Accounting: Topic 1 - What is Accounting?

According to Warren Buffet, what is accounting?

• The language of art

• The language of science

• The language of music

• The language of business

What is the market capitalization of Netflix at the end of 2021?

• $267 billion

• $100 million

• $500 million

• $50 billion

How many employees does Netflix have?

• 5,000

• 15,000

• 20,000

• 10,000

What is the primary role of accounting?

• Designing new products

• Recording and maintaining financial transactions

• Managing customer service

• Developing marketing strategies

What is the process of providing relevant accounting and financial data and information to the users called?

• Customer service

• Market research

• Data analysis

• Financial reporting

What is the decision management makes based on information about their cost of goods sold?

• Pricing

• Distribution

• Marketing

• Production

Who relies on timely, accurate, and well-organized financial information from companies like Netflix?

• Employees only

• Government only

• Customers only

• Investors and creditors

How many businesses are there in the United States alone?

• 30 million

• 20 million

• 40 million

• 10 million

What is the accounting profession ultimately responsible for?

• Recording, maintaining, and reporting an organization’s financial transactions and information

• Developing new technologies

• Managing human resources

• Creating marketing campaigns

According to the text, what is accounting considered to be?

• The universal language of science

• The universal language of business

• The universal language of art

• The universal language of music