An accounting which records and measures business transactions and is followed by general accepted accounting principles is classified as

A external accounting
B internal accounting
C business accounting
D financial accounting

Correct Answer: financial accounting

An accounting which records and measures business transactions and is followed by general accepted accounting principles is classified as financial accounting. Financial accounting is a specific branch of accounting involving a process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.
Bissoy MCQ
#Management #Management Accounting

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Half the graduating class of a college was accepted by a business school. One-third of the class was accepted by a law school. It one-fifth of the class was accepted by both types of school, what fraction of the class was accepted only by a law school?
A 2/15
B 1/6
C 1/3
D 1/2
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A partial inventory costing method
B current period inventory method
C Last-in, first-out method
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A True
B False
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A 20%
B 24%
C 28%
D 32%
Two friend M and N have 40% and 60% shares in a business. After some time a third friend joined the business by investing Tk. 5 lac and acquired 20% shares in the business. What is the share of M in the business now?
A 20%
B 24%
C 28%
D 32%
A transaction log shows before and after images of records that have been modified by transactions.
A True
B False
Which of the following storage and retrieval methods would be well suited to your processing requirements if you only need to retrieve records one at a time and there is no fixed pattern to the requests for data and records?
A indexed sectors
B sequential
C direct
D indexed direct
E None of the above
When storage space is scarce and physical records cannot span pages, creating multiple physical records from one logical relation will minimize wasted storage space.
A True
B False
X Ltd sells goods on credit to Y Ltd for Taka 3000. Which of the following accounting entries correctly records in X's book of this transaction?
A Debit sales, credit Y Ltd Taka 3000
B Debit Y Ltd, credit sales Taka 3000
C Debit Y Ltd cash, credit sales Taka 3000
D Debit Y Ltd, Credit stock Taka 3000
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A Tk, 3,900
B Tk. 1,000
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D Tk. 600

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