CBSE Questions for Class 9 Elements Of Book Keeping And Accountancy Introduction To Book Keeping And Accounting Quiz 1 - MCQExams.com

Information is said to be relevant if it is _______.
  • Free from bias
  • Shows profit
  • Not consistent
  • All of the above
Which of the following would be considered as external users of accounting information's?
  • Board of Directors
  • Shareholders
  • Finance manager
  • Sales manager
Financial account records only __________.
  • Actual figures
  • Budgeted figures
  • Standard figures
  • Management figures
The prime objective of accounting is to _________________.
  • To record economic data
  • Provide the information basis of action
  • Classifying and recording business transaction
  • Attainment of economic goal
____________ provides information for income determination.
  • Financial accounting
  • Cost accounting
  • Management accounting
  • None of these
____________ is the oldest branch of accounting.
  • Financial Accounting
  • Cost Accounting
  • Management Accounting
  • None of these
Financial accounting use ________.
  • Projected data
  • External data only
  • Historical data
  • Manager data only
Financial accounting is concerned with recording of _______________.
  • Business expenses and revenue
  • Costs of products and services
  • Day to day business transactions
  • None of the above
The appropriate objective of an enterprise is _________.
  • To maintain sales at minimum level
  • Maximisation of business wealth
  • To maintain the profits at one level
  • None of the above
Which of the following statements about differences between financial and managerial accounting is incorrect?
  • Managerial accounting information is prepared primarily for martial parties such as stockholders and creditors; financial accounting is directed at internal users
  • Financial accounting is aggregated; managerial accounting is focused on products and departments
  • Managerial accounting pertains to both past and future items; financial accounting focuses primarily on past transactions and events
  • Financial accounting is based on generally accepted accounting practices; managerial accounting faces no similar constraining factors
_____________ is a post mortem of past costs.
  • Financial accounting
  • Cost accounting
  • Both A and B
  • None of these
Which of the following statements is not an objective of financial reporting?
  • Provide information that is useful in investment and credit decisions.
  • Provide information regarding policy of organisation
  • Provide information that is useful in assessing cash flow prospective
  • None of these
The word accounting can be classified into __________________.
  • Financial accounting and management accounting
  • Financial accounting and cost accounting
  • Financial accounting, management accounting and cost accounting
  • Cannot be classified
Internal user is ________of the business entity.
  • Bank
  • Compititors
  • Customer
  • Management
Use of common unit of measurement and common format of reporting promotes________.
  • Comparability
  • Understandability
  • Relevance
  • Reliability
Which qualitative characteristic of accounting information is reflected when accounting information is clearly presented ? 
  • Understandability
  • Relevance
  • Comparability
  • Reliability
A_______ would most likely use an entity's financial report to determine whether or not the business entity is eligible for a loan. 
  • Creditor
  • Emplyoee
  • Mangement
  • None of the Above
To be comparable, accounting reports must belong to ________.
  • common period
  • use common unit of measurement
  • use common format of reporting.
  • all of the above
______ users are groups outside the business entity, who uses the information to make decisions about the business entity. 
  • Mangement
  • Emplyoee
  • Owner
  • External
Which of the following are general objectives of accounting?
I. Maintenance of Accounting Records
II. Providing Information
III. Ascertainment of Profit or Loss
IV. Depiction of Financial Position
  • I and II 
  • III and IV 
  • I and IV 
  • I, II, III and IV
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Practice Class 9 Elements Of Book Keeping And Accountancy Quiz Questions and Answers