Midterm Exam Review (Business concepts) S2

Midterm Exam Review (Business concepts) S2

Professional Development

50 Qs

quiz-placeholder

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Midterm Exam Review (Business concepts) S2

Midterm Exam Review (Business concepts) S2

Assessment

Quiz

Computers

Professional Development

Practice Problem

Medium

Created by

Khunheng Ten

Used 4+ times

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50 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is accounting often called?

The language of business

The science of business

The history of business

The analysis of business

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of accounting?

To prepare invoices

To provide financial information for decision-making

To manage human resources

To control production processes

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key function of an accounting system?

Marketing products

Summarizing financial transactions

Increasing sales

Negotiating supplier contracts

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which financial statement shows the financial position of a company at one point in time?

Income statement

Balance sheet

Statement of cash flows

Statement of retained earnings

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the income statement reflect?

The financial performance over a period of time

The company's cash position

The inventory level at year-end

The company's liabilities

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which group of professionals uses accounting information for auditing and tax computations?

Private accountants

Public accountants

Internal auditors

Managers

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who may earn the title of CPA (Certified Public Accountant)?

Government accountants

Public accountants

Private accountants

Financial analysts

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