Fundamentals of Accounting
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Questions and Answers

Which of the following best defines the scope of accounting?

  • Preparing financial statements
  • Analyzing financial data (correct)
  • Recording financial transactions
  • Managing financial resources

What is the main difference between book-keeping and accounting?

  • Book-keeping is more complex than accounting.
  • Accounting is a manual process, while book-keeping is automated.
  • Book-keeping focuses on recording financial transactions, while accounting involves analyzing and interpreting financial data. (correct)
  • Book-keeping is a sub-field of accounting that deals with financial transactions.

Which of the following is NOT one of the areas of service for accountants?

  • Society (correct)
  • Public sector enterprises
  • Industry
  • Framing fiscal policies

Which of the following is NOT considered a sub-field/branch of accounting?

<p>Book-keeping (C)</p> Signup and view all the answers

What is the main role of accountants in the society?

<p>To contribute to economic growth (B)</p> Signup and view all the answers

Which type of business is NOT mentioned in the text?

<p>Limited liability company (B)</p> Signup and view all the answers

Which of the following best describes the relationship of accounting with other disciplines?

<p>Accounting is closely related to other disciplines. (C)</p> Signup and view all the answers

What is the main role of chartered accounting in framing fiscal policies?

<p>To advise on fiscal policies (B)</p> Signup and view all the answers

Which of the following activities is NOT covered under accounting?

<p>Managing human resources (A)</p> Signup and view all the answers

Which of the following best describes the function of accounting information?

<p>To provide information for decision-making (B)</p> Signup and view all the answers

Which of the following is NOT a user of accounting information?

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

What is the main role of accountants in the industry?

<p>To manage financial records (B)</p> Signup and view all the answers

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