Introduction to Accounting MCQs

1) The Pioneer of Accounting is:
(A) Arthur Field House
(B) Gitman
(C) William Pickles
(D) Lucas Pacioli

2) The art of recording, classifying and summarizing is called:
(A) Journalizing
(B) Accounting
(C) Bookkeeping
(D) Record Keeping

3) Accounting records of a business enterprise is required by:
(A) Management of the business
(B) Outsiders
(C) All of the above
(D) None of these

4) To control the cost of production and distribution is the main field of:
(A) Financial Accounting
(B) Cost Accounting
(C) Auditing
(D) None of these

5) Double Entry means:
(A) Entry for the two aspects of books
(B) Entry at two dates
(C) Entry in two aspects of transaction
(D) All of the above

6) Bookkeeping provides the:
(A) Primary information
(B) Secondary information
(C) Final information
(D) None of these

7) Recording of the business transaction in a systematic way is called
(A) Accounting
(B) Recording
(C) Journalizing
(D) Bookkeeping

8) Modern system of bookkeeping is
(A) Single entry system
(B) Double entry system
(C) British system
(D) None of these

9) Double entry system of bookkeeping involves at least
(A) One accounts
(B) Two accounts
(C) Three Accounts
(D) None of these

10) The supply of goods or services in exchange of money between two parties is known as
(A) Goods transactions
(B) Service transactions
(C) Business transactions
(D) Credit transactions


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