WorksheetsBasics in Accounting
Total questions: 15
Worksheet time: 15mins
Resignation by a Marketing Manager is not recorded in the books of accounts. Why?
It is not recorded because it cannot be measured in money terms.
It is not recorded because it the rights of the employee
It is not recorded because it is benefit of the organisation
It is not recorded because it will be substituted with another appointment of employee
Accounting is the art of (a)
Book keeping is concerned with
recording financial data relating to business operations
designing for systems recording, classifying and summarising recorded data
Interpreting data for internal and external users
Sales and Purchase of Goods
Which is the last step of accounting as a process of information?
Recording the transaction
Preparation of financial statements
Communication of information
Analysis and interpretation of information
Which of the following is a limitation of accounting?
Assistance to Management
Replaces Memory
Provides unrealistic Information
Evidence in Court
Cost of Goods Manufactured is determined by
Financial Accounting
Cost Accounting
Human Resources Accounting
Management Accounting
(a) is the branch of commerce, which keeps a record of monetary transactions in a set of books
Which external user of accounting information is most interested in knowing the long-term solvency position of the firm?
Employees
Management
Researchers
Bank and Financial Institutions
The objective of Accounting is
To monitor non-Financial information's are not recorded in the books of accounts
To Ascertain the financial positon of the company
To assist the management in making business plans
To ignore price level changes
The system which recognises and records both aspects of a transaction of accounting is known as
(a)
Meena maintains only personal accounts and cash transaction while recording the transaction which means
(a)
Accounting may be influenced by the personal judgment
True
False
Accounting Information must be presented in such a way that only accounting people understand it
True
False
Fourth step in the accounting process is
(a)
Accounting is ......
