
Accounting
Authored by Kim Goff
Business
9th - 12th Grade

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10 questions
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1.
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.
2.
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.
3.
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.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Two employees used a business’s computerized accounting system to change some records. They were able to steal $50,000 from the business because the accounting system lacked which of the following:
Protection from theft and fraud
An affordable price
A manual system as backup
Printed financial statements
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of accounting method would most likely be used by a small business owner who does not offer credit?
Check method
Accrual method
COD method
Cash method
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of accounting method would most likely be used by a large business that has a large number of outstanding loans and customer charge accounts?
Check method
Accrual method
COD method
Cash method
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following categories of information are found on a balance sheet:
Income, expenditures, profit
Assets, liabilities, owner’s equity
Assets, liabilities, margin
Revenues, expenses, profit
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