The document discusses key concepts in financial management and accounting. It provides definitions and explanations of terms like financial accounting, balance sheets, bookkeeping, capital, and stakeholders. The document quizzes the reader with multiple choice questions to test their understanding of these fundamental accounting and financial management topics.

1. Financial Management and
Accounting
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1. Financial accounting is for the
interests of
1. Government
2. Employees
3. Suppliers
4. Investors and
shareholders
Feedback:
Correct: Investors and
shareholders depend mainly
on accounting information
supplied through financial
accounts for making informed
investment decisions.
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2. ‘Inflate the sales for the current
year by advancing the sales from
the following year.’ It is,
1. Creative
accounting
2. Window
dressing
Feedback:
Correct: It is an accounts
manipulation technique
to boost the image of the
organization.
3. Kickback
4. None of the
above
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3. Funds brought in to start a
business by the owner or group of
owners is called,
1. Revenue
2. Debt
3. Capital
Feedback:
Correct: Capital is the
amount invested by the
owner or owners while
starting a business.
4. Asset
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4. Financial statement of business
at any targeted time in terms of
assets and liabilities,
1. Bookkeeping
2. Income and expenses
account
3. Profit and loss
account
4. Balance sheet
Feedback:
Correct: Balance sheet
provides a picture of
assets and liabilities at
the end of a particular
time period.
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5. An art and science of recording
business transactions is called
_________.
Accounting
Recording

2. Book keeping
Feedback:
Correct: Book keeping is
an art as well as science
of recording business
transactions
systematically.
Transaction recording
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6. A person or entity who has an
interest in the economic
performance of a business is a
__________.
Stakeholder
Feedback:
Correct: Stakeholder is a
person or an entity who
is interested in economic
health of the company.
Well wisher
Legal advisor
Successors