CBSE Questions for Class 11 Commerce Accountancy Introduction To Accounting Quiz 5 - MCQExams.com

What are the important objectives of accounting?
I. To maintain records of a business
II. Calculation of profit or loss
III. Depiction of financial position
IV. To make information available to various groups and users.
  • I and II
  • I and III
  • I, II and III
  • I, II, III and IV
In every business transaction, at least _______ parties are involved.
  • Two
  • Three
  • Four
  • Six
All those to whom business owes money are ____________.
  • Debtors
  • Creditors
  • Investors
  • Owners
Accounting is defined as "the __________ of recording, classifying and summarizing in terms of money transactions and events of a financial character and interpreting the results thereof".
  • Art
  • Science
  • Method
  • None of these
Which of the following involves the preparation of reports and statements from the classified data (ledger) understandable and useful to management and other interested parties?
  • Classifying
  • Recording
  • Summarizing
  • All of the above
Which of the following is/are the branch of accounting?
(P) Financial Accounting
(Q) Cost Accounting
(R) Management Accounting
  • (P)
  • (Q)
  • (R)
  • All of the above
An amount which is allowed for the prompt settlement of debt arising out of a sale within a specified time and calculated on a percentage basis is known as ___________________.
  • Trade discount
  • Special discount
  • Cash discount
  • None of the above
The process of grouping transactions or entries of the same type at one place is known as _____________.
  • Classifying
  • Recording
  • Summarizing
  • Numberring
_____________ is a deduction from the list or catalogue price allowed by the wholesalers to the retailers for various reasons.
  • Trade discount
  • Special discount
  • Cash discount
  • None of the above
Which of the following is/are attribute/s of accounting?
  • Accounting is social science.
  • It involves recording, classifying and summarizing.
  • It records transaction of qualitative nature
  • All of the above
Accounting is :
An art
A science
Select the correct answer from the options given below ___________.
  • 1 only
  • 2 only
  • Partly 1 and Partly 2
  • 2 but not 1
State with reasons whether the following statement is true or false:
Accounting involves communication.  
  • True
  • False
Systematically writing down the transactions and events in account books soon after their occurrence is known as _________.
  • classifying
  • recording
  • summarizing
  • numbering
Accounting involves -
(I) Recording
(II) Classifying
(III) Summarizing
Select the correct answer from the options given below.
  • (I)
  • (I) & (III)
  • (I) & (II)
  • All of the above
Which of the following is/are not the branch of accounting?
  • Cost Accounting
  • Financial Accounting
  • Human Resources Accounting
  • All of the above
Which of the following is the branch of accounting?
(I) Human Resources Accounting
(II) Social Accounting
(III) Security Accounting
The correct answer is-
  • (I) & (II)
  • (II) & (III)
  • (I) & (III)
  • None of the above
Regulatory Agencies interested as users of accounting information includes __________.
  • Various Government departments
  • Agencies such as Company Law Board (CLB)
  • Registrar of Companies (ROC)
  • All of the above
Which of the following is/are characteristics of accounting information?
  • Understandability
  • Timeliness
  • Completeness
  • All of the above
Select the odd on in relation to users of accounting information.
  • Officers
  • Managers
  • Debtors
  • Board of directors
Which of the following are internal users of accounting information?
  • Board of directors
  • Partners
  • Managers
  • All of the above
Which of the following is/are the advantages of accounting?
  • Decision making relating to financial aspect
  • Evidence in legal matters relating to accounting
  • Provides information to interested parties
  • All of the above
Which of the following is/are external users of accounting information?
  • Shareholders/investors
  • Creditors
  • Government agencies
  • All of the above
Which of the following is characteristic of accounting information?
P. Relevance
Q. Reliability
R. Comparability
Select the correct answer from the options given below ______________.
  • P
  • Q
  • R
  • All of the above
Salary can be classified as _________.
  • Revenue
  • Expense
  • Asset
  • Liability
What are the gross decreases in economic benefits for the business?
  • Expenses
  • Obligations
  • Creditors
  • Income or gain
On 1.1.2019, CS N. S. Zad paid rent of Rs. 25,000 for Zads Professional Academy. This can be classified as _________.
  • an event
  • a transaction
  • a transaction as well as an event
  • neither a transaction nor an event
Accounting gives the true picture of the organization's financial position. 
  • True
  • False
  • Irrelevant
  • Partiality false
Amit is recording sales transactions in the accounting system so that they can be summarized in a logical manner for the purpose of providing financial information for decision-making. Amit is doing ___________.
  • Management Consulting
  • Review
  • Accounting
  • Auditing
Accounting information is being used by __________.
  • Customers
  • Researchers
  • Both A & B
  • None of the above
Which of the following is characteristic of accounting information?
  • Verifiability
  • Neutrality
  • Completeness
  • All of the above
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