Quizzical series- Accounting for management

The type or branch of accounting that generates reports for the use of external parties such as creditors, investors and government agencies is known as

• Financial accounting

• Managerial accounting

• Tax accounting

• Forensic accounting

The branch of accounting that generates reports and information for the use of internal management is known as

• Tax accounting

• Managerial or management accounting

• Auditing

• International accounting

1) Which one of the following is not an external user of accounting information?

• Investor

• Creditor

• Manager

• Customer

1) Which of the following is correct?

• Owner’s Equity = Liabilities + Assets

• Liabilities = Assets + Owner’s Equity

• Assets = Liabilities + Owner’s Equity

• Assets = Owner’s Equity

1) Who is known as the father of accounting?

• Leonardo da Vinci

• Fra Luca Pacioli

• Al Khawarizmy

• Al Mazendarany

1) Which of the following is correct about double entry system of accounting?

• Every business transaction brings at least two financial changes in business

• Financial changes are recorded as debits or credits in two or more accounts

• Every debit entry has a corresponding credit entry.

• All of the above

A list of account names used in general ledger of an organization is known as

• balance sheet

• Income statement

• Account list

• chart of accounts

1) Which one of the following is not a real account?

• machinery account

• sales account

• goodwill account

• equipment account

1) Which one of the following is a withdrawal account?

• Cash account

• Dividend account

• Salaries account

• Capital account

Which of the following normally have a debit balance?

• Liability accounts

• Equity or capital accounts

• Income or revenue accounts

• Asset accounts