Accounting Quiz

What is the role of an accountant?

• The individual who manages the day-to-day operations of a business

• The person responsible for tracking inventory

• The professional with specialized training in accounting procedures

• The person who makes capital investment decisions

What does the accounting cycle refer to?

• A financial statement that captures the financial condition of the business

• A process or series of steps that businesses complete to maintain their financial records effectively

• The total value of the business

• The money it takes to keep inventory in stock

What is accrual?

• A method of accounting that records transactions at the time they occur

• The total debts that the business owes

• The amount an owner has invested in the business

• The function that involves all money management matters

What is the balance sheet?

• A summary of accounting information

• A financial statement that captures the financial condition of the business at that particular moment

• The net income of the business

• The money it takes to keep inventory in stock

What is the bottom line in a business context?

• The total value of the business

• The amount of inventory a business has on hand

• The net income; the decisive point

• The day-to-day activities for continued business functioning

What does logistics refer to in a business context?

• The money it takes to keep inventory in stock

• The function that involves all money management matters

• Managing the flow of goods and services from production to consumption

• The amount an owner has invested in the business

What is the purpose of inventory control?

• To manage the flow of goods and services

• To track the amount, kind, and value of inventory that a business has on hand

• To calculate the net income of the business

• To show the overall value of the owner's equity

What is the purpose of quality control in the operations function?

• To determine the sequence of steps in the production process

• To ensure the degree of excellence of a good or service

• To establish the timetable to be followed in production

• To determine when materials will arrive at their destination

What does scheduling in the production process establish?

• The amount of money marketers will ask in exchange for their products

• The degree of excellence of a good or service

• The timetable to be followed in production

• The sequence of steps in the production process

What is the role of advertising?

• A form of promotion that determines client needs and wants

• A marketing element requiring marketers to determine the amount of money they will ask in exchange for their products

• Any paid form of nonpersonal presentation of ideas, goods, or services

• Ensuring the degree of excellence of a good or service