Accounting Review

What is accounting primarily concerned with?

• Buying and selling goods

• Classifying, recording, summarizing, and analyzing financial information

• Marketing and advertising

• Manufacturing products

Which of the following is included in the financial information provided by accounting?

• Customer preferences

• Financial position

• Competitor analysis

• Market trends

Which of the following is NOT a purpose of accounting?

• To provide cash flow information

• To entertain

• To assess financial position

• To evaluate solvency

What is a key component of the information provided by accounting?

• Results of operations

• Favorite foods

• Personal hobbies

• Social media trends

Which of the following is a focus of accounting?

• Financial position

• Art history

• Culinary arts

• Sports statistics

Who might use accounting information to assess the financial health of a company?

• General Public

• Lenders / Creditors

• Artists

• Scientists

Who uses accounting information to understand a company's market position?

• General Public

• Lenders / Creditors

• Management

• Scientists

What is the primary purpose of an accounting system?

• To classify and record day-to-day financial activities

• To create marketing strategies

• To design new products

• To manage human resources

What does the abbreviation CPA represent in the accounting field?

• Chartered Public Accountant

• Certified Professional Accountant

• Chartered Professional Accountant

• Certified Public Accountant

Which of the following was not a pre-2014 accounting designation?

• Chartered Accountant

• Certified Management Accountant

• Certified General Accountant

• Chartered Financial Analyst