
Accounting Quiz
Authored by Ben Kannan
Business
12th Grade
Used 1+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of accountants provide services like auditing, tax advice, and management consulting to client organizations?
Public Accountants
Private Accountants
Forensic Accountants
Management Accountants
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the fundamental accounting equation that must remain in balance after every transaction?
Assets + Liabilities = Owners' Equity
Assets = Liabilities + Owners' Equity
Assets - Liabilities = Owners' Equity
Assets = Liabilities - Owners' Equity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which financial statement provides a snapshot of a company's financial position at a specific point in time?
Balance Sheet
Income Statement
Statement of Cash Flows
Financial Ratios
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the standard guidelines and principles for preparing financial statements in the U.S. called?
Financial Accounting Standards Board (FASB)
Certified Public Accountants (CPAs)
International Financial Reporting Standards (IFRS)
Generally Accepted Accounting Principles (GAAP)
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which ratio assesses the ability to repay debt by measuring short-term solvency?
Price-Earnings (P/E) Ratio
Earnings per Share
Debt-to-Equity Ratio
Current Ratio
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is crucial for maintaining public trust in accounting information?
Full Disclosure
Profitability Ratios
Solvency Ratios
Ethical conduct
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which independent body aims to bring consistency and comparability in financial reporting across countries?
Institute of Management Accountants (IMA)
Financial Accounting Standards Board (FASB)
International Accounting Standards Board (IASB)
Certified Fraud Examiner (CFE)
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