Accounting

Which technology is expected to significantly transform accounting processes in 2024?

• Blockchain

• Fax machines

• Typewriters

What key area of accounting will be improved by AI and automation in 2024?

• Human resources

• Data entry and bookkeeping

• Sales

Why is cloud-based accounting becoming more popular?

• It is cheaper but offers fewer features

• It enhances accessibility and scalability

• It requires less training

Which of the following is an emerging trend in accounting for better decision-making?

• Paper-based accounting

• Predictive analytics

• Manual data processing

How does blockchain benefit the accounting industry?

• It makes transactions faster but less secure

• It eliminates the need for financial statements

• It enhances transparency and security in transactions

What is a major concern in accounting related to technology in 2024?

• Cybersecurity threats and data protection

• Lack of cloud service providers

• Inability to integrate AI with existing systems

Which trend is helping accountants offer more personalized services?

• AI-driven customer insights

• Hiring more staff

• Outsourcing to multiple vendors

Which of the following accounting practices is expected to decline due to automation?

• Financial forecasting

• Data analysis

• Manual bookkeeping

What is one reason businesses are adopting environmental, social, and governance (ESG) reporting?

• To meet international standards

• To reduce their workforce

• To decrease financial transparency

What challenge will small businesses face in adapting to 2024 accounting trends?

• High cost of hiring human accountants

• Investment in advanced technology for automation

• Difficulty understanding basic accounting principles