Basic Accounting Questions and Answers Quiz

Miscellaneous : Basic Accounting

Here we will introduce you to some basic accounting principles, accounting concepts, and accounting terminology.
1. Accounting is defined as ?
[A] An art of recording,classifying and summarizing in a significant manner and in terms of money,transactions and events which are in part at least,of a financial character and interpreting the results thereof.
[B] A systematic and regular record of events clear financial picture
[C] A method of ascertaining profits & loss
[D] Noting but book keeping
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2. What is the method of summarizing and classifying the record of financial transaction in monetary terms ?
[A] Book keeping
[B] Auditing
[C] Accountancy
[D] Cost Accounting
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3. Accounting is also defined as an 'Information System' because ?
[A] The function of accounting is to provide quantitative information,primarily financial in nature about economic entities
[B] It is a system which provides information
[C] Accounting provides required information for anyone seeking it
[D] All of above
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4. Accounting in modern age is regarded as ?
[A] The art of recording,classifying and summarizing the business transactions in monetary units
[B] The language of business
[C] The source of business information
[D] All of above
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5. Accounting is the process of matching
[A] Benefits and Costs
[B] Revenues and Costs
[C] Cash inflows and outflows
[D] Potential and real performance
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6. Choose the correct statement
[A] Keeping systematic recording of business transaction is not the function of financial accounting
[B] Accounting is concerned with monetary transactions
[C] Accounting is concerned with past as well as future events
[D] Business and Businessman are one and the same from accounting point of view
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7. Which of the following event is subject matter of Accounting ?
[A] Death if key executive of the business/company
[B] Strike of workers
[C] Payment of Rs.10,000 to bank in discharge of outstanding loan
[D] Marriage of the daughter of the Managing Director of the Company
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8. Choose the incorrect statement
[A] Accounting is the language of business
[B] Transaction are recorded in quantitative terms only
[C] Accounting is the art of recording,classifying and summarizing
[D] Transaction and events of financial character are subject matter of accounting
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9. Management Accounting
[A] Is a clerical work
[B] Is accounting for future
[C] Is a recording technique of the management related transactions
[D] Is an analysis of the past business activities
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10. Which of the following is not available in the Financial Statements of a Company ?
[A] Total Sales
[B] Total Profit and Loss
[C] Loss from Fire
[D] None of above
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Md. Kamruzzaman 5 days ago Reply

good


Sulaksha Padwal 3 weeks ago Reply

Good


Neha Raghani 1 month ago Reply

ok ok


p k 1 month ago Reply

it's nice for the bibnners


nagababu 1 month ago Reply

good


bezzell 3 months ago Reply

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Allen Monyomb 7 months ago Reply

Helps me in my quiz preparation as well. Its great.


Harshal Gaikwad 11 months ago Reply

Thank you. It is really helpful those who are from commerce stream.


Marion 1 year ago Reply

Very helpful. Thank you.


Sushmita 1 year ago Reply

This Quiz is too good for accounting students


rajendra prasa 1 year ago Reply

Very good and appreciable