1. There is no difference between book keeping and accounting, both are same.
A) True
B) False ✓
CA Foundation Paper 1
Theoretical Framework MCQ
Chapter 1 • 102 Questions from ICAI Study Material
Questions
102
Est. Time
77 min
Source
ICAI Book
Question 1 of 102 0 correct | 0 wrong
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Sample Questions: Theoretical Framework
Preview 8 of 102 MCQs from Chapter 1
2. Management Accounting covers the preparation and interpretation of financial statements and communication to the users of accounts.
A) True
B) False ✓
3. Financial accounting is concerned with internal reporting to the managers of a business unit.
A) True
B) False ✓
4. Customers of business should not be considered as users of accounts prepared by business. They are not interested to know performance of the business.
A) True
B) False ✓
5. Summarising is the basic function of accounting. All business transactions of a financial characters evidenced by some documents such as sales bill, pass book, salary slip etc. are recorded in the books of account.
A) True
B) False ✓
6. Balance sheet shows the position of the business on the day of its preparation and not on the future date.
A) True ✓
B) False
7. Objectives of book-keeping are complete recording of transactions & ascertainment of financial effect on the business.
A) True ✓
B) False
8. Which of the following is not a subfield of accounting?
A) Management accounting
B) Cost accounting
C) Book-keeping ✓