Financial accounting is information about current expenses in the main areas of these expenses, the company’s revenues, the status of receivables and payables, the amount of financial investments and incomes from them, the status of sources of financing, etc. This discipline can be rather difficult for an average student and you should know where to find financial accounting questions and answers to them.
Financial Accounting MCQS With Answers
- What information does financial accounting cover? Financial accounting covers information that is not only used for internal management, but also reported to external users. At the same time, external users of accounting information can be owners of shares and creditors (current and potential), suppliers, buyers, representatives of tax services and extra-budgetary funds, and employees of enterprises.
- What is the goal of shareholders? Shareholders tend to have information about the value of their capital investments and about what profit is derived from the shares. Employees want to have data on the ability of an enterprise to meet the requirements of increasing wages and to refrain from excess labor. Creditors and owners of loan capital need information about the ability of a firm to fulfill its financial obligations. State organizations also collect accounting information and at the same time pay attention to detailed data on declared profits, accrued taxes, volumes of investments, property, etc.
- What is a balance method? Balance method is at the heart of financial accounting, and it is applied by registering economic facts and events with the help of a double entry in the accounts.
- What is the main task of financial accounting? The main task of financial accounting is the reliability of accounting for the financial performance of an enterprise, its property and financial condition. Financial accounting relates to past activities, which are designed to compile external statements of the enterprise.
- Where is financial accounting used? Financial accounting is used for in-house management, but only within the information that is formed within the requirements of international or national accounting standards.
What is the difference between financial and management accounting?
The accounting system includes three subsystems which are interconnected. Tax accounting is conducted in parallel with financial accounting, and is necessary for accounting for tax purposes. Financial and management accounting is necessary to obtain information about the financial situation of the enterprise and the adoption of management decisions. Financial accounting considers the quantitative side of all objects of accounting for the activities of the organization, and the managerial side for their quality characteristics.
There are a number of distinctive features by which you can compare financial and management accounting:
- By users of accounting information. Users of financial accounting information are external and internal users. At the same time, management accounting information is presented only to internal users, since it is, as a rule, a commercial secret.
- By types of accounting systems. Financial accounting is conducted on the basis of a double entry, but management accounting is not limited to it.
- By the object of accounting. The object of financial accounting is the enterprise as a whole, and management accounting is conducted for individual structural divisions.
- By the obligation of conducting and legal requirements. Financial accounting is mandatory, and it is strictly regulated by legislation and is oriented towards international accounting standards. Management accounting is conducted as required, based on the decision of the administration. At the same time, accounting information is collected and processed only if the benefits from its use exceed the costs of its collection and processing.
- By the principles of accounting and the order of its maintenance. Financial accounting is conducted in accordance with the adopted regulations and rules. Management accounting is maintained by any accounting rules. The main thing here is the usefulness of information.
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