
Introduction to Accounting
Authored by doreen finnegan
Business
University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the objective of financial statements according to International Accounting Standard 1 (IAS 1)?
To provide information about the internal management of the entity
To help users predict the entity's future cash flows and the timing and certainty of these cash flows
To provide information about the financial position, financial performance, and cash flows of an entity that is useful to a wide range of users in making economic decisions
To show the results of management's stewardship of the resources entrusted to it
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main purpose of accounting?
Not To show the results of management's stewardship of the resources entrusted to it
o provide information about the financial position, financial performance, and cash flows of an entity that is useful to a wide range of users in making economic decisions
Not To help users predict the entity's future cash flows and the timing and certainty of these cash flows
Not To provide information about the internal management of the entity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main function of management accounting?
To provide information for management purposes and ensure that effective interrelationships exist between all the functions and adds value to the organisation
To present financial information in a reliable, accurate, timely, and persuasive way
Not to influence key information and lead to good decision making about strategy and the future
To record, report, and analyse information to inform decision making
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the qualities of good accounting information?
Relevance, understandability, reliability, completeness, and timeliness, Completeness, Accuracy
To be complexe not timeliness, or understandabile or relevant
Not Relevance, reliability, complexity, completeness, and accuracy
Not understandability, complexity, reliability, and accuracy
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the regulatory framework in the UK and Ireland for accounting?
FRS - Financial Reporting Standards
EU Directives - regulations set by the European Union
IFRS - International Financial Reporting Standards
GAAP - all the accounting rules in a particular jurisdiction
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main benefit of modern accounting systems?
They provide real-time information and help with stock management
They integrate all processes and functions within the organisation
They automate daily tasks and include tracking abilities for regulatory compliance and They offer dashboards that give businesses an overview of their finances
All of th options
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The main types of stakeholders in accounting are Owners, shareholders, managers, staff or employees, customers, suppliers, community, government?
True
False
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