Fundamentals of Accounting Quiz

Fundamentals of Accounting Quiz

11th Grade

104 Qs

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Fundamentals of Accounting Quiz

Fundamentals of Accounting Quiz

Assessment

Quiz

Others

11th Grade

Practice Problem

Hard

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104 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is accounting according to the Accounting Standards Council (ASC)?

A service activity that provides quantitative information.

A method of recognizing and communicating economic details.

A system designed to identify and process economic information.

An art of recording and classifying transactions.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main functions of accounting?

Recording, Classifying, Summarizing, Analyzing, Communicating

Recording, Classifying, Reporting, Auditing

Recording, Summarizing, Taxing, Budgeting

Classifying, Analyzing, Reporting, Communicating

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary focus of financial accounting?

Preparation of general-purpose financial statements.

Internal management decision-making.

Government resource allocation.

Tax collection and valuation.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does management accounting primarily assist with?

External reporting to stakeholders.

Internal decision-making for management.

Tax compliance and reporting.

Auditing financial statements.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of government in accounting?

Concerned with taxes and compliance with regulations.

Focus on financial performance of businesses.

Oversee the auditing process.

Provide financial statements to the public.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the significance of accounting education for CPAs?

It is a requirement to take the licensure examination.

It helps in understanding tax regulations.

It is necessary for auditing practices.

It is not essential for a CPA's career.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary concern of tax accounting?

Proper measurement of taxes owed by entities.

Preparation of financial statements.

Internal management reporting.

Auditing financial records.

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