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WorksheetsQuizzical series- Accounting for management
Total questions: 10
Worksheet time: 5mins
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
