Liabilities are which of the following?
Liabilities are which of the following?
A. Resources
B. Obligations
C. Future benefits
D. Expenses
Liabilities are which of the following? Read More »
Accounting MCQs / Q&AAccounting MCQs / Q&A
An asset posses which of the following?
An asset posses which of the following?
A. Future economic benefits for the business
B. All kind of benefits for the business
C. Expenses for the business
D. Merits and Demerits for the business
An asset posses which of the following? Read More »
Accounting MCQs / Q&A________ is a separate legal entity that Total capital can be divided in many shares.
________ is a separate legal entity that Total capital can be divided in many s.
A. Partnership
B. Sole proprietorship
C. Company
D. Non-profit organization
________ is a separate legal entity that Total capital can be divided in many shares. Read More »
Accounting MCQs / Q&AFinancial statements differ from management account because
Financial statements differ from management account because
A. They are mainly prepared for external users of financial information
B. They are more complex and hard to prepare
C. The are the summary of accounting data
D. The are prepared on basis of actual concept
Financial statements differ from management account because Read More »
Accounting MCQs / Q&A_________ is the first phase of accounting cycle?
_________ is the first phase of accounting cycle?
A. Identifying an economic event or transaction
B. Preparing journals
C. Posting entries to ledger accounts
D. Making decisions about business
_________ is the first phase of accounting cycle? Read More »
Accounting MCQs / Q&AWhich of the following is the internal user of financial statements?
Which of the following is the internal user of financial statements?
A. Creditor of the business
B. Government agency
C. holder of the business
D. Manager of the business
Which of the following is the internal user of financial statements? Read More »
Accounting MCQs / Q&AWhich of the following is the external user of financial statements?
Which of the following is the external user of financial statements?
A. Manager of the business
B. CEO of the business
C. Creditor of the business
D. Controller of the business
Which of the following is the external user of financial statements? Read More »
Accounting MCQs / Q&AAuditing is what?
Auditing is what?
A. Reporting the financial information
B. Examination of financial statements
C. Preparation financial statements
D. maintaining the ledger records
Keeping the log of financial information in books of original entries is called__________?
Keeg the log of financial information in books of original entries is called__________?
A. Recording
B. summarizing
C. Groug
D. Processing
For which step of accounting process the accountants of business entity prepare financial statements?
For which step of accounting process the accountants of business entity prepare financial statements?
A. Identification of economic event
B. Communication of financial information
C. Recording financial information
D. Making decisions about business