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Government Finance and Telecom Services Quiz

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Government Finance and Telecom Services Quiz

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Questions and Answers

What is the primary purpose of financial accounting?

To generate employment opportunities and recreation activities

To measure and communicate useful information for informed judgements and decisions (correct)

To aid management decision-making

To account for the social cost incurred by business

Which accounting system is focused on accounting for the social cost incurred by a business?

Cost Accounting

Social Responsibility Accounting (correct)

Management Accounting

Financial Accounting

What does Management Accounting primarily aim to do?

Account for the social cost incurred by business

Measure and communicate useful information for informed judgements and decisions

Improve the quality of management decisions (correct)

Generate social benefits like employment opportunities

What is the primary reason for the increasing importance of statistical methods in accounting data analysis?

To identify symptoms of sickness in business firms Signup and view all the answers

Why is knowledge of arithmetic and algebra considered a pre-requisite for accounting computations and measurements?

To apply mathematical techniques in computing depreciation and lease rentals Signup and view all the answers

How has the advent of computers impacted the field of accounting?

It has made mathematics a vital part of accounting by recording transactions in matrix form Signup and view all the answers

In what way can the fundamental accounting equation be related to the study of algebra?

By using algebraic form to compute interest and annuity Signup and view all the answers

What does the Central Government experience when its receipts are more than its expenses?

Surplus Signup and view all the answers

In the context of a telecom company, what can be considered an economic event?

Providing post-paid and pre-paid services Signup and view all the answers

What is the main purpose of the accounting discipline?

To measure economic activities involving inflow and outflow of resources Signup and view all the answers