Submitted by M Usama Akhtar

Roll no 02079
Class BSIT 4th Evening B
Subject Principle of Accounting
Submitted to Sir Izhaar Bukhari

MCQs
1. Accounting provides information on
a. Cost and income for managers
b. Company's tax liability for a particular year
c. Financial conditions of an institutions
d. All of the above 
2. What are the main types of accounting?
a. Financial accounting
b. Managerial accounting
c. Cost accounting
d. All
3. The amount brought in by owner of the business should be credited
to?
a. Owner Equity
b. Drawing
c. Cash
d. All above
4. Of the following account types, which would be increased by a
debit?
a. Liabilities and expenses
b. Assets and equity
c. Assets and expenses
d. None
5. In which order does the Journal list transactions?
a. Chronological
b. Decreasing
c. Increasing
d. None
6. The two most common specialized fields of accounting in practice
are?
a. Environmental Accounting and Financial Accounting
b. Managerial Accounting and Financial Accounting
c. Managerial Accounting and Tax Accounting
d. None
7. Accounting is the language of?
a. Business
b. Management
c. Proprietor
d. School
8. Journal is also called a?
a. A day book
b. History book
c. Ledger book
d. An entry book
9. Which one of the following is called the book of original entry?
a. Receipt and Payment Account
b. Trial Balance
c. General Journal
d. General Ledger
10. _____ is the scope of financial accounting.
a. Collection and processing of data
b.  Verifying or auditing data
c. Publishing data
d. All of the above