Business Essentials - 4.01

Business Essentials - 4.01

9th - 12th Grade

21 Qs

quiz-placeholder

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Business Essentials - 4.01

Business Essentials - 4.01

Assessment

Quiz

Other

9th - 12th Grade

Practice Problem

Medium

Created by

Kelsey Stocks

Used 451+ times

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21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The process of keeping the financial records of a business is known as:

Financing

Controlling

Accounting

Bookkeeping

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why are accurate accounting records important to a business?

They show how the business is doing.

They increase the return on investments

They prevent any financial losses

They give the business an image of success.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A creditor is most likely to examine a business's financial accounting records if the business is

complying with regulatios

applying for a bank loan

using cash accounting

selecting a new market

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For an accounting system to be useful to the business, the accounting information it contains must be

recorded using the accrual method

posted by an accountant

accurate and up to date

approved by the CEO

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a requirement for a good accounting system:

It should be updated annually

It should provide needed information quickly

It should eliminate the end for an accountant

It should be replaced every two or three years

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a true statement:

Bookkeeping is the same as accounting

Bookkeeping is limited to information on sales

Bookkeeping does not use computers

Bookkeeping records business transactions

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following presents the first three steps in the accounting cycle in the correct order:

Post, journalize, and analyze

Analyze, journalize, and post

Post, analyze, and jouranlize

Analyze, post, and journalize

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