Financial accounting objective questions and explanations pdf

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.