F24TH ACCOUNTING: USING FINANCIAL INFO TO MANAGE BUSINESSES

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

Why should everyone understand basic accounting concepts?

• To become an accountant
• To speak the standard financial language of businesses
• To become a book keeper
• To excel in computer programming

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

• All of these
• To help decide which companies they want to work for
• To help decide which companies they want to invest in
• To generate good questions to ask during their job interviews
• To impress people who are interviewing them for a job

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• superseded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• superseded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• superseded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• superseded