Gross decrease in economic benefits for the business are what ?
A. Creditors
B. Expenses
C. Obligations
D. Income or gain
ACCOUNTING MCQS
Accounting MCQs with answers for online tests cover topics such as PPSC, FPSC, NTS, KPPSC, SPSC, ETEA, AJKPSC, and BPSC. Accounting multiple-choice questions (MCQs) for competitive exams. Our MCQs cover a wide range of accounting topics, including financial accounting, management accounting, auditing, taxation, and more
An asset must be _____ by the business to be shown as an asset in its “balance sheet” ?
A. Owned
B. Used
C. Possessed
D. Controlled
Liability are arisen from which of the following events ?
A. Past event
B. Future event
C. Present event
D. None of these
Which is the most important characteristic that all assets of a business have ?
A. Value of assets
B. Intangible nature of assets
C. Future economic benefits
D. Long life of assets
_____ is the first phase of accounting cycle ?
A. Posting entries to ledger accounts
B. Making decisions about business
C. Preparing journals
D. Identifying an economic event or transaction
Which of the following is the internal user of financial statements ?
A. Manager of the business
B. Shareholder of the business
C. Creditor of the business
D. Government agency
Which of the following is the external user of financial statements ?
A. CEO of the businessB. Controller of the businessC. Manager of the businessD. Creditor of the business
Auditing is what ?
A. Preparation financial statements
B. maintaining the ledger records
C. Reporting the financial information
D. Examination of financial statements
Keeping the log of financial information in books of original entries is called ____ ?
A. Grouping
B. Processing
C. Recording
D. summarizing
Financial accounting provides financial information to all of the following external users except ______?
A. Creditors
B. Managers
C. Government agencies
D. investors