Chapter-1: Introduction to Accounting
Exercise
Multiple Choice
Questions(MCQ)
1. Accounting -
[a] Describe
relationship with one another in society
[b] Describe
about production systems
[c] Keep accounts
of goods purchase and sales
[d] Recording;
Classifying and Explaining of all financial transactions
2. How the
desired result can be achieved of Business organization?
[a] By purchasing
assets
[b] By taking
correct decision
[c] By
controlling Expenses
[d] By purchasing
Goods
3. Internal
users of accounting information in a Business
i) Owner
ii) Manager
iii) Loan
providing Bank
Which one is
correct?
[a] i
[b] ii
[c] i & ii
[d] i, ii &
iii
4. Science &
Technology –
[a] Reduce
Accounting
[b] Makes
Accounting expensive
[c] Restrict the
movement of Accounting
[d] Improve Accounting
5. In which name
does Accounting appraise?
[a] Accounting
systems
[b] Information
systems
[c] Auditing
systems
[d] Statement
systems
6. Expected
profit of an organization can be achieved by –
[a] Increasing
Assets
[b] Decreasing
Liabilities
[c] Controlling
Expenditures
[d] Increasing
Expenditure
7. Example of
service providing non-profit organization -
i) Education
institute
ii) Advertising
institute
iii) Computer
repairing centre
Which one is
correct?
[a] i
[b] ii & iii
[c] i & ii
[d] i & iii
8. Principal
objective of Accounting is -
i) Determination
of financial result
ii) Control
expenditure
iii)
Ascertainment of financial position
Which one is
correct?
[a] i
[b] ii & iii
[c] i & ii
[d] i & iii
9. A business
can make contribution to the society & environment by
i) Using foreign
raw materials in production
ii) Using local
raw materials in production
iii) Giving
scholarship among poor & meritorious students
Which one is
correct?
[a] ii
[b] ii & iii
[c] i & ii
[d] i & iii
Answer question
no. 10 and 11 from the following information:
Dr. Rakib hasan
keeps proper records of his clinic’s financial transactions. It is possible to
calculate his personal income tax easily and quickly. Therefore, income tax
authority is satisfied to the process of his keeping accounts.
10. Whose
objective is to record transactions correctly?
[a] Business’s
[b] Debtors and
creditors
[c] Recording
Transactions
[d] Accounting’s
11. Properly
recorded accounts of Dr. Hasan’s clinic will help to –
i) Increase
sales
ii) Increase
values
iii) Determine
tax
Which one is
correct of the following?
[a] i
[b] ii
[c] ii & iii
[d] i & ii
[Answer Key : 1(d), 2(c), 3(c), 4(d), 5(b), 6(c), 7(a)' 8(d), 9(b), 10(d), 11(c)]
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