Which of the following is not a financial statement?

Related Mcqs:

1. Financial accounting provides financial information to all of the following external users except:

   A. Government agencies
   B. investors
   C. Creditors
   D. Managers

2. Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).

   A. Cash receipt journal
   B. Cash payment journal
   C. Cash book
   D. Financial statements

3. Which of the following is the external user of financial statements?

   A. Manager of the business
   B. CEO of the business
   C. Creditor of the business
   D. Controller of the business

4. Which of the following is the internal user of financial statements?

   A. Creditor of the business
   B. Government agency
   C. Shareholder of the business
   D. Manager of the business

5. Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?

   A. Identifying transactions
   B. Preparing “T Accounts”
   C. Preparing financial statements
   D. Preparing trial balances

6. Which of the following is not classified as inventory in the financial statements?

   A. Finished goods
   B. Work-in-process
   C. Stores and spares
   D. Advance payments made to suppliers for raw materials

7. For which step of accounting process the accountants of business entity prepare financial statements?

   A. Identification of economic event
   B. Communication of financial information
   C. Recording financial information
   D. Making decisions about business

8. Keeping the log of financial information in books of original entries is called__________?

   A. Recording
   B. summarizing
   C. Grouping
   D. Processing

9. Financial statements differ from management account because

   A. They are mainly prepared for external users of financial information
   B. They are more complex and hard to prepare
   C. The are the summary of accounting data
   D. The are prepared on basis of actual concept

10. At the time of preparation of financial accounts, bad debt recovered account will be transferred to?

    A. Debtors A/c
    B. Profit & Loss A/c
    C. Profit & Loss Adjustment A/c
    D. Profit & Loss Appropriation A/c