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

Which one of the following is not a branch of accounting?

(a)

Financial accounting

(b)

Management accounting

(c)

Human resources accounting

(d)

None of the above

Financial position of a business is ascertained on the basis of ______.

(a)

Journal

(b)

Trial balance

(c)

Balance Sheet

(d)

Ledger

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

(a)

Creditor

(b)

Employee

(c)

Cutomer

(d)

Government

What are the steps involved in the process of accounting?

Who are the parties interested in accounting information?

Name any two bases of recording accounting information.

Explain the meaning of accounting.

Discuss in detail the importance of accounting

Discuss the role of an accountant in the modern business world.