Introduction to Accounting

Introduction to Accounting

Multiple Choice

Government is an Internal user of accounting information.

• True

• False

Multiple Choice

_______ Accounting is developed to get information relating to the cost of products or services.

• Financial

• Cost

• Management

Multiple Choice

Accounting is an art and not science

• True

• False

Multiple Choice

Recording transactions in Journal is not a part of accounting cycle

• True

• False

Multiple Choice

_______ is a part of Accounting and accounting is a part of _____

• Accountancy, Book keeping

• Book keeping, Accountancy

Multiple Choice

_________ is the art of recording business transactions in a systematic manner.

• Accounting

• Book Keeping

Multiple Choice

Book-keeping and Accounting is same whereas, Accountancy is different.

• True

• False

Multiple Choice

Qualitative element of the transaction is ignored in Accounting.

• True

• False

Multiple Choice

A person or a company become bankrupt and are not able to pay off their debts, it is known as __________.

• Partnership

• Insolvency

Multiple Choice

Manipulating the books of accounts in manner to conceal vital facts to show a better position of than what it actually is, is called as ___________.

• Window dressing

• Comparative Study

Multiple Choice

____________ means a system of accounting which recognizes and records both the aspects of a transaction.

• Single entry System

• Double entry System