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Accounting as a Profession 1

Quiz by Marlene De Sormeaux

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6 questions
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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

  • 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)

  • 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

  • Q4

    Internal users of accounting information will NOT include:





  • Q5

    Accounting provides useful information for 

    departmental decision-making

    the preparation of financial statements

    evaluation of business performance

    all of the above

  • 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


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