Accounting Quiz OSSD 2

What is the main purpose of accounting?

• To provide entertainment for stakeholders

• To hide financial information from external stakeholders

• To create confusion among company stakeholders

• To deal with the financial data of a business for decision making

Which of the following is NOT a type of business based on what the business does or provides?

• Service businesses

• Manufacturing businesses

• Non-profit organizations

• Retail businesses

What is the main responsibility of bookkeepers in accounting?

• Interpreting financial data

• Preparing financial reports

• Maintaining accounting systems

• Performing routine day-to-day tasks

What is the new designation for professional accountants in Canada after the merger of the three existing accounting designations?

• Certified Public Accountant (CPA)

• Chartered Accountant (CA)

• Chartered Professional Accountant (CPA)

• Certified General Accountant (CGA)

What is the purpose of the Common Final Examination (CFE) for aspiring CPAs in Canada?

• To assess university/college degrees

• To evaluate specialized training courses

• To standardize accounting knowledge

• To test practical work experience

Which type of business ownership provides limited liability to the owners?

• Partnership

• Co-operative

• Sole proprietorship

• Private Corporation

What is the main type of work performed by public accountants?

• Tax preparation

• Auditing

• Marketing analysis

• Legal consulting

What is the purpose of establishing internal controls in accounting?

• To promote accuracy and honesty among employees

• To avoid paying taxes

• To manipulate financial data for personal gain

• To hide financial information from stakeholders

What is the advantage of studying accounting in personal life?

• To become a professional athlete

• To prepare personal budgets and income tax returns

• To learn how to cook gourmet meals

• To become a famous actor

What is the main characteristic of a corporation in terms of ownership?

• Unlimited liability for owners

• Ownership represented by shares or stocks

• Single owner operation

• No voting rights for shareholders