This mid-term test for Financial Accounting - MMS I assesses knowledge in accounting sub-fields, system purposes, bookkeeping, and financial statements. It evaluates skills essential for understanding and managing financial data, crucial for academic and professional success in accounting.
Transparency
Consistency
Comparability
All of the options given
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Harmonize Accounting Policies
Eliminate the non-comparability of financial statements
Improve the reliability of financial statements
Facilitate manipulation
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Assets expressed in monetary terms
Liabilities expressed in monetary terms
Only assets expressed in non-monetary terms
Assets and Liabilities expressed in non-monetary terms
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Book Keeping
Management Accounting
Financial Accounting
Cost Accounting
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Recording of financial data
Designing the systems in recording, classifying and summarizing the recorded data
Interpreting the data for internal and external users
Analyzing the financial data
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True
False
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10,00,000
20,00,000
15,00,000
12,00,000
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Records under the book keeping process
Trial Balance
Accounting Reports
Balance Sheet
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Entity
Matching
Periodicity
Accrual
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25
39
32
22
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Depreciation Provision
Valuation of Inventories
Valuation of Investments
Debtors
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An event
A Transaction
A transaction as well as an event
Neither a transaction nor an event
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Creditors & Customers
Creditors but not Customers
Neither Customers Nor Creditors
Customers but not Creditors
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10,00,000
20,00,000
15,00,000
12,00,000
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Comparability
Convenience
Consistency
Computability
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Cost
Matching
Accrual
Periodicity
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Interpret and record the effects of business transaction
Classify the effects of transactions to facilitate the preparation of reports
Summarize and communicate information to users
Dictate the specific types of business enterprise transactions that the enterprise may engage in
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True
False
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Decision Making
Forecasting
Measurement
Ledger Posting
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Resale
Conversion into Cash
Earning Revenue
Creating Liabilities
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Understandability and Materiality
Relevance and Reliability
Neutrality and Understandability
Materiality and Reliability
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Historical Cost
Present Value
Future Value
Realiseable Value
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To comply with accounting standard
To comply with management's request
To comply with law
To ensure more appropriate presentation of the financial statements
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Entity
Periodicity
Matching
Conservatism
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10,00,000
20,00,000
15,00,000
12,00,000
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Consistency
Entity
Going Concern
Accrual
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Objectivity
Materiality
Matching
Periodicity
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10,00,000
20,00,000
15,00,000
12,00,000
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An event
A Transaction
A transaction as well as an event
Neither a transaction nor an event
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Money Measurement
Conservatism
Cost
Periodicity
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