Your answer is incorrect. The correct answer is “contra account” (option 3). Which one of the following is a characteristic of a valid business transaction? The correct answer is “a credit balance” (option 1). T-account format is used in situations where account balance is required: Your answer is incorrect. Hence you can not start it again. Your answer is incorrect. (B) Two accounts (C) Final information IT IS LIKE A REVESION FOR WHAT WE HAVE LEARNT. (D) All of the above, 6) Bookkeeping provides the: (B) Outsiders The correct answer is “Assets = Liabilities + Owner’s Equity” (option 3). (C) Entry in two aspects of transaction (C) Journalizing Quiz and sample exercises with solutions from lecture notes. Which one of the following is valuation (or contra) account? Home » Financial Accounting Basics » Financial Accounting Basics Multiple Choice Questions Correct! You must sign in or sign up to start the quiz. Chapter: Introduction to financial accounting; Quiz Type: Multiple choice questions (MCQs) quiz; Number of MCQs: 25; Total Points: 25; Approximate Time Required: 10 – 15 minutes ) Next » Back to: Introduction to financial accounting (quizzes) Show your love for us by sharing our contents. (B) Gitman (B) Service transactions Your answer is incorrect. #jkssb #ssc #upsc #jee #neet MUST WATCH IF U R PREPARING for JKSSB. Accounting MCQ is important for exams like CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other accounts department exam. (C) Auditing (A) Arthur Field House Professionals, Teachers, Students and Kids Trivia Quizzes to test your knowledge on the subject. 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. (A) Management of the business The correct answer is “all of the above” (option 4). The correct answer is “manager” (option 3). Objectives of Accounting. Accounting is such a subject by studying which the various financial activities of a person or an institution i.e. The correct answer is “vibrant media’s account” (option 1). Accounting MCQ Questions and answers with easy and logical explanations. Your answer is incorrect. (B) Recording The balance sheet displays assets, liabilities, and owner’s equity expenses paid, receive income, purchase, and sale of assets, buying and selling of goods, receive from debtors and payments to creditors, etc. Which one of the following is an internal transaction? 1.1 INTRODUCTION Accounting has rightly been termed as the language of the business. Your answer is incorrect. The correct answer is “Dividend account” (option 2). The income statement displays all revenues and expenses recorded in a period in a single report. These are CA foundation financial Accounts MCQ questions. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. (D) None of these, 4) To control the cost of production and distribution is the main field of: The correct answer is “the assets of the business” (option 2). 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. December 11, 2020 Liste Liste Your answer is incorrect. Chapter: Accounting principles and concepts; Quiz Type: Multiple choice questions (MCQs) quiz; Number of MCQs: 16; Total Points: 16; Approximate Time Required: 10 – 15 minutes ) Next » Back to: Accounting principles and concepts (quizzes) Show your love for us by sharing our contents. Oh! Your answer is incorrect. (D) Credit transactions. Accounting MCQ Questions and answers with easy and logical explanations. (C) William Pickles Accounting For Management. 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