The process of keeping the financial records of a business is known as
Show Me the Money LAP Test

Quiz
•
Computers
•
9th - 12th Grade
•
Hard
Flexcia Dowell
Used 2+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
accounting.
controlling.
financing.
bookkeeping.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The overall purpose of accounting is to
keep track of sales.
control the finances of the business.
maintain accurate reports.
compile the business’s expenses.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are accurate accounting records important to a business?
They increase the return on investments.
They give the business an image of success.
They show how the business is doing.
They prevent any financial losses.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following groups makes regular use of a business’s managerial accounting information:
Creditors
Investors
Customers
Supervisors
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A creditor is most likely to examine a business’s financial accounting records if the business is
using cash accounting.
complying with regulations.
selecting a new market.
applying for a bank loan.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Riley is an employee of the federal government who studies the financial reports of major businesses in a specific industry. The government’s purpose in assigning this task to Riley is to
determine creditworthiness.
search for profitable investments.
identify trends in the industry.
decide if funds are available for pay raises.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For an accounting system to be useful to the business, the accounting information it contains must be
approved by the chief executive officer.
accurate and up to date.
posted by an accountant.
recorded using the accrual method.
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