Accounting as a Profession 1
Quiz by Marlene De Sormeaux
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- Q1
The book-keeping clerk is responsible for:
Summarizing and Communicating accounting information
Borrowing money from the bank for the business
Recording the daily transactions of a business
Writing memos instructing staff of their duties and responsibilities
30s - Q2
Which of the following is true of the book-keeping clerk?
(i) records cash and other types of transactions
(ii) records only cash transactions
(iii) classifies accounting information to be analyzed
(iv) summarises the reports made
(i) and (iv)
(ii) and (iii)
(iii) and (iv)
(i) and (iii)
30s - Q3
External parties will require access to a firm's accounting information for all these reasons
managing inventory
calculating taxes
assessing the firm's creditworthiness
investing in the firm
30s - Q4
Internal users of accounting information will NOT include:
lenders
owners
managers
employees
30s - Q5
Accounting provides useful information for
departmental decision-making
the preparation of financial statements
evaluation of business performance
all of the above
30s - Q6
Employees usually require access to accounting information for all of the following reasons
Determine the firm's ability to pay higher ages
Help the firm achieve its objectives
Determine the amount owed to the government in taxes
Check the accuracy of their net pay calculations
30s