CBSE Questions for Class 11 Commerce Accountancy Introduction To Accounting Quiz 6 - MCQExams.com

Accounting involves _________.
  • decision making for the management easy as financial results can be compared.
  • the records being put is a systematic pattern so that any point of time they can be used.
  • the financial information being stored in a meaningful way for taxation purpose
  • all of the above
Who is the father of Double entry- Book Keeping?
  • F.W. Taylor
  • Henry Fayol
  • Lucas Pacioli
  • None of the above
Which of the following characteristics of accounting information primarily allows user of financial statements to generate predictions about an organization?
  • Reliability
  • Timeliness
  • Neutrality
  • Relevance
The branch of accounts that deals with the calculation of unit cost of services is called.
  • Cost Accounting
  • Management accounting
  • Financial Accounting
  • All of the above
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 are correct
Accounting information is being used by ___________.
  • Customer
  • Researchers
  • Both a & b
  • None of the above
Which of the following is/are the branch of accounting?
(P) Financial Accounting 
(Q) Cost Accounting 
(R) Management Accounting 
Select the correct answer:
  • (P)
  • (Q)
  • (R)
  • All of the above
Identify the external users of financial information or financial statements ____________________.
  • Management of the business
  • CFO of the business
  • Employees of the business
  • Investors of the business
Users of accounting information include ______________.
  • Tax authorities
  • Investors
  • Creditors
  • All of the above
Which of the following is one of the major professional accountancy bodies in the is____________________.
  • Institute of Chartered Accountants of India
  • Chartered Association of Accountants
  • Indian Institute of Chartered Accounts
  • Institute of Company Accountants
Accounting is "the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character and interpreting the results thereof". This definition is given by ______________________.
  • The Institute of Chartered Accountant of India (ICAI)
  • The Institute of Chartered Accountant of England
  • American Institute of Certified Public Accountants
  • The Institute of Chartered Accountant of Pakistan
Book-keeping is concerned with the ______ of transactions while Accounting is concerned with the _______ of the recorded transactions. 
  • Recording, Summarizing
  • Summarizing, Recording
  • Posting, Recording
  • Summarizing, Posting
Which of the following is/are external users of accounting information's?
  • Shareholders/ Investors
  • Creditors
  • Government agencies
  • All of the above
Which of the following is not a sub-field/Branch of Accounting?
  • Cost Accounting.
  • Management Accounting.
  • Social Responsibility Accounting.
  • Automated Accounting.
Regulatory Agencies, interested as users of accounting information's includes _____________________.
  • Various Government departments
  • Agencies such as Company Law Board (CLB)
  • Registrar of Companies (ROC)
  • All of the above
External users of accounting information include ______________.
  • Owner
  • Customer
  • Management
  • None of these
Internal users of accounting information include _______________.
  • Short-Term Creditors
  • Customers
  • Long-term Lenders
  • CEO
Sale of goods to Ram for cash $$Rs.1000$$ is a ______________.
  • Cash Transaction
  • Credit Transaction
  • Barter System
  • Internal Event
An economic event that involves transfer of money or money's worth is a/are _______________.
  • Financial Transactions
  • Barter System
  • Settlements
  • Receipts/Payments
Accounting covers only the following octillion __________________.
  • Rewriting and Classifying.
  • Recording, Classifying and Analysing.
  • Analysing, Recording and Interpreting.
  • Identifying, Classifying, Recording, Summarising and Communicating.
Which of the following is not characteristic of accounting information?  
  • Understandability
  • Relevance
  • Future transactions
  • Completeness
Which of the following is/are characteristics of accounting information? 
  • Understandability
  • Timeliness
  • Completeness
  • All of the above
Ram paid rent of Rs 10,This can be classified as _____________.
  • An event
  • A transaction
  • A transaction as well as an event.
  • Neither a transaction nor an event.
Drawings represent _______________.
  • Cash withdrawn for office use
  • Cash withdrawn for personal use
  • Goods withdrawn for personal use
  • B & C
Sale of goods to Ram for Rs. 1,000 with a credit term of 5 days is a/an ____________.
  • Cash Transaction
  • Credit Transaction
  • Barter System
  • Internal Event
Financial accounting information is characterized by all of the following except ___________.
  • It is historical in nature
  • It is factual, so it does not require judgement to prepare
  • It results from appropriate measures
  • It is enhanced by managements explanation
A person to whom money is owed by the business __________________.
  • A creditor
  • A debtor
  • A borrower
  • A customer
A person who owes money to the firm is ____________.
  • A creditor
  • A debtor
  • An investor
  • A lender
Drawing are deducted from ___________.
  • Sales
  • Purchases
  • Returns outward
  • Capital.
The person to whom goods are sold on credit is known as _____________.
  • Creditor
  • Debtor
  • Borrower
  • None of these
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Practice Class 11 Commerce Accountancy Quiz Questions and Answers