Q. The main object of cost accounting is:
✅ Correct Answer: (C)
To ascertain true cost of products and services
Business Accounting MCQs and Notes
Q. The nature of financial accounting is:
✅ Correct Answer: (A)
Historical
Q. Identify which is wrong rule
✅ Correct Answer: (B)
Real account- credit what comes in
Q. An accounting that deals with the accounting and reporting of information to management regarding the detail information is
✅ Correct Answer: (B)
Management accounting
Q. Double entry system is used in which type of accounting?
✅ Correct Answer: (B)
Financial
Q. Cost concept basically recognises ____.
✅ Correct Answer: (B)
Historical cost
Q. Which of the following is a Real A/c?
✅ Correct Answer: (A)
Building A/c
Q. A trader calculated his profit as Rs.150000 on 31/03/2014. It is an
✅ Correct Answer: (B)
Event
Q. For every debit there will be an equal credit according to
✅ Correct Answer: (D)
Dual aspect concept
Q. The comparison of financial statement of one year with that of another is possible only when ------------- ---concept is followed
✅ Correct Answer: (C)
Consistency