Which of the following statements is the most appropriate definition for Accountancy?A. Accountancy refers to the systematic knowledge of accounting.B. Accountancy refers to an art of communicating the financial transactions to accounting users.C. Accountancy refers to an art of classifying the recorded transactions under their respective accounts.D. Accountancy refers to the process of recording financial transactions in the order of their occurrence.
  • A
  • B
  • C
  • D
Which of the following tasks is the prime objective of Cost Accounting?A. To ascertain the opportunity cost of the business.B. To ascertain the volume and cost of acquiring funds.C. To ascertain the cost of goods and services produced.D. To ascertain the financial position and cost of capital invested.
  • A
  • B
  • C
  • D
Which of the following tasks is considered as an important objective of accounting?A. To prepare bills and invoicesB. To prepare Financial StatementsC. To record monetary and non-monetary eventsD. To identify business and non-business expenditures
  • A
  • B
  • C
  • D
If a firm owes money to a person then from the firm’s point of view, the person will be aA. PayerB. debtorC. creditorD. receiver
  • A
  • B
  • C
  • D
Which of the following persons invests capital in a firm?A. LendersB. DebtorsC. CreditorsD. Proprietors
  • A
  • B
  • C
  • D
Book keeping is an art ofA. analysing the financial resultsB. recording of business transactionsC. recording of non-monetary eventsD. communicating the analysed results
  • A
  • B
  • C
  • D
An amount paid or a liability incurred for purchase of fixed assets is known asA. capital investedB. long term liabilityC. capital expenditureD. revenue expenditure
  • A
  • B
  • C
  • D
The expenditure whose benefit cannot be claimed in the next accounting period is considered asA. current liabilityB. capital expenditureC. revenue expenditureD. deferred revenue expenditure
  • A
  • B
  • C
  • D
Book keeping is a part ofA. Cost AccountingB. Financial AccountingC. Management AccountingD. National Income Accounting
  • A
  • B
  • C
  • D
Under which of the following heads the Stock-in-trade is shown?A. Current AssetsB. Current LiabilitiesC. Long Term InvestmentsD. Short Term Investments
  • A
  • B
  • C
  • D
Which of the following practices is a limitation of accounting?A. Ignoring qualitative aspectsB. Recording transactions in JournalC. Summarising business transactionsD. Classifying the transactions in monetary terms
  • C
  • D
  • A
  • B
Which of the following practices is a function of Financial Accounting?A. Price fixing of goodsB. Ascertaining cost per unitC. Maintaining of payrollsD. Recording the business transactions
  • A
  • B
  • C
  • D
Which of the following practices/arts is closely associated with recording of financial transactions?A. Book KeepingB. Cost AccountingC. Decision MakingD. Management Accounting
  • A
  • B
  • C
  • D
Systematic records involves recording of relevant transactions at one place under a particular head. The head is called ___________.A. JournalB. AccountC. Balance SheetD. Book of Original Entry
  • A
  • B
  • C
  • D
Which of the following accounting terms refers to the amount withdrawn by the proprietor for personal use?A. ProfitsB. DrawingsC. ExpensesD. Liabilities
  • A
  • B
  • C
  • D
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