📒Accounting MCQs
Accounting MCQs
397 MCQs41
Financial accounting provides financial information to all of the following external users except:
AGovernment agencies
Binvestors
CCreditors
DManagers
42
Bookkeeping mainly concerns with which part of accounting process?
AAnalyzing
BPreparing financial statements
CRecording financial information
DAuditing the books of accounts
43
Identify the correct sequence of accounting process
ACommunicating→Recording→Identifying
BRecording→Communicating→Identifying
CIdentifying→communicating→recording
DIdentifying→recording→communicating
44
In accounting an Economic event is referred to as:
ACash
BBank statement
CTransaction
DExchange of money
45
Credit memo or credit note No. is entered in which of the following journal?
AGeneral journal
BCash journal
CPurchase journal
DSales return day book
46
BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?
ACash receipts journal
BCash payments journal
CSales journal
DPurchase journal
47
Which of the following is known as an evidence that a transaction took place?
ACash receipts journal
BGeneral journal
CSource document
DCash book
48
Specialized journals are more adequate for which TYPE OF BUSINESSES?
ASmall businesses
BBig businesses
CSole proprietorship
DPartnership
49
Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
AIdentifying transactions
BPreparing “T Accounts”
CPreparing financial statements
DPreparing trial balances
50
Liability are arisen from which of the following events?
APresent event
BFuture event
CPast event
DNone of them