AI in Accounting - Quiz

What does AI stand for?

• Automated Intelligence

• Artificial Insight

• Artificial Intelligence

• Advanced Interaction

Which of these tasks is most likely to be automated using AI in accounting?

• Filing GST returns

• Advisory services

• Resolving disputes

• Motivating employees

What is the main ethical concern with using AI in accounting?

• AI tools are too slow.

• AI might replace accountants.

• Bias in algorithms leading to incorrect decisions.

• AI cannot analyze numbers.

Who is ultimately responsible for errors caused by AI in financial reports?

• The accountant

• The AI software

• The client

• The software developer

Which AI tool is commonly used for data visualization?

• Excel

• Tableau

• Tally

• IDEA

AI in auditing can help detect:

• Duplicate invoices

• Fraudulent transactions

• Non-compliance with GST

• All of the above

What is one skill CAs must develop to stay relevant in the age of AI?

• Manual bookkeeping

• Data analytics

• Filing paper returns

• Typing skills

By 2030, AI is predicted to:

• Replace all accountants

• Assist accountants in decision-making

• Make accounting jobs obsolete

• Slow down accounting processes

If AI detects a suspicious ₹5 lakh transaction in 'Miscellaneous Expenses,' what should the accountant do first?

• Ignore it; AI never makes mistakes.

• Verify the transaction manually.

• Delete the entry.

• Ask AI to recheck.

If AI could speak, what would it probably say to accountants?

• Let me do all your work, you go relax!

• I'm here to assist you, not replace you.

• Can we work faster together?

• I'll take over your job soon!