WorksheetsAccounting Careers and Certifications Quiz
Total questions: 24
Worksheet time: 12mins
What is accounting often referred to as in the context of business?
The language of business
The tool of management
The basis of economics
The rule of finance
What is the median salary for accountants in the U.S. as of 2020?
$56,300
$73,000
$35,000
Over $1 million
Which of the following is NOT one of the primary categories for accounting?
Financial Accounting
Managerial Accounting
Tax Accounting
Corporate Law
Which of the following is NOT one of the three broad categories of accounting roles?
Public Accounting
Private Accounting
Fund Accounting
Governmental Accounting
What is Public Accounting also referred to as?
Internal accounting
External accounting
Governmental accounting
Non-profit accounting
What services do public accounting firms provide besides preparing and reviewing financial information?
Legal and compliance services
Tax and consulting services
Human resources and recruitment services
Marketing and advertising services
Which of the following firms is NOT one of the "Big Four" accounting firms?
Deloitte
Ernst and Young (EY)
PricewaterhouseCoopers (PwC)
Bain & Company
What do the "Big Four" accounting firms primarily review or audit in the United States?
Private companies' financial information
Public companies' financial information
Governmental financial records
Non-profit organizations' financial statements
What is Private Accounting also referred to as?
External accounting
Internal accounting
Public accounting
Fund accounting
Which of the following is NOT a job example in private accounting?
CFO
Controller
Accounts Receivable Clerk
Accounts Payable Clerk
Which organizations typically use Fund Accounting?
For-profit corporations
Governments and non-profit organizations
Small businesses
Individual entrepreneurs
Which certification is considered highly regarded and a common goal for many accountants?
Certified Management Accountant
Certified Internal Auditor
Certified Public Accountant (CPA)
Certified Financial Analyst
Who can legally represent their client in front of the IRS?
Only CPAs
Only attorneys
Only enrolled agents
CPAs, attorneys, and enrolled agents
Which certification is recognized worldwide?
A) Certified Payroll Professional (CPP)
B) Chartered Financial Analyst (CFA)
C) Certified Management Accountant (CMA)
D) Certified Internal Auditor (CIA)
What is the primary purpose of managerial accounting?
To prepare tax returns
To inform company decision making
To audit financial statements
To manage payroll systems
What type of information do human resource managers use accounting for?
To determine marketing strategies
To understand profit margins
To determine hiring needs and measure employee performance
To drive purchasing decisions
What is the role of internal auditors in relation to accounting information?
To optimize marketing resource allocation
To drive purchasing decisions
To provide an objective analysis and evaluation of financial statements
To understand profit margins
What is the definition of an External User in accounting?
Someone who prepares financial statements for a company
Someone inside a company that has limited access to accounting information
Someone outside of a company that has limited access to accounting information
Someone who performs an objective analysis of financial statements
What is the primary function of Financial Accounting?
To determine hiring needs and measure employee performance
To optimize marketing resource allocation
To drive purchasing decisions
To prepare financial statements and reports for external users
What do investors (shareholders) primarily want to know about a company?
The credit rating given by rating agencies
If the company is disclosing the proper amount of information to regulators
Whether the company is a good investment and at what price per share
If the company will be able to pay back all interest and principal amounts to creditors
What is the role of external auditors in relation to company financial statements?
They make high-level strategic decisions for the company
They ensure the company is financially strong enough to honor product warranties
They determine if financial statements are accurate and complete
They regulate the amount of taxes the company pays
What information are regulators particularly interested in regarding a company?
If the company's financial statements are accurate and complete
Whether the company is a good investment for shareholders
If the company is disclosing the proper amount of information and paying the correct taxes
The company's ability to pay back all interest and principal amounts to creditors
What do creditors (lenders) primarily want to know about a company?
If the company is a good investment for shareholders
The quality of the company's financial statements
Whether the company can pay back all interest and principal amounts
If the company is financially strong enough to honor product warranties
Who ensures that accounting and financial information is prepared in a complete manner?
Tax auditors
Managerial and financial accountants
Marketing managers
Legal advisors
