WorksheetsFUNDAMENTALS OF ACCOUNTING
Total questions: 15
Worksheet time: 10mins
Who is known as the Father of Accounting?
Adam Smith
Luca Pacioli
Benjamin Franklin
Amartya Sen
In double-entry accounting, each transaction will have how many effects?
ONE
TWO
THREE
FOUR
Accounting means…
Preparing annual reports only
Recording personal transactions
The process of writing, analysing, and reporting financial information
Paying tax
Who is officially eligible to conduct audit in India?
Company Secretary
Cost Accountant
Chartered Accountant
Financial Analyst
IFRS stands for…
International Financial Reporting Standards
International Finance Regulation System
Internal Financial Reporting System
International Fund Reporting Standards
Which of the following is not an objective of accounting?
Recording business transactions
Determining profit or loss
Determining Marketing policy
Communicating financial information
Which of the following is an importance of accounting?
Helps in decision-making
Increases inflation
Creates monopoly
Reduces competition
Which of the following is an internal user of financial statements?
INVESTORS
COMPETITORS
MANAGEMENT
GOVERNMENT
Among the following, identify one external user of financial information:
MANAGERS
EMPLOYEES
SUPERVISORS
GOVERNMENT
What is profit in terms of accounting?
Total revenue minus total liabilities
Surplus of revenue over expenses
Total assets minus total liabilities
Total sales minus purchases
Assets can be categorized into how many types?
ONE
TWO
FOUR
FIVE
CSR STANDS FOR
Corporate Social Responsibility
Corporate Social Responsibility
Corporate Social Responsibility
Corporate Social Responsibility
Which area of accounting deals with financial fraud detection?
Cost Accounting
Forensic Accounting
Financial Management
Management Accounting
The area of accounting dealing with cost of capital, cost budgeting, and cost control is known as…
Management Accounting
Financial Accounting
Cost Accounting
Corporate Accounting
Which of the following is a limitation of accounting?
Assists in decision-making
Records only monetary transactions
Window dressing
Improves transparency
