Business studies Mcqs, Accounts Mcqs, Business studies notes,Quiz and case Based Questions, Quizizz

Introduction to accounting Quiz-3 Index => Introduction to accounting Quiz-3 Quiz Show all questions <=   => Which system of accounting records all financial transactions in the books of accounts? ?   Single entry system ?   Double entry system ?   Cash basis accounting ?   Accrual basis accounting Employees are considered external users of accounting because: ?   They do not have a direct financial interest in the company. ?   They do not work for the company. ?   They do not have access to accounting information. ?   All of the above. The opposing party can challenge the admissibility of accounting records in court by arguing that: ?   They are not relevant to the case. ?   They are not reliable. ?   They are not original. ?   All of the above. Reliability means that accounting information: ?   Is useful for decision-making. ?   Is free from material error and bias. ?   Is based

Introduction to accounting Quiz-2 Index => Introduction to accounting Quiz-2 Quiz Show all questions <=   => Which of the following is NOT a component of accounting? ?   Recording ?   Analyzing ?   Summarizing ?   Inventing What is the fundamental distinction between accounting and accountancy? ?   They are two terms for the same concept. ?   Accounting refers to the process, while accountancy refers to the profession. ?   Accountancy refers to the process, while accounting refers to the profession. ?   They are interchangeable terms in different regions. Which branch of accounting focuses on recording, classifying, and summarizing financial transactions for external reporting purposes? ?   Managerial accounting ?   Tax accounting ?   Financial accounting ?   Cost accounting What advantage of accounting ensures that resources are allocated efficiently and wastage is minimized? ?