MCQ on Introduction to Financial Accounting: Check the below Corporate and Management Accounting MCQ on Introduction to Financial Accounting with Answers Pdf free download. Corporate and Management Accounting MCQ on Introduction to Financial Accounting Questions for Corporate and Management Accounting with Answers were prepared based on the latest exam pattern. We have provided Corporate and Management Accounting MCQ on Introduction to Financial Accounting with Answers to help students understand the concept very well. Students should practice CS Executive MCQ on Introduction to Financial Accounting Questions with Answers based on the latest syllabus.

MCQ on Introduction to Financial Accounting

1. Property, plant, and equipment are conventionally presented in the balance sheet at
(A) Replacement cost less accumulated depreciation
(B) Historical cost less salvage value
(C) Historical cost less depreciation portion thereof
(D) Original cost adjusted for general price-level changes

2. The determination of the number of bad debts is an accounting
(A) Policy
(B) Estimate
(C) Parameter
(D) None of the above

3. All accounts are classified into
(A) Personal
(B) Real
(C) Nominal accounts
(D) Any of the above

4. Generally, which of the following measurement bases are usually accepted in accounting parlance?
(A) Historical Cost
(B) Current Cost
(C) Realizable Value
(D) Any of the above

5. Accounts recording transactions with a person or group of persons are known as
(A) Personal accounts
(B) Real accounts
(C) Nominal accounts
(D) impersonal accounts

6. Personal accounts are of the following types:
(A) Natural, Real, Representative
(B) Artificial, Legal, Nominal
(C) Natural, Artificial, Representative
(D) Any of the above

7. An account recording financial transactions with an artificial person created by law or otherwise are termed as
(A) Artificial or legal person account
(B) Natural persons’ personal account
(C) Representative personal accounts
(D) Any of the above

8. An account recording transaction with an individual human being is termed as a
(A) Artificial or legal person account
(B) Natural persons’ personal ac-count
(C) Representative personal accounts
(D) Any of the above

9. A specific accounting policy refers to
(A) Principles
(B) Methods of applying those principles
(C) Both (A) & (B)
(D) None of the above

10. Accounts relating to properties or assets are known as
(A) Real Accounts
(B) Personal Accounts
(C) Nominal Accounts
(D) None of above

11. When a change in accounting policy is justified?
(A) To comply with accounting standard
(B) To ensure the more appropriate presentation of the financial statement of the enterprise
(C) To comply with law
(D) All of the above

12. Accounts that represent a certain person or group of persons are termed as
(A) Artificial or legal person account
(B) Natural persons personal account
(C) Representative personal accounts
(D) Any of the above

13. It is essential to standardize the accounting principles and policies in order to ensure
(A) Transparency
(B) Profitability
(C) Reputation
(D) All of the above

14. Which of the following types of accounts represent assets and properties which can be seen, touched, felt, measured, purchased, and sold?
(A) Tangible real accounts
(B) Intangible real accounts
(C) Representative personal accounts
(D) Artificial or legal person account

15. Accounting policies followed by organizations
(A) Can be changed every year
(B) Should be consistently followed from year to year
(C) Can be changed after 5 years
(D) None of the above

16. Accounts relating to income, revenue, gain expenses, and losses are termed as:
(A) Real Accounts
(B) Personal Accounts
(C) Nominal Accounts
(D) None of above

17. The rule for nominal accounts is
(A) Debit the Receiver, Credit the giver
(B) Debit what comes in, Credit what goes out
(C) Debit all expenses and losses, Credit all incomes and gains
(D) All of the above

18. ‘Provisions for doubtful debts’ and ‘provision for discount on debtors’ are based on
(A) Prudence
(B) Substance over from
(C) Materiality
(D) All of the above

19. ____ includes identifying, recording, classifying, and summarizing the transactions.
(A) Accounting posting
(B) Accounting cycle
(C) Tally of accounts
(D) All of the above

20. Journal is the book in which every transaction is recorded before being posted into the ledger.
(A) Primary entry
(B) Secondary entry
(C) Third entry
(D) None of above

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