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</p> Signup and view all the answers

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

    <p>Creditors</p> Signup and view all the answers

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

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

    What is the main function of external accounting?

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

    Who is not an addressee of the financial statement?

    <p>Auditor</p> Signup and view all the answers

    What does the operating result balance?

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

    What does balancing of receipts and expenditures result in?

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

    Which function is not part of external accounting?

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

    Who is not the addressee of the financial statement?

    <p>Auditor</p> Signup and view all the answers

    What does balancing of receipts and expenditures result in?

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

    Which field of accounting is assigned to external accounting?

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

    What is not a characteristic of external accounting?

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

    What is the main function of external accounting?

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

    Who is not an addressee of the financial statement?

    <p>Auditor</p> Signup and view all the answers

    What does the operating result balance?

    <p>Receipts</p> Signup and view all the answers

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

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

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

    <p>Owners</p> Signup and view all the answers

    What does the operating result balance?

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

    What is not a characteristic of external accounting?

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

    Which field of accounting is assigned to external accounting?

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

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

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

    What does balancing of receipts and expenditures result in?

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

    Who is not an addressee of the financial statement?

    <p>Auditor</p> Signup and view all the answers

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