The root of financial accounting system is ______.

(a)

Social accounting

(b)

Stewardship accounting

(c)

Management accounting

(d)

Responsibility accounting

Which one of the following is not a main objective of Accounting?

(a)

Systematic recording of transactions

(b)

Ascertainment of the profitability of the business

(c)

Ascertainment of the Financial position of the business

(d)

Solving tax disputes with tax authorities

Who is considered to be the internal user of the financial information?

(a)

Creditor

(b)

Employee

(c)

Cutomer

(d)

Government

_____________must be properly maintained to increase their productivity.

(a)

Liabilities

(b)

Assets

(c)

Debtors

(d)

None of these

____________of a business have to be repaid in due time.

(a)

Assets

(b)

Sales

(c)

Liabilities

(d)

None of these

The industrial revolution took place in ______________

(a)

18^th century

(b)

19^th century

(c)

20^th century

(d)

21^th century

Double- entry book-keeping first emerged in Italy in the ___________ century.

(a)

13^th

(b)

14^th

(c)

18^th

(d)

19^th

_____________ provides the relevant data to make appropriate decisions.

(a)

Management

(b)

Accounting

(c)

Accountant

(d)

Leadership

Accounting works as a tool for measuring past performance of the ___________ enterprises.

(a)

commerce

(b)

business

(c)

both 'a' and 'b'

(d)

none of these

_____________are interested to know whether the business has earned a profit or loss during a particular period.

(a)

Owners

(b)

Management

(c)

Employees

(d)

Producers

________________use the accounting data in their bargaining strategies with the management.

(a)

Production department

(b)

Labour unions

(c)

Tax authorities

(d)

Researchers

________________of a firm has to make innumerable routine and strategic decisions while discharging its functions.

(a)

Book-keeping

(b)

Accounts

(c)

Management

(d)

All the above

Accounting cycle begins with recording of business transactions and ends with the preparation of ______________

(a)

Final accounts

(b)

Cost accounts

(c)

Financial accounts

(d)

Management accounts

The activities of a business, which involve transfer of money or money's worth are called _______________

(a)

Transactions

(b)

Events

(c)

Accounting cycle

(d)

Costing

Goodwill is an examples of ______________

(a)

Tangible assets

(b)

Liabilities

(c)

Intangible assets

(d)

Capital

The document prepared by the seller when he sells goods to the buyer is _____________.

(a)

Voucher

(b)

Invoice

(c)

Receipt

(d)

Ticker

Unsold goods lying is a business on a particular date are known as _________.

(a)

Stock

(b)

creditor

(c)

debtor

(d)

cash

_______ is called as a document which support a business transaction.

(a)

Receipt

(b)

Voucher

(c)

Bill

______ refers to financial obligation of the business.

(a)

Asset

(b)

Liability

(c)

Loss

(d)

Expense

Business transactions may be classified into __________.

(a)

one

(b)

Two

(c)

Three

(d)

Four

Any written or printed document in support of a business transaction is called ________. 

(a)

Receipt 

(b)

Credit Note

(c)

Dabit Note 

(d)

Voucher

Withdrawn from the business by the owner for the personal use is called _______.

(a)

Capital 

(b)

Darwings

(c)

Purchases

(d)

Sales

__________ refers to choosing a desirable course of action from alternative course of actions.

(a)

Control

(b)

Forecasting 

(c)

Decision Making 

(d)

None of the above

Records of debit and credit were found in_________.

(a)

15^th Century 

(b)

13^th Century 

(c)

12^th Century 

(d)

20^th Century 

________ is said to be the root of accounting.

(a)

Cost Accounting

(b)

Stewardship Accounting

(c)

Management Accounting

(d)

None of the above