WorksheetsIntroduction to Accounting
Total questions: 15
Worksheet time: 9mins
Which of the following is not an internal user of Financial Statements?
Board of Directors
Managers
Employees
None of them
Which one is not the advantage of accounting?
Facilitates Loan
Facilitates Sale of Business
Facilitates Qualitative information
Facilitates Comparative Study
Which is the important objective of accounting?
To keep systematic records of financial transactions.
To ascertain the net profit or loss of business.
To ascertain the financial position of a business.
All of the above
Which of the following is not a characteristics of accounting?
Recording non-monetary transactions
Classifying
Analysis
Summarising
Which one is the advantage of Accounting?
Accounting is not fully exact?
Replacement of Memory
Accounting does not record price level changes
Shows the present value of business
Which of the following is not an internal user of financial statements?
Supplier
Managers
Employees
Proprietor
Which of the following is not recorded in the books of Accounting?
Sales of goods
Payment of Salary
Quality of Staff
Purchase of Goods
Which is the important objective of accounting?
To keep systematic records of financial transactions.
To ascertain the net profit or loss of business.
To ascertain the financial position of a business.
All of the above
Which one is an internal user of financial statements?
Investors
Proprietor
Researchers
Banks
Qualitative Characteristics of Accounting includes
(a) Reliability and Relevance
(b) Understandability and Comparability
Both (a) & (b)
None of the above
Cost of Goods Manufactured is determined by
Financial Accounting
Cost Accounting
Management Accounting
Human Resource Accounting
Which of the following is not a qualitative characteristic of accounting information?
Reliability
Understandability
Comparability
Materiality
Use of common unit of measurement and common format of reporting promotes
Comparability
Understandability
Relevance
Reliability
Which qualitative characteristic of accounting information is reflected when accounting information is clearly presented?
Comparability
Understandability
Relevance
Reliability
Which external; user of accounting information is most interested in knowing the long-term solvency position of the firm?
Employees
Management
Bank and Financial Institutions
Researchers
