Purpose of Accounting

........................ involves the recording of financial transactions, planned or actual, and the use of these figures to produce financial information.

• Business

• Accounting

• Finance

• Budgeting

The actions by a business that involve money either going into or out of a business, e.g. making a sale or paying a bill is called

• Financial accounting

• Financial budgeting

• Financial records

• Financial transactions

HMRC stands for

• Her (or His) Majesty's Revenue & Customs

• Her (or His) Majesty's Resource & Controls

• Her (or His) Majesty's Rates & Customs

• Her (or His) Majesty's Resource & Customs

.................................. is a British Government department responsible for the collection of all types of taxes

• Her (or His) Majesty's Revenue & Taxes

• Her (or His) Majesty's Revenue & Customs

• Her (or His) Majesty's Rates & Taxes

• Her (or His) Majesty's Taxes & Customs

The business owner or a bookkeeper must record all of the money coming into the business (from sales) and all of the money going out, such as expenses.

• True

• False

• It depends on the circumstances

.................................. best describes someone who is responsible for the planning, monitoring and controlling of the resources for which they are responsible.

• Manager

• Business controller

• Business planner

• Supervisor

Management of a business involves careful coordination of resources including staff, materials, stock and money.

• False

• It depends on the circumstances

• True

........................................................... is the process by which managers, plan, organize, control, and lead activities that ensure compliance with laws and regulations.

• Enforcement

• Compliance

• Directing

• Coordinating

It is important that businesses comply with the laws and regulations in order to ensure that investors and other stakeholders are not misinformed.

• False

• It depends on the circumstances

• True

.................................... is when company monies are used inappropriately or acquired by the wrong person for personal gain.

• Appropriation

• Corruption

• Bribery

• Fraud