C02-accounting Scene - Quiz 1

5 Questions | Total Attempts: 53

C02-accounting Scene - Quiz 1 - Quiz

Topic - Accounting Scene from Fundamentals of Financial Accounting - C02 This quiz consists of 5 objective type questions. Duration - 5 minutes Marking - 1 mark for correct answer. No negative marking.

Questions and Answers
  • 1. 
    _______ accounting is the preparation of accounting reports for external use.
  • 2. 
    _______ accounting is the preparation of accounting reports for internal use.
  • 3. 
    Which of the following is a function of the financial accountant in a business which employs several accounting staff?
    • A. 

      Preparing budgets

    • B. 

      Costing products

    • C. 

      Setting selling prices

    • D. 

      Summarising historical accounting data

  • 4. 
    What is accounting?
    • A. 

      The process of collecting, recording, summarising and communicating financial information

    • B. 

      The process of gathering financial information.

    • C. 

      The process of Interpreting Financial Transactions

    • D. 

      The Process of entering financial Transactions in excel

  • 5. 
    An Accounting statement could be  :
    • A. 

      An Income Statement or a Balance Sheet

    • B. 

      A group of financial data

    • C. 

      Journal Entries

    • D. 

      Ledger Accounts

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