FUNDAMENTALS OF ACCOUNTING
Authored by Kumarjay Shakya
Financial Education
University
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15 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
Who is known as the Father of Accounting?
Adam Smith
Luca Pacioli
Benjamin Franklin
Amartya Sen
2.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
In double-entry accounting, each transaction will have how many effects?
ONE
TWO
THREE
FOUR
3.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
Accounting means…
Preparing annual reports only
Recording personal transactions
The process of writing, analysing, and reporting financial information
Paying tax
4.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
Who is officially eligible to conduct audit in India?
Company Secretary
Cost Accountant
Chartered Accountant
Financial Analyst
5.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
IFRS stands for…
International Financial Reporting Standards
International Finance Regulation System
Internal Financial Reporting System
International Fund Reporting Standards
6.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
Which of the following is not an objective of accounting?
Recording business transactions
Determining profit or loss
Determining Marketing policy
Communicating financial information
7.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
Which of the following is an importance of accounting?
Helps in decision-making
Increases inflation
Creates monopoly
Reduces competition
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