S24 - Accounting - Take Home Version

What is the primary purpose of accounting in a business?

• Entertainment
  

• Tracking income, expenses, assets, and liabilities
  

• Social media management
  

• Graphic design

How  do managers use financial reports using accounting?

• To create fictional stories
  

• To track employee attendance
  

• To make informed decisions
  

• To design marketing campaignS

What is the significance of understanding basic accounting concepts?

• To become a professional athlete
  

• To speak the standard financial language of businesses
  

• To master cooking skills
  

• To excel in computer programming

How can individuals benefit from knowing the basics of accounting and financial statements?

• To help decide which companies they want to work for

• To help decide which companies they want to invest in

• To impress people who are interviewing them for a job

• All of these

• None of these

Which of the following is NOT one of the two main financial statements that we learned about in this unit?

• Balance sheet
  
  

• Income statement
  

• Cash flow statement

Which of these is a recent trend in the accounting profession?

• FASB

• GAAP

• Supercomputers

• Cloud computing 

The main purpose of _____ financial reports is to provide managers and officers with information that helps them make better decisions. 

• internal

• external

• revised

• superseded

The main purpose of _____ financial reports is to provide lenders and investors with information that helps them make better decisions.

• internal

• external

• revised

• superseded

Most ______ financial statements are audited.

• internal

• external

• revised

• superseded

The primary audience for managerial accounting is _____.

• internal

• external

• revised

• superseded