly concerned with the policy decisions. |
A. | top |
B. | middle |
C. | bottom |
D. | all of these |
Answer» A. top |
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 |
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 |
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 |
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 |
14. |
Cost Accounting and Management Accounting are ……………….. in nature. |
A. | complementary |
B. | contradictory |
C. | different |
D. | similar |
Answer» A. complementary |
15. |
Management accounting has a ……….. scope than cost accounting. |
A. | wider |
B. | narrow |
C. | no |
D. | none of these |
Answer» A. wider |
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 |
17. |
………………..is the technique and process of ascertaining costs |
A. | cost |
B. | costing |
C. | cost accounting |
D. | none of these |
Answer» C. cost accounting |
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 |
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 |
20. |
………..Accounting is concerned with historical data |
A. | cost accounting |
B. | management accounting |
C. | financial accounting |
D. | none |
Answer» C. financial accounting |
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 |
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 |
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 |
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 |
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 |
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