Related Mcqs:

1. An accounting which records and measures the business transactions and is followed by generally accepted accounting principles is classified as ____________?

   A. external accounting
   B. internal accounting
   C. business accounting
   D. financial accounting

2. An outside professional conducts an examination of company’s accounting records in order to determine whether the company is maintaining records according to the generally accepted accounting principles. What this examination is called ?

   A. Checking
   B. Audit
   C. Stock-taking
   D. Accounting

3. With whom would you associate the following quote” The business of business is business” ?

   A. Milton Friedman
   B. Adam smith
   C. Alfred Marshal
   D. Karl Marx

4. 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

5. The human resource management, IT management and management accountants are categorized under ______________?

   A. marketing management
   B. production management
   C. staff management
   D. line management

6. The retail business built on a place that is owned, planned and developed as single business unit is classified as?

   A. shopping center
   B. specialty center
   C. corporate center
   D. warehouse club center

7. The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is_________?

   A. Depreciation
   B. Physical deterioration of the asset
   C. Decrease in market value of the asset
   D. Valuation of an asset at a point of time

8. Average Accounting Return is a measure of accounting profit relative to:

   A. Book value
   B. Intrinsic value
   C. Cost
   D. Market value

9. In process costing method, when the work done in current accounting period, and beginning inventory before current accounting period, is classified as _________?

   A. partial inventory costing method
   B. current period inventory method
   C. Last-in, first-out method
   D. First-in, first-out method

10. Which branch of accounting provides information to help the management of a firm evaluate production costs and efficiency ?

    A. Efficient Account
    B. Cost Accounting
    C. Ultra-country economic risk
    D. Outcome risk