371. Which of the following does not describe accounting?
A. Language of business
B. Useful for decision making
C. Is an end rather than a mean to an end?
D. Financial accounting and accounting systems

372. The two most common specialized fields of accounting in practice are?
A. Environmental accounting and financial accounting
B. Managerial accounting and financial accounting
C. Managerial accounting and tax accounting
D. Financial accounting and accounting systems

373. Which of the following user groups required the most detailed financial information?
A. Lenders
B. Investor and potential investors
C. Government agencies
D. The management

374. AAA stands for?
A. American accounting agency
B. American accounting association
C. Asian accounting association
D. Australian accounting association

375. Which one of the following statement completely and correctly describes accounting?
A. Recording, classifying and summarizing economic activities in systematic way
B. Recording, classifying and summarizing all activities in useful manner
C. Accounting is the systematic process of recording social activities only
D. Recording, classifying and summarizing economic activities in informal manner

376. Which of the following provides information about the financial information’s, obligations and activities on the economic entity that is intended for use primarily by external decision makers?
A. Management accounting
B. Financial accounting
C. Tax accounting
D. Environmental accounting

377. Which of the following statement is true about purpose of accounting?
A. The purpose of accounting provide information to manager
B. Accounting purpose gives quantitative information to economic decision makers
C. Provision of base for decision making is purpose of accounting
D. All of above statement are true regarding purpose of accounting

378. External reporting is the result of?
A. Financial accounting
B. Management accounting
C. Cost accounting
D. Social accounting

379. How many approaches accounting has?
A. One
B. Two
C. Three
D. None

380. Accounting is the language of?
A. Proprietor
B. School
C. Business
D. Management

NOTE
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