Accounting basics Quiz

What is the primary purpose of accounting?

• To make business decisions

• To record financial transactions

• To provide financial assistance to employees

• To prepare tax returns

Which of the following is NOT a role of a bookkeeper?

• Maintaining accurate records of financial transactions

• Preparing financial statements for investors

• Posting transactions into ledgers

• Reconciliation of bank accounts

Which of the following is considered a type of stakeholder in a business?

• Shareholders

• Bankers

• Customers

• All of the above

Which of the following qualities is essential for an accountant?

• Creativity in designing logos

• Strong attention to detail

• Social media marketing skills

• Proficiency in coding

Which of the following is a key quality of an effective bookkeeper?

• Excellent public speaking skills

• Strong organizational skills

• High-level management experience

• Ability to design websites

Which journal records all credit purchases and liabilities?

• Sales Journal

• Purchase Journal

• Cash Book

• General Journal

What is the primary difference between the sales journal and the purchase journal?

• The sales journal records sales on credit, while the purchase journal records credit purchases

• The sales journal records cash sales, while the purchase journal records all purchases

• The sales journal records purchases, while the purchase journal records sales

• There is no difference

Which of the following is a duty of a bookkeeper?

• Preparing tax returns

• Recording daily transactions in books of accounts

• Analyzing market trends

• Setting business goals

Which of the following is recorded in the Inwards Journal?

• Goods purchased on credit

• Goods returned by customers

• Goods sold to customers

• Cash received from customers

Which of the following best describes the role of stakeholders in a business?

• They provide capital and expect a return on investment

• They manage the daily operations of the business

• They buy products from the business

• They are the employees who produce the goods