WorksheetsINTRODUCTION TO COST ACCOUNTING
Total questions: 10
Worksheet time: 4mins
Book keeping is mainly concerned with
Recording of financial data
Designing the systems in recording, classifying, and summarizing the recorded data
Interpreting the data for internal and external users
None of the above
The process of identify, classify, recording and communicating business transaction is called as book-keeping.
True
False
Which of the following is definition of accounting?
It's a process of classifying, recording, and summarizing the business transaction in monetary unit.
It's a process of recording, classifying, and summarizing the business transaction in monetary unit.
It's a process of classifying, recording and summarizing the business transaction interpreting the data in assist stakeholders in making decision.
Accounting is referred to as the "language of ___________________."
Profit
Life
Accounting
Business
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
Which of the following statement is true?
Bookkeeping is recording all the business transaction and owner's own transaction
Bookkeeping deals with record-keeping and is one only aspect of accounting
Bookkeeping and accounting are one and the same since the bookkeeping function is includes in accounting process
None of the above
Define the bookkeeping
It's a process of classifying, recording and summarizing the business transaction.
Its a process of recording, summarizing and classifying the business transactions.
It's a process of classifying, summarizing and recording the business transactions.
Which branch of accounting embraces the preparation of various tax returns and tax planning necessary to minimize the impact of taxes on the firm?
Auditing
Cost accounting
Financial accounting
Tax accounting
Which branch of accounting is concerned with analyzing costs of products or services rendered in a business?
Auditing
Cost accounting
Financial Accounting
Management Accounting
Tax Accounting
Which branch of accounting deals with the calculate the profit or loss of a business during a period and to provide an accurate picture of the financial position of the business as on a particular date to investors or banks?
Auditing
Cost accounting
Financial Accounting
Tax accounting
