Your answer is incorrect. Subject: Financial Accounting-I Course Code: BBA-104 Author: Dr. Chandra Shekhar Lesson: 1 Vetter: INTRODUCTION TO ACCOUNTING STRUCTURE 1.0 Objectives 1.1 Introduction 1.2 Development of accounting discipline 1.3 An accountant ˇs job profile: functions of accounting 1.4 Utility of accounting 1.5 Types of accounting 1.5.1 Financial accounting Answer.1 . introduction to financial accounting and its terms jkssb Accounting Accounting is the art of recording, classifying and summarising the economic information in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial … Quiz and sample exercises with solutions from lecture notes. Your answer is incorrect. The normal balance of these two accounts would be: Your answer is incorrect. (B) Service transactions The solved questions answers in this Test: Introduction To Accounting - 1 quiz give you a good mix of easy questions and tough questions. (B) Two accounts The correct answer is “the difference between the total of debit entries and the total of credit entries” (option 3). (d) Discuss the branches, role and limitations of accounting. December 11, 2020 Liste Liste The correct answer is “Asset accounts” (option 4). Page-2 section-1 Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. Answer: Accounting can be defined as a process of identifying, recording, classifying, summarizing and communicating economic data. In this quiz, Introduction to Business MCQs, every question has 4 options from which students need to choose 1 option to go to the next question. SSC MCQ Question Ans. Its very simple and basic. The correct answer is “manager” (option 3). An account used to determine the carrying or net value of another account is known as: Your answer is incorrect. Your answer is incorrect. The correct answer is “managerial or management accounting” (option 2). (D) None of these, 5) Double Entry means: The correct answer is “vibrant media’s account” (option 1). b) the book value of the firm's assets less the book value of its liabilities c) the amount of salary paid to its employees. The correct answer is “a credit balance” (option 1). (D) None of these, 4) To control the cost of production and distribution is the main field of: (C) Bookkeeping Your answer is incorrect. This contains 25 Multiple Choice Questions for Finanace & Accounting 1. The introduction of accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business. Important Basic Introduction to Accounting solved mcqs with answers and exaplanation for test preparation. Accounting Standards Boards Increased globalization in the business world has brought to fore some of the issues and challenges that multinational businesses face in financial recording and reporting of foreign based operations. According to modern approach, the accounts are classified as: Your answer is incorrect. Financial Statements - MCQs with answers 1. The correct answer is “financial accounting” (option 1). (A) Journalizing Hence you can not start it again. (C) William Pickles The correct answer is “chart of accounts” (option 4). The correct answer is “All of the above” (option 4). That’s why companies need to follow certain rules as per the Generally Accepted Accounting Principles (GAAP) or accounting standards. Very useful for MBA, BBA, BMS, Bank, CPA, Accountant, Licensure, SCDL and other universities. (GAAP) C. government regulations do not apply to management accounting. The correct answer is “periodically” (option 1). Thanks guys. Financial Accounting is a specialized branch of accounting that keeps track of a company’s financial transactions. The correct answer is “Dividend account” (option 2). The correct answer is “asset accounts, liability accounts, capital accounts, withdrawal accounts, revenue accounts, and expense accounts” (option 4). Communicating economic data government regulations do not apply to management Accounting is that A. Financial Accounting - Part quiz., classifying, summarizing and communicating economic data Accounting solved MCQs with answers and exaplanation test... Known as: Your answer is “ vibrant media ’ s account ” ( option 4.. A ) the number of people employed in the test on our website is completely and. Would be: Your answer is “ Accumulated depreciation account ” ( option 3 ) a increases! Solutions for Class 11 Financial Accounting reports are prepared primarily for users external to the company value of another is! 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