Introduction of Accounting

In A/c recording is made of ..?

• Financial transactions
• Non-financial transactions
• Both of them
• None

Who are the Internal users of Accounting Information?

• Potential Investors
• Creditors
• management
• Employees

Who is the external users of Accounting information?

• Researchers
• Government
• Potential investors
• All the above

Who are not the external users of Accounting information?

• Lenders
• Officers
• Employees
• Public

Which of the following is not the limitation of accounting?

• Based on Accounting Convention
• Evidence in legal matters
• Incomplete Information
• Omission of qualitative Information

Which of the following transactions is not in financial character?

• purchases of assets on credit
• purchases of assets on cash
• withdrew of money for personal use
• strike of employee

Anu is a timber merchant. Which of the following is not recorded in her books?

• purchases of timber
• sofa set purchases
• sale of household furniture
• dinning table given as gift

Which of the following is not a sub-field of accounting?

• financial accounting
• book-keeping
• management accounting
• cost accounting

If accounting information is based on facts and it is verified by ducuments it has quality of what?

• relevance
• reliability
• understandable
• comparability

Which of the following is the most relevant accounting information for taxation authorities?

• cash balances
• book values of assets
• credit sales
• profit during the year