Accounting is an interesting concept. If you are a student of accountancy and want to test your knowledge regarding this subject, this 'TOA Accounting Test' is perfect for you. In this quiz, we will ask you MCQ questions based on basic accounting principles. If you answer all the questions correctly, it'll mean that you have a very strong accounts knowledge. So, do you feel ready to take this test? Good luck!
Matching
Going concern
Historical cost
Specific-separate-entity
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Matching
Going concern
Historical Cost
Specific-separate entity
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Financial Accounting
Management Accounting
Government Accounting
All of the above
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Matching
Going concern
Historical cost
Specific-separate-entity
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Consistency
Comparability
Objectivity
Conservatism
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Historical cost
Revenue recognition
Money measuring unit
Fiscal period
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Historical cost
Revenue recognition
Money-measuring unit
Fiscal period
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Consistency
Comparability
Objectivity
Conservatism
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Accounting postulates
Accounting conventions
Accounting procedures
Accounting principles
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Conservatism
Objectivity
Consistency
Materiality
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Historical cost
Revenue recognition
Money measuring unit
Fiscal period
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Special purpose reports of financial position and results of operations
Financial statements
The various need of statement users
General purpose reports of financial position and results of operations
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Consistency
Comparability
Objectivity
Conservatism
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Of the existence of a body knowledge governing accounting practice
Of accounting theory
The necessity of applying creative skill and ability
None of the above
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I, II, III, IV
I, II, III
I, II, IV
II, III, IV
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Accounting is concerned primarily with quantitative information used by persons who must make economic decisions among alternative actions.
Governmental accounting is also known as municipal or fund accounting
The branch of accounting concerned with the presentation of financial information to assist management in planning and controlling operations is called managerial accounting.
Financial accounting emphasizes special purpose information based on presumption that significant numbers of users need similar information.
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Conservatism
Objectivity
Consistency
Materiality
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Not intended to satisfy the specialized needs of individual users.
Intended to satisfy the specialized needs of individual users
Not intended to satisfy the common needs of individual users.
Provided by managerial accounting.
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Accounting postulates
Accounting conventions
Accounting procedures
Accounting principles
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Accounting postulates
Accounting procedures
Accounting principles
Accounting laws
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Accounting postulates
Accounting conventions
Accounting procedures
Accounting principles
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Accounting practice
Accounting principles
Accounting concepts
Accounting theory
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Methods and procedures
Principles
Measurement and recognition
Postulates and conventions
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