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Teacher: Prof. Sarita Srivastav CHOOSE THE BEST ALTERNATE 1. Book keeping is mainly concerned with (a) Recording financial data relating to business operation (b) Designing for systems recording, classifying and summarizing recorded data (c) Interpreting data for internal & external users (d) All the above 2. In accounts recording is made of (a) Only financial transaction (b) Only Non- Financial transaction (c) Financial & Non- financial transactions (d) Personal transactions of the proprietors 3. Which of the following transaction is not of financial character? (a) Purchase of asset on credit (b) Purchase of goods for cash (c) Withdrawing of money by proprietor from business (d) Strike by employee 4. Internal users of accounting information are (a) Owners (b) Creditors (c) Management
5. Which of the following is not an internal user of financial statement? (a) Owners (b) Managers (c) Lenders (d)Employees 6. External users of accounting information are (a) Researchers (b)Government (c) Banks & Financial Institutions (d) All of the above 7. Which of the following is not the limitation of accounting? (a) Based on accounting conventions (b)Incomplete information (c)Evidence in legal matters (d) Omission of Qualitative information
8. Which of the following is/are subfields of accounting? (a) Financial Accounting (b)Cost Accounting
28. Accounting aims to communicate financial information to investors only 14. Accounts are prepared on the basis of historical costs 17. Accounting is the language of business 13.000 27. Current assets include (a) Bills Receivable (b) Prepaid expenses (c) Cash (d) All of the above STATE WHETHER THE FOLLOWING STATEMENTS ARE TRUE OR FALSE 11. Payment of school fees of proprietor’s son from proprietor’s personal banks account. WHICH OF THE FOLLOWING TRANSACTIONS ARE OF FINANCIAL CHARACTER & WILL BE RECORDED IN THE BOOKS? 21. Goods taken by owners for personal use are called drawings. ANSWER KEY MBA 013. Sale of household furniture for Rs. Loss of goods by theft. Withdrawing of money by proprietor from business for purchasing a car for his personal use. Interviewing the candidates for employment. Accounting makes records of qualitative aspects of business 15.ACCOUNTING & FINANCIAL ANALYSIS . Accounting deals with quantifiable information 12. 23.000 taken from the business & given by the proprietors to his friend as gift. 12. Accounting may be affected by window dressing 20. Strike by employees. Accounting involves only the recording of business transactions 16. Credit sale of goods 22. Book keeping starts where accounting ends 18. 25. Goods worth Rs.(c) Management Accounting (d) All the above 9. 26. Creditors are external users of accounting information 19. 15. 24. Receiving an order to send the goods 30. Make promise to send the goods 29. Cost Accounting is related to (a) Recording of financial transactions (b) Ascertaining the cost of goods produced or services rendered (c) Management information systems (d) None of the above 10.
17. 27. 9. 16. 14. 12. A A D C C D C D B D T T F F T T F T T T Y (YES) N (NO) Y Y N N N N N Y . 11. 4. 30. 18. 5. 23. 21. 25. 8. 19. 28.1. 2. 3. 29. 20. 26. 7. 15. 13. 24. 22. 6. 10.