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Accounting NOCTI

Authored by Wayground Content

Business

11th Grade

Used 21+ times

Accounting NOCTI
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20 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is one primary purpose of financial statement analysis?

To determine tax liabilities for the company

To evaluate the financial health and performance of the company

To calculate the exact amount of cash on hand

To determine the cost of raw materials

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following is NOT a primary use of financial statements?

Assessing a company’s profitability

Predicting future cash flows

Determining tax liabilities

Evaluating management’s performance

3.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What is the primary responsibility of a forensic accountant?

Managing a company’s day-to-day financial transactions

Investigating fraud and disputes involving financial data

Preparing budgets and forecasting future costs

Auditing financial statements for regulatory compliance

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following represents revenue for a manufacturing company?

Interest income from investments

Sales of goods to customers

Salary payments to employees

Insurance premiums paid

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

If Social Security tax is 6.2% and Medicare tax is 1.45%, what is the total FICA tax for an employee with a gross pay of $3,000?

$234

$180

$250

$300

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which method ensures segregation of duties in controlling cash receipts?

Reconciling bank statements monthly

Allowing the same person to handle cash receipts and disbursements

Using a petty cash fund for small expenditures

Having different employees approve and record cash transactions

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

What principle ensures that accountants provide accurate and unbiased financial information?

Transparency

Objectivity

Professional skepticism

Compliance

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