WorksheetsFinancial Accounting and Business News Quiz
Total questions: 50
Worksheet time: 25mins
Financial Accounting is primarily concerned with:
Internal decision-making
Recording business transactions
Setting government policies
Predicting future trends
Which of the following best defines Financial Accounting?
Process of forecasting future revenues
Process of recording, summarizing, and reporting business transactions
Process of employee performance evaluation
Process of production planning
The main objective of Financial Accounting is:
Control over production
Measurement of profitability and financial position
Employee motivation
Minimizing taxes only
Which statement is NOT an objective of Financial Accounting?
Providing information to external users
Ensuring compliance with laws
Forecasting economic environment
Assisting in investment decisions
The end product of Financial Accounting is:
Ledger
Trial Balance
Financial Statements
Cost Sheet
Financial Accounting is mainly useful for:
Workers
Managers
External stakeholders
Only government
Which of the following is NOT a limitation of Financial Accounting?
Based on historical data
Provides quantitative information only
Subject to personal bias
Future forecasting with precision
The importance of Financial Accounting lies in:
Tax evasion
Transparent reporting
Only satisfying government needs
Predicting climate change
Which of the following is a user of financial information?
Creditors
Investors
Government
All of the above
The accounting process does NOT include:
Identifying transactions
Measuring cost
Recording in journals
Conducting marketing research
Which of the following is NOT a characteristic of Financial Accounting?
Uniformity
Historic nature
Precision in forecasting
Legal compliance
Financial statements are generally prepared:
Daily
Weekly
Annually/Quarterly
Hourly
Accounting helps management mainly by:
Providing operational data
Providing financial records for decision-making
Supervising employees
Conducting training
Limitation of financial statements is that they:
Provide qualitative aspects
Are future oriented
Ignore non-monetary aspects
Consider inflation
Which of the following is NOT an objective of accounting?
Safeguarding assets
Measuring profits
Motivating employees
Facilitating control
The double-entry system in accounting is based on:
Demand and supply
Dual aspect concept
Marginal utility
Break-even analysis
Which of the following is an advantage of accounting?
Provides reliable records
Helps in comparison
Acts as evidence in court
All of the above
Financial Accounting cannot provide:
Cost of production
Cash flows
Balance sheet
Profit and loss account
Which is NOT a primary objective of financial statements?
Provide info about resources and obligations
Provide info about performance
Predict employee behavior
Provide info for decision-making
Which of the following limitations exists in financial accounting?
Inflation ignored
Based on estimates
Window dressing possible
All of the above
Accounting information is said to be useful if it is:
Relevant and reliable
Complicated and lengthy
Subjective and hidden
None
Who is considered the father of modern accounting?
Adam Smith
Luca Pacioli
Amartya Sen
Alfred Marshall
Which accounting principle assumes business will continue in future?
Going concern
Matching
Prudence
Cost principle
Which of the following is NOT a function of accounting?
Recording
Classifying
Auditing
Summarizing
Importance of financial statements includes:
Evaluating creditworthiness
Determining taxation
Assisting investment
All of the above
Accounting provides information primarily to:
Only management
Only shareholders
All interested parties
Only government
Which one is NOT a characteristic of good accounting information?
Understandability
Reliability
Comparability
Ambiguity
Accounting fails when:
Transactions are not recorded properly
Information is manipulated
Inflation is high
All of the above
The limitation of accounting regarding asset valuation is that it records assets at:
Market value
Historical cost
Replacement value
Net realizable value
Which is NOT a direct use of financial accounting?
Filing tax returns
Preparation of budget
Settlement of legal disputes
Attracting investment
In 2025, RBI's Monetary Policy Committee kept the repo rate at:
6.25%
6.50%
6.75%
7.00%
India's GDP growth forecast for FY 2025 by RBI is approximately:
5.9%
6.2%
6.5%
7.0%
Which Indian company became the first to cross ₹20 lakh crore market cap in 2025?
Infosys
Reliance Industries
TCS
HDFC Bank
In July 2025, which bank merged with IDFC FIRST Bank?
Yes Bank
Ujjivan Small Finance Bank
Shriram Finance
None
As of mid-2025, who is the Finance Minister of India?
Piyush Goyal
Nirmala Sitharaman
Amit Shah
Rajnath Singh
In August 2025, which company launched India's first AI-powered financial assistant?
Paytm
Zerodha
PhonePe
HDFC Bank
Which Indian IT company announced a partnership with NVIDIA in 2025 for AI solutions?
Infosys
TCS
Wipro
HCL Tech
In 2025, India's stock exchange that launched a carbon trading platform is:
NSE
BSE
MCX
NCDEX
Which Indian airline placed the world's largest aircraft order in 2025?
Air India
IndiGo
Akasa Air
Vistara
India's first sovereign green bond issue was launched in:
2022
2023
2024
2025
Which PSU was listed on stock exchanges in 2025?
LIC
NTPC Green Energy
ONGC
GAIL Renewables
In 2025, India signed a free trade agreement (FTA) with:
Australia
UAE
UK
USA
Which Indian startup became a unicorn in 2025 in the EV sector?
Ather Energy
Ola Electric
Ultraviolette
BluSmart
As of August 2025, India's foreign exchange reserves are around:
$500 billion
$600 billion
$650 billion
$700 billion
Which Indian bank launched a digital rupee (CBDC) wallet in 2025?
SBI
HDFC Bank
ICICI Bank
Axis Bank
India hosted the BRICS Summit 2025 in which city?
Delhi
Mumbai
Bengaluru
Hyderabad
In 2025, who became the world's richest Indian entrepreneur again?
Azim Premji
Gautam Adani
Mukesh Ambani
Shiv Nadar
Which Indian FMCG giant acquired Everest Spices in 2025?
ITC
HUL
Dabur
Nestle India
India's first bullet train project (Mumbai-Ahmedabad) is expected to be operational by:
2026
2027
2028
2030
Which e-commerce company announced IPO plans in 2025?
Flipkart
Meesho
Nykaa
Zomato
