Multiple choice
True and False
Matching
Short Answers
100

Which of the below users is considered as an Internal user?

A. Owner
B. Middle management
C. Bank 
D. Buyer
A. Owner
100

Accounting involves only adding and subtracting numbers.

False

100

Suppliers

A. To determine the creditworthiness of the organization.

B. To determine if the customer has enough funds to pay its purchases

C. Determine the correct amount of tax in its tax returns for any business or individual. 

D. For assessing the company's profitability and its consequence on their future remuneration and job security.

E. For analyzing the feasibility of investing in the company.

F. For analyzing the viability and profitability of their investment and determining any future course of action.

B. To determine if the customer has enough funds to pay its purchases
100

What are two broad categories of accounting information users?

Internal and external. 

200

Accountants must have strong _____ to visualize, communicate, and solve both complex and uncomplicated problems.

A. math skills

B. analytical skills

C. organizational skills

D. communication skills

B. analytical skills

200

Generally, ethical behavior applies at all times, in any function in business.

True

200

Employees

A. To determine the creditworthiness of the organization.

B. To determine if the customer has enough funds to pay its purchases

C. Determine the correct amount of tax in its tax returns for any business or individual. 

D. For assessing the company's profitability and its consequence on their future remuneration and job security.

E. For analyzing the feasibility of investing in the company.

F. For analyzing the viability and profitability of their investment and determining any future course of action.



D. For assessing the company's profitability and its consequence on their future remuneration and job security.

200

What are the requirements for a public accountant to become a certified public accountant?

Education 

Experience 

Examination 

300
The _____ is the senior manager who is responsible for the overall financial health of a company.


A. Internal Auditor 

B. treasurer

C. controller

D. Bookkeeper 

C. Controller

300

An accountant only tracks the expenses of a business to make sure the business stays within a budget

False 

300

Tax Authorities

A. To determine the creditworthiness of the organization.

B. To determine if the customer has enough funds to pay its purchases

C. Determine the correct amount of tax in its tax returns for any business or individual. 

D. For assessing the company's profitability and its consequence on their future remuneration and job security.

E. For analyzing the feasibility of investing in the company.

F. For analyzing the viability and profitability of their investment and determining any future course of action.

C. Determine the correct amount of tax in its tax returns for any business or individual.

300

What is the name of the document that is used to present financial data to the users and explain the purpose of using it?

Report 

It helps the user know how the business performs and makes financial decisions. 

400
Which of the following is true about certified public accountants (CPAs)?

A. CPAs only work in the private sector

B. CPAs only work in the public sector

C. CPAs work for small businesses but not large businesses

D. CPAs work for government agencies and corporations.

D. CPAs work for government agencies and corporations.
400

A Certified Public Accountant, or CPA, must pass a national test, but no specific experience is necessary to become certified.

False 

400

Lenders

A. To determine the creditworthiness of the organization.

B. To determine if the customer has enough funds to pay its purchases

C. Determine the correct amount of tax in its tax returns for any business or individual. 

D. For assessing the company's profitability and its consequence on their future remuneration and job security.

E. For analyzing the feasibility of investing in the company.

F. For analyzing the viability and profitability of their investment and determining any future course of action.

A. To determine the creditworthiness of the organization.

400

State the reason why accountants need to uphold ethical principles.

Preserve the integrity of financial reports and information. To maintain public trust, and comply with legal and professional standards.

500

Objectivity is an important ethical value in the accounting profession. Accountants must remain free _____________ when conducting accounting services.


A. Questionable business relationships

B. From conflicts of interest

C. Disclosing client information

D. All of the above

D. All of the above
500

Financial accounting prepares reports for people outside the company.

True

500

Owner

A. To determine the creditworthiness of the organization.

B. To determine if the customer has enough funds to pay its purchases

C. Determine the correct amount of tax in its tax returns for any business or individual. 

D. For assessing the company's profitability and its consequence on their future remuneration and job security.

E. For analyzing the feasibility of investing in the company.

F. For analyzing the viability and profitability of their investment and determining any future course of action.

F. For analyzing the viability and profitability of their investment and determining any future course of action.

500

List the 4 codes of conduct that an accountant must uphold, and explain one of them.

  1. Integrity - Involves acting honestly, truthfully, and ethically in all aspects of their work.

  2. Objectivity- Disclose any personal or professional relationships that may compromise their ability to act in the best interest of their clients or employers.

  3. Confidentiality- Safeguarding client data, trade secrets, and any proprietary information that is entrusted to them.

  4. Professional Competence - Enhance their knowledge and skills by staying informed about the latest accounting regulations and ethical guidelines.

M
e
n
u