Kerala Financial Corporation Assistant Quiz|Accountancy Test

Kerala Financial Corporation Assistant Quiz|Accountancy Test

Hi all, here I am providing some Questions on Accountancy from the topics which I have already discussed. You can go through the questions to check your understandings of the topic. And you can find the answers from the previous posts. The links are given at the bottom of this page

Kerala Financial Corporation Assistant Quiz

Complete the following sentences with appropriate words:

(a) Information in financial reports is based on ..................... transactions.

(b) Internal users are the ..................... of the business entity.

(c) A ..................... would most likely use an entities financial report to determine whether or not the business entity is eligible for a loan.

(d) The Internet has assisted in decreasing the ..................... in issuing financial reports to users.

(e) ..................... users are groups outside the business entity, who uses the information to make decisions about the business entity.

(f) Information is said to be relevant if it is ......................

(g) The process of accounting starts with ............ and ends with ............

(h) Accounting measures business transactions in terms of ............ units.

(i) Identified and measured economic events should be recording in ............ order

1. Which of the following is not a business transaction?

a. Bought furniture of Rs.10,000 for business

b. Paid for salaries of employees Rs.5,000

c. Paid sons fees from his personal bank account Rs.20,000

d. Paid sons fees from the business Rs.2,000

2. Deepti wants to buy a building for his business today. Which of the following is the relevant data for his decision?

a. Similar business acquired the required building in 2000 for Rs. 10,00,000

b. Building cost details of 2003

c. Building cost details of 1998

d. Similar building cost in August, 2005 Rs. 25,00,000

3. Which is the last step of accounting as a process of information?

a. Recording of data in the books of accounts

b. Preparation of summaries in the form of financial statements

c. Communication of information

d. Analysis and interpretation of information

4. Which qualitative characteristics of accounting information is reflected when accounting information is clearly presented?

a. Understandability

b. Relevance

c. Comparability

d. Reliability

5. Use of common unit of measurement and common format of reporting promotes;

a. Comparability

b. Understandability

c. Relevance

d. Reliability

Get All Notes Related to Kerala financial Corporation Assistant (KFC) HERE

Accountancy Notes for Divisional Accountant Exam HERE

You can get the syllabus of Kerala Financial Corporation Assistant by clicking Here

 You can get the MCQ Questions set 1 HERE

Read the Accountancy Basic Questions HERE

Read What is Organization?

Read Why we need Accounting? Who are the users of Accounting?

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