Financial accounting objective questions and explanations pdf
Accounting MCQ Questions and Solutions with Explanations | Commerce
It is the software that stores data, and also computes them and retrieves the result based on the current marketing scenario. In order to determine the transaction type which is entered in the line item, a two digit numerical is used known as 'Posting Key' Posting key determines a Account Types b Types of posting. To generate financial statements like Profit and Loss statement, Balance sheets etc. You can have one Chart of Account for one company code which is assigned. There are three currencies that can be configured for a Company code, one is a local currency and two are the parallel currencies. Fiscal year in SAP is the way financial data is stored in the system. In SAP, you have 12 periods and four special periods.
Financial Accounting MCQ Questions and Answers Quiz. 1. According toÂ Financial Accounting Trivia Questions and Answers PDF. Financial Accounting.
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Accounting for Management
Accounting Multiple Choice Questions and Answers with detailed explanations
Which of the following is not an asset? Which of the following is a liability? Which of the following best describes the meaning of Purchases? Goods bought on credit Goods paid for Goods bought for resale Items bought. Which of the following should not be called Sales?
What information is tested by the CPA Exam? This document is published one to two times per year and details the minimum level of knowledge and skills you must have to qualify for initial licensure. Use the Blueprints as a study guide in conjunction with other Exam review and preparation materials available to you. Each Exam section is delivered in five smaller sections called testlets. Each testlet features different item types see below used to test your knowledge and skills.
Each group uses accounting information differently, and requires the information to be presented differently. Accounting supplies managers and owners with significant financial data that is useful for decision making. This type of accounting in generally referred to as managerial accounting. The groups and some of their possible questions are:. Typically, the best place to find these reports for a public company can be on their website under the Investor relations section. Financial statements used by external entities are prepared using generally accepted accounting principles, or GAAP.