Accounting MCQs
Accounting MCQs Test Preparation | Latest 2025 Quiz FPSC, NTS, KPPSC, PPSC, SPSC, BPSC, OTS, UTS, PTS, CTS, ATS, ETEA MCQs Test Questions.
_________ is the first phase of accounting cycle?
A: Identifying an economic event or transaction
B: Preparing journals
C: Posting entries to ledger accounts
D: Making decisions about business
Identifying an economic event or transaction
Financial statements differ from management account because
A: They are mainly prepared for external users of financial information
B: They are more complex and hard to prepare
C: The are the summary of accounting data
D: The are prepared on basis of actual concept
They are mainly prepared for external users of financial information
In accounting an Economic event is referred to as:
A: Cash
B: Bank statement
C: Transaction
D: Exchange of money
Transaction
Identify the correct sequence of accounting process
A: Communicating†’Recording†’Identifying
B: Recording†’Communicating†’Identifying
C: Identifying†’communicating†’recording
D: Identifying†’recording†’communicating
Identifying†’recording†’communicating
Bookkeeping mainly concerns with which part of accounting process?
A: Analyzing
B: Preparing financial statements
C: Recording financial information
D: Auditing the books of accounts
Recording financial information
Financial accounting provides financial information to all of the following external users except:
A: Government agencies
B: investors
C: Creditors
D: Managers
Managers
Auditing is what?
A: Reporting the financial information
B: Examination of financial statements
C: Preparation financial statements
D: maintaining the ledger records
Examination of financial statements
For which step of accounting process the accountants of business entity prepare financial statements?
A: Identification of economic event
B: Communication of financial information
C: Recording financial information
D: Making decisions about business
Communication of financial information
Keeping the log of financial information in books of original entries is called__________?
A: Recording
B: summarizing
C: Grouping
D: Processing
Recording
Which of the following is the external user of financial statements?
A: Manager of the business
B: CEO of the business
C: Creditor of the business
D: Controller of the business
Creditor of the business