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CA Foundation Accounts Theory Quiz

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Questions and Answers

True or false: Accounting can be viewed as an information system which has its input processing methods and output.

True

True or false: There is no difference between bookkeeping and accounting, both are the same.

False

True or false: Management Accounting covers the preparation and interpretation of financial statements and communication to the users of accounts.

False

True or false: Financial accounting is concerned with internal reporting to the managers of a business unit.

False Signup and view all the answers

True or false: Book-keeping is the recording phase while accounting is concerned with the summarizing phase of an accounting system.

True Signup and view all the answers

Match the following terms with their correct definitions:

Accounting = Process of identifying, measuring and communicating information to permit informed judgement and decisions Book-keeping = Recording phase of an accounting system Financial accounting = Preparation and interpretation of financial statements and communication to the users of accounts Management accounting = Concerned with internal reporting to the managers of a business unit Signup and view all the answers

Match the following statements with their correct assessment:

Accounting is an information system with input processing methods and output. = True There is no difference between book keeping and accounting. = False Management Accounting covers the preparation and interpretation of financial statements. = False Financial accounting is concerned with internal reporting to the managers of a business unit. = False Signup and view all the answers

Match the following terms with their correct focus:

Accounting = Preparation of financial statements and communication to the users of accounts Book-keeping = Recording and organizing financial transactions Financial accounting = External reporting to investors, creditors, and government agencies Management accounting = Internal reporting for decision-making purposes Signup and view all the answers

Match the following terms with their correct description:

Accounting = Broad subject involving identifying, measuring, and communicating information for informed decisions Book-keeping = Recording of financial transactions in a systematic manner Financial accounting = Focuses on historical financial data for external stakeholders Management accounting = Analyzing financial data for internal decision-making Signup and view all the answers

Match the following statements with their accurate representation:

Financial accounting covers the preparation and interpretation of financial statements. = True Management accounting is concerned with internal reporting to the managers of a business unit. = True Book-keeping is the recording phase while accounting is concerned with the summarizing phase. = True Accounting can be viewed as an information system with input processing methods and output. = True Signup and view all the answers