Chapter No 1 :Introduction to Accounting (14 MCQ`S)

  1. Accounitng is language of
    1. Business
    2. chinese
    3. taxation
    4. medical science
    5. Show Answer
      Answer: A
      Explanation:
      • N/A
  2. Balace sheet shows the financial positon
    1. yes
    2. no
    3. Show Answer
      Answer: A
      Explanation:
      • N/A
  3. Financial statemets include

    1. Profit and loss ac

    2. statements of equity

    3. Banker's equity

    4. Ledgers

    5. Show Answer
      Answer: A
      Explanation:
      • All types of ledger accounts are summarized in financial statements to conclude the results of yearly financial activities.

  4. Audit is an investigations of
    1. Fincials
    2. loans
    3. capital
    4. owner's euity
    5. Show Answer
      Answer: A
      Explanation:
      • N/A
  5. Results of financial opoerattion are described in
    1. transaction
    2. computers
    3. verbally
    4. documents
    5. Show Answer
      Answer: A
      Explanation:
      • N/A
  6. Creditors are bussiness

    1. vendors

    2. purchasers

    3. sellers

    4. bankers

    5. Show Answer
      Answer: A
      Explanation:
      • N/A
  7. Taxation is imvolved in bussiness

    1. yes

    2. no

    3. Show Answer
      Answer: A
      Explanation:
      • All types of ledger accounts are summarized in financial statements to conclude the results of yearly financial activities.

  8. cash flow indicates
    1. bank balance
    2. cash balance
    3. cash inflow and outflow
    4. None of These
    5. Show Answer
      Answer: c
      Explanation:
      • N/A
  9. balace sheet shows the financial
    1. worth
    2. profitibility
    3. losses
    4. None of These
    5. Show Answer
      Answer: A
      Explanation:
      • N/A
  10. Purpose of financial statement is to help
    1. competitors
    2. suppliers
    3. users
    4. None of These
    5. Show Answer
      Answer: c
      Explanation:
      • N/A

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