Chapter 16 Part 1 Reading quiz

Quiz
•
Business
•
9th - 12th Grade
•
Hard
Annette Williams
Used 2+ times
FREE Resource
11 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
accounting
controlling
financing
bookkeeping
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The overall purpose of accounting is to
maintain accurate reports
compile the business’s expenses
keep track of sales
control the finances of the business
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are accurate accounting records important to a business?
They prevent any financial losses
They show the business how it is doing
They increase the return on investments
They give the business an image of success
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following groups makes regular use of a business’s managerial accounting information:
Managers
Customers
Creditors
Investors
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A creditor is most likely to examine a business’s financial accounting records if the business is
applying for a bank loan
selecting a new market
using cash accounting
complying with regulations
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For an accounting system to be useful to the business, the accounting information it contains must be
accurate and up to date
approved by the chief executive officer
posted by an accountant
recorded using the accrual method
7.
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 need for an accountant
It should be replaced every two or three years
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