Basics of Business Accounting MCQ
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Questions and Answers

Which field of accounting is assigned to external accounting?

  • Planning/budgeting
  • Statistics and comparative methods
  • Financial accounting (correct)
  • Cost and performance accounting

What is not a function of external accounting?

  • Auditor
  • Owners
  • Creditors
  • Company management (correct)

Which is not a characteristic of external accounting?

  • Is designed by works council
  • Is determined by chartered accountants
  • Is customizable for each company (correct)
  • Is subject to legal rules

What field of accounting involves the use of statistics and comparative methods?

<p>Statistics and comparative methods (B)</p> Signup and view all the answers

Who primarily benefits from the financial statements prepared by external accounting?

<p>Creditors (A)</p> Signup and view all the answers

What type of accounting is focused on cost control and evaluating performance?

<p>Cost and performance accounting (A)</p> Signup and view all the answers

What is the main function of external accounting?

<p>Monitoring and controlling a company‘s operations (B)</p> Signup and view all the answers

Who is not an addressee of the financial statement?

<p>Auditor (A)</p> Signup and view all the answers

What does the operating result balance?

<p>Receipt and Expenditure (D)</p> Signup and view all the answers

What does balancing of receipts and expenditures result in?

<p>Operating result (C)</p> Signup and view all the answers

What is the correct definition for receipts in accounting?

<p>Cash and cash equivalents that flow directly to the company within a period (A)</p> Signup and view all the answers

What is the correct definition for costs in accounting?

<p>Monetarily assessed consumption of goods and services due to the performance of services (B)</p> Signup and view all the answers

Which function is not part of external accounting?

<p>Monitoring and controlling a company‘s operations (C)</p> Signup and view all the answers

Who is not the addressee of the financial statement?

<p>Auditor (C)</p> Signup and view all the answers

What does balancing of receipts and expenditures result in?

<p>Operating result (A)</p> Signup and view all the answers

What is the correct definition for receipts in accounting?

<p>Cash and cash equivalents that flow directly to the company within a period (A)</p> Signup and view all the answers

Which field of accounting is assigned to external accounting?

<p>Financial accounting (D)</p> Signup and view all the answers

What is not a characteristic of external accounting?

<p>Designed by works council (B)</p> Signup and view all the answers

What is the main function of external accounting?

<p>Recording and summarizing financial transactions (A)</p> Signup and view all the answers

Who is not an addressee of the financial statement?

<p>Auditor (C)</p> Signup and view all the answers

What does the operating result balance?

<p>Receipts (A)</p> Signup and view all the answers

What type of accounting is focused on cost control and evaluating performance?

<p>Cost and performance accounting (D)</p> Signup and view all the answers

What is the main function of external accounting?

<p>Planning, monitoring, and controlling of a company‘s operations (C)</p> Signup and view all the answers

Who primarily benefits from the financial statements prepared by external accounting?

<p>Owners (C)</p> Signup and view all the answers

What does the operating result balance?

<p>Receipt and Expenditure (B)</p> Signup and view all the answers

What is not a characteristic of external accounting?

<p>Preparation of financial statements (C)</p> Signup and view all the answers

Which field of accounting is assigned to external accounting?

<p>Financial accounting (B)</p> Signup and view all the answers

What is the correct definition for receipts in accounting?

<p>Cash and cash equivalents that flow directly to the company within a period (C)</p> Signup and view all the answers

What is the correct definition for costs in accounting?

<p>Consumption respectively usage of economic goods (affecting net income) (C)</p> Signup and view all the answers

What type of accounting is focused on cost control and evaluating performance?

<p>Cost accounting (A)</p> Signup and view all the answers

What does balancing of receipts and expenditures result in?

<p>Financial balance (C)</p> Signup and view all the answers

Who is not an addressee of the financial statement?

<p>Auditor (D)</p> Signup and view all the answers

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