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1)

The accounting process involves in recording:

A)  Quantifiable economic event RIGHT ANSWER!!!

B)  Non quantifiable economic eventWRONG ANSWER

C)  All of themWRONG ANSWER

D)  None of themWRONG ANSWER


2)

In accounting an Economic event is referred to as:

A)  CashWRONG ANSWER

B)  Bank statementWRONG ANSWER

C)  TransactionRIGHT ANSWER!!!

D)  Exchange of moneyWRONG ANSWER


3)

Identify the correct sequence of accounting process

A)  Communicating→Recording→IdentifyingWRONG ANSWER

B)  Recording→Communicating→IdentifyingWRONG ANSWER

C)  Identifying→communicating→recordingWRONG ANSWER

D)  Identifying→recording→communicatingRIGHT ANSWER!!!


4)

Bookkeeping mainly concerns with which part of accounting process?

A)  AnalysingWRONG ANSWER

B)  Preparing financial statementsWRONG ANSWER

C)  Recording financial informationRIGHT ANSWER!!!

D)  Auditing the books of accountsWRONG ANSWER


5)

Financial accounting provides financial information to all of the following external users except:

A)  Government agenciesWRONG ANSWER

B)  investorsWRONG ANSWER

C)  CreditorsWRONG ANSWER

D)  ManagersRIGHT ANSWER!!!


6)

For which step of accounting process the accountants of business entity prepare financial statements?

A)  Identification of economic eventWRONG ANSWER

B)  Communication of financial informationRIGHT ANSWER!!!

C)  Recording financial informationWRONG ANSWER

D)  Making decisions about businessWRONG ANSWER


7)

Keeping the log of financial information in books of original entries is called

A)  RecordingRIGHT ANSWER!!!

B)  summarizing WRONG ANSWER

C)  GroupingWRONG ANSWER

D)  ProcessingWRONG ANSWER


8)

Auditing is what?

A)  Reporting the financial informationWRONG ANSWER

B)  Examination of financial statementsRIGHT ANSWER!!!

C)  Preparation financial statementsWRONG ANSWER

D)  maintaining the ledger recordsWRONG ANSWER


9)

Which of the following is the external user of financial statements?

A)  Manager of the businessWRONG ANSWER

B)  CEO of the businessWRONG ANSWER

C)  Creditor of the businessRIGHT ANSWER!!!

D)  Controller of the business WRONG ANSWER


10)

Which of the following is the internal user of financial statements?

A)  Creditor of the businessWRONG ANSWER

B)  Government agencyWRONG ANSWER

C)  Shareholder of the business WRONG ANSWER

D)  Manager of the businessRIGHT ANSWER!!!







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