Chapter No 1 :Financial Accounting (23 MCQ`S)

  1. Process of recording, summarizing and reporting a company's business transactions through financial statements is called
    1. Cost accounting
    2. Financial accounting
    3. Advanced accounting
    4. All of these
    5. Show Answer
      Answer: B
      Explanation:
      • N/A
  2. How many type of financial accounting
    1. 2
    2. 3
    3. 4
    4. 5
    5. Show Answer
      Answer: A
      Explanation:
      • N/A
  3. Income statement is an example of

    1. Cost accounting

    2. Advanced accounting

    3. Financial accounting

    4. All of these

    5. Show Answer
      Answer: C
      Explanation:
      • N/A
  4. To show financial results at the end of year is called
    1. Financial accounting
    2. Cost accounting
    3. Advanced accounting
    4. Balance Sheet
    5. Show Answer
      Answer: A
      Explanation:
      • N/A
  5. Cash and accrual accounting are type of…..
    1. Cost accounting
    2. Financial accounting
    3. Advanced accounting
    4. All of these
    5. Show Answer
      Answer: B
      Explanation:
      • N/A
  6. Financial accounting is to prepare …..Reports
    1. Financial
    2. Economical
    3. Both
    4. None of these
    5. Show Answer
      Answer: A
      Explanation:
      • N/A
  7. Information about a company's in financial…….. accounts
    1. Progress
    2. Performance
    3. Both
    4. None of these
    5. Show Answer
      Answer: B
      Explanation:
      • N/A
  8. Primarily used to convey the financial information about a firm to external parties called …..
    1. Creditors
    2. Debtors
    3. Both
    4. None of these
    5. Show Answer
      Answer: A
      Explanation:
      • N/A
  9. Cash method is a type of …….
    1. Cost accounting
    2. Financial accounting
    3. Advanced accounting
    4. All of these
    5. Show Answer
      Answer: B
      Explanation:
      • N/A
  10. Accrual method is a type of ……
    1. Financial accounting
    2. Cost accounting
    3. Advanced accounting
    4. All of these
    5. Show Answer
      Answer: A
      Explanation:
      • N/A

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