Accounting MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6

31.
Identify the correct sequence of accounting process

A. Communicating -> Recording -> Identifying

B. Recording -> Communicating -> Identifying

C. Identifying -> Communicating -> Recording

D. Identifying -> Recording -> Communicating

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32.
Bookkeeping mainly consists of which part of accounting process?

A. Analysing

B. Preparing financial statements

C. Recording financial information

D. Auditing the books of accounts

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33.
Auditing refers to

A. Reporting the financial information

B. Examination of financial information

C. Preparation of financial statements

D. Maintaining the ledger accounts

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34.
Which of the following is the external user of financial statements?

A. Manager of the business

B. CEO of the business

C. Creditor of the business

D. Controller of the business

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35.
Which of the following is the internal user of financial statements?

A. Creditor of the business

B. Government agency

C. Shareholder of the business

D. Manager of the business

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Accounting MCQ Questions and Solutions with Explanations | Commerce

31. Identify the correct sequence of accounting process

Answer & Solution

32. Bookkeeping mainly consists of which part of accounting process?

Answer & Solution

33. Auditing refers to

Answer & Solution

34. Which of the following is the external user of financial statements?

Answer & Solution

35. Which of the following is the internal user of financial statements?

Answer & Solution

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31.
Identify the correct sequence of accounting process

32.
Bookkeeping mainly consists of which part of accounting process?

33.
Auditing refers to

34.
Which of the following is the external user of financial statements?

35.
Which of the following is the internal user of financial statements?