ACCOUNTING-THE LANGUAGE OF BUSINESS

                                                                        PART-A
                                                                  Brief Questions
                                                                        5th part 

33. Which one of the following is not an objective of accounting.
ans:(a)Determination of financial result
       (b)Ascertainment of financial position
       (c)Recording the numerical transactions
        (d)Creation of successful investor.(ans)

34.Which one of the following is not a limitation of accounting
(a)Detection of error and fraud. (ans)
(b)Recording the monetary terms only
(c)Lack of uniform accounting system.
(d)A lot of alternative method.

35.Accounting is considered as combination of three functions what are these ?
or
What are the steps in accounting process?

ans:(1)Identifying
      (2)Recording
      (3)Communication.

36. MCQ:Which of the following statement about users of accounting information is incorrect?
(a)Management is an internal users.
(b)Taxing authorities are external users.
(c)Present creditors are external users.
(d)Regulatory authorities are internal users. (ans)

37.Service provided by a public accountant are __________
Ans:Auditing,taxation and management consulting.

38.Fill in the gaps:
     Accounting is ___________&______________.
Ans: Arts & Science.

39.What is the historical or stewardship functions of accounting?
   Ans: Analysis of financial portion.

40.Fill in the gaps:
     Determining the sources of fund is a __________function of accounting.
 Ans:Managerial.