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Theory Base Of Accounting (MCQs)
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Theory Base Of Accounting (MCQs)
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21 Questions

1. Which of the following advantages of accounting states that accounting helps in decision making and facilitates control?
2. Which of the following statements is correct:
3. Which one of the following statement is correct?
4. IFRS (International Financial reporting standards) are based on:
5. Return Inward is the term used for:
6. IAS adopted by IASB and still in force are:
7. Which one of the following is NOT the qualitative characteristic of accounting?
8. A liability arises because of:
9. Which of the following user needs accounting information to ensure the safety and recovery of the loan advanced?
10. Out of the following transaction which of the following will not be recorded in books of account:
11. The last step in the process of accounting is:
12. IASB (International Accounting Standards Board) upon coming into existence has adopted:
13. Which of the following categories of information is NOT provided by Financial Accounting?
14. The term purchase is used only for the purchase of______and is never used for the purchase of______
15. IFRS are:
16. Reliability of accounting information depends upon:
17. Which of the following is the NOT sub field of accounting?
18. Among the following assets, which one is fictitious asset?
19. Identified and measured economic events should be recorded in _________ order.
20. Which of the following limitations of accounting states that accounts may be manipulated to conceal vital information?
21. The Trading and Profit and Loss Account is prepared under which attribute of accounting:

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