NEW
Font size
WorksheetsCareers, Certifications, & Users of Accounting Information
Total questions: 35
Worksheet time: 18mins
What is accounting often referred to as?
The language of business
The tool of finance
The basis of economics
The structure of management
What was the median salary for accountants in the U.S. in 2020?
$35,000/year
$56,300/year
$73,000/year
Over $1 million/year
Which of the following is NOT one of the four 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
Corporate Accounting
What is Public Accounting also referred to as?
Internal Accounting
External Accounting
Governmental Accounting
Non-Profit Accounting
Which of the following services is NOT typically provided by public accounting firms?
Preparing financial reports
Reviewing financial information for accuracy
Providing tax services
Manufacturing financial software
Which of the following firms is NOT part of the "Big Four" accounting firms?
Deloitte
Ernst and Young (EY)
PricewaterhouseCoopers (PwC)
Bain & Company
What is Private Accounting also referred to as?
External accounting
Public accounting
Internal accounting
Governmental accounting
What is the primary role of a private accountant within a company?
To manage the company's investments
To record transactions and prepare/analyze financial statements and reports
To conduct external audits of the company
To handle customer service inquiries
Who often reviews the work of internal company accountants for completeness and accuracy?
Private accountants
Public accountants
Government officials
Company shareholders
Which of the following is NOT an example of a private accounting job?
CFO
Controller
Accounts Payable Clerk
Tax Collector
What is Fund Accounting primarily used by?
For-profit corporations
Governments and non-profit organizations
Individual investors
Small businesses
What is the main focus of Fund Accounting?
Profitability
Accountability
Efficiency
Liquidity
What is the average salary earned by accountants with a bachelor's degree according to the Bureau of Labor Statistics in 2019?
$50,000
$79,500
$65,000
$90,000
What is required to legally sign an audit report?
A bachelor's degree in accounting
Being an enrolled agent
A Certified Public Accountant (CPA) certification
30 additional credit hours
Which of the following is NOT a requirement to become a Certified Public Accountant (CPA)?
A bachelor's degree
Passing a four-part exam
Minimum experience requirements
A master's degree in accounting
Who can legally represent their client in front of the IRS?
Non-CPAs
CPAs and attorneys
Enrolled agents
Both B and C
Are CPAs limited to working only in tax and audit areas?
Yes, they are limited to tax and audit work
No, they can work in all facets of the accounting profession
Yes, but they can also work in finance
No, but they are restricted to managerial accounting
What does the Certified Management Accountant (CMA) designation require a strong understanding of?
Marketing strategies
Financial accounting and strategic financial management
Information technology systems
Legal compliance and regulations
Which certification is recognized worldwide, unlike the CPA which is only recognized in the United States?
Certified Management Accountant (CMA)
Certified Internal Auditor (CIA)
Certified Payroll Professional (CPP)
Enrolled Agent (EA)
Which of the following is not listed as an "Other Certification" in the learning material?
Certified Payroll Professional (CPP)
Chartered Financial Analyst (CFA)
Certified Public Accountant (CPA)
Certified Fraud Examiner (CFE)
According to the learning material, which statement is true about accountants and certifications?
All accountants are required to have CPA, CMA, and CIA certifications.
CPAs, CMAs, and CIAs represent all types of accountants.
Not all accountants have CPA, CMA, and CIA certifications.
CPAs, CMAs, and CIAs are the only certifications available for accountants.
Who are considered internal users of accounting information?
Investors and creditors
Government agencies
Management and C-Suite executives
Customers and suppliers
What is the primary function of managerial accounting?
To prepare tax returns
To inform company decision making through measurement, analysis, and communication of accounting information
To audit financial statements
To manage payroll systems
What type of information do human resource managers use accounting information for?
Determining marketing initiatives
Driving purchasing decisions
Measuring employee performance
Analyzing sales projections
Why do marketing managers need accounting information?
To understand their profit margins
To optimize their marketing resource allocation
To drive purchasing decisions
To attest to the quality of company financial statements
What is the definition of 'Financial Accounting' as per the document?
The function of accounting that involves preparing financial statements for internal auditors
The function of accounting that involves driving purchasing decisions
The function of accounting that involves preparing financial statements and reports for external users
The function of accounting that involves determining hiring needs
What do investors, also known as shareholders, primarily want to know about a company?
The company's credit rating
If the company is a good investment and at what price per share
The decisions about management changes
If the company is paying the proper amount of taxes
What is the role of directors in a company?
They determine if financial statements are accurate and complete
They want to know if the company is financially strong enough to honor product warranties
They use accounting information to make high-level strategic decisions
They regulate the amount of information disclosed to shareholders
What is the primary function of external auditors?
To ensure the company pays back all interest and principal amounts to creditors
To attest to the quality of company financial statements
To give a credit rating to companies
To make decisions about capital investment
What information are regulators particularly interested in regarding a company?
The price per share of the company's stock
The company's ability to pay back interest and principal amounts
Whether the company is disclosing the proper amount of information to shareholders and paying the correct amount of taxes
The company's credit rating
What do creditors, or lenders, 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 deliver its products and services
What is the purpose of rating agencies in relation to companies?
To make high-level strategic decisions
To attest to the quality of company financial statements
To give a credit rating and quantify the ability to pay back debt
To ensure the company honors its product warranties
What information do suppliers seek about a company before selling goods or services on account?
The company's marketing strategies
The company's financial stability and worthiness
The company's organizational structure
The company's office locations
Who ensures that accounting and financial information is prepared accurately and completely?
Marketing and sales executives
Managerial and financial accountants
Human resources managers
Customers and clients
