Accounting For Management Set 1

Bachelor of Commerce (B Com)

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This set of Accounting for Management Multiple Choice Questions & Answers (MCQs) focuses on Accounting For Management Set 1

Q1 | …………….is concerned with recording transactions and preparing financialreports for the external and internal users of accounting.
  • management accounting
  • financial accounting
  • cost accounting
  • all of these
Answer: financial accounting
Q2 | The Branch of accounting concerned with collection, determining andcontrolling cost of products and services is called………………
  • management accounting
  • financial accounting
  • cost accounting
  • all of these
Answer: cost accounting
Q3 | ……………is concerned with providing information to management for takingmanagerial decisions.
  • management accounting
  • financial accounting
  • cost accounting
  • all of these
Answer: management accounting
Q4 | The father of Double Entry system is………………
  • luca pacioli
  • lopus patricia
  • lukas christian
  • none of these
Answer: luca pacioli
Q5 | ……………….is the art of recording, classifying and summarizing in asignificant manner and in terms of money, transactions and events, which are in part, at least of financial character and interpreting the results there of.
  • management accounting
  • accounting
  • cost accounting
  • all of these
Answer: accounting
Q6 | Which among the following do not belong to the category of Accounting ?
  • management accounting
  • financial accounting
  • cost accounting
  • none of these
Answer: none of these
Q7 | The objective of financial accounting is to find out…………………..
  • profitability and financial position
  • liquidity
  • solvency
  • none
Answer: profitability and financial position
Q8 | ……………….journal is used to record credit sale of goods
  • sales journal
  • cash book
  • purchase journal
  • none of these
Answer: sales journal
Q9 | The ………….Management is mainly concerned with the policy decisions.
  • top
  • middle
  • bottom
  • all of these
Answer: top
Q10 | The Prime function of accounting is to ………………………..
  • record economic data
  • provide the informational basis for action
  • classify and record business transactions
  • attain non economic goals
Answer: classify and record business transactions
Q11 | The basic function of Management Accounting is to ……………………….
  • record all business transactions
  • interpret the financial data
  • assist the management in performing its functions effectively
  • none of these
Answer: assist the management in performing its functions effectively
Q12 | Management accounting provides invaluable services to Management inperforming…………..
  • all management functions
  • co-ordination functions
  • controlling functions
  • none of these
Answer: all management functions
Q13 | Accounting designed to serve parties external to the operatingresponsibility of the firm is termed as…………….
  • management accounting
  • financial accounting
  • cost accounting
  • none of these
Answer: financial accounting
Q14 | Cost Accounting and Management Accounting are ……………….. in nature.
  • complementary
  • contradictory
  • different
  • similar
Answer: complementary
Q15 | Management accounting has a ……….. scope than cost accounting.
  • wider
  • narrow
  • no
  • none of these
Answer: wider
Q16 | …………….is the amount of expenditure [actual or notional] incurred on orattributable to a given thing.
  • expenses
  • costing
  • cost
  • none of these
Answer: cost
Q17 | ………………..is the technique and process of ascertaining costs
  • cost
  • costing
  • cost accounting
  • none of these
Answer: cost accounting
Q18 | ………..is the process of accounting for cost which includes the applicationof cost control methods and ascertainment of profitability of activities
  • cost
  • costing
  • cost accounting
  • none of these
Answer: cost accounting
Q19 | Which among the following is not a management accounting technique?
  • standard costing
  • marginal costing
  • project appraisal
  • none
Answer: none
Q20 | ………..Accounting is concerned with historical data
  • cost accounting
  • management accounting
  • financial accounting
  • none
Answer: financial accounting
Q21 | ……………..is the process of identifying the financial strengths andweakness of the firm by properly establishing relationship between the items of balance sheet and Profit and Loss Account
  • financial statements
  • financial analysis
  • trend analysis
  • all of these
Answer: financial analysis
Q22 | ……………explains what has happened to a business unit as a result ofoperations between two balance sheet dates.
  • income statement
  • profit and loss account
  • both of these
  • none
Answer: both of these
Q23 | The analysis done by investors , credit agencies , government agencies andother creditors who have no access to the internal records of a company is known as ……………..
  • internal analysis
  • horizontal analysis
  • external analysis
  • none of these
Answer: external analysis
Q24 | The analysis done by persons who have access to the books of account andother information related to the business is termed as……………
  • internal analysis
  • horizontal analysis
  • external analysis
  • none of these
Answer: internal analysis
Q25 | In ………………..type of analysis , financial statements for a number ofyears are reviewed and analyzed.
  • internal analysis
  • horizontal analysis
  • external analysis
  • none of these
Answer: horizontal analysis
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