TC U13 Accounting Quiz

What does accounting involve?

• Only recording transactions

• Recording, summarizing, and reporting transactions

• Preparing sales invoices

• Monitoring employees

What are examples of transactions?

• Financial statements and reports

• Purchases and sales

• Hiring and firing employees

• Preparing budgets

What are financial statements used for?

• Tracking employees' performance

• Reporting an organization's financial activities

• Summarizing employee attendance

• Creating marketing strategies

What does accountancy include?

• Buying stocks

• Professional training and exams

• Calculating sales tax

• Setting up warehouses

What is the primary focus of bookkeeping?

• Day-to-day recording of transactions

• Preparing marketing strategies

• Conducting financial audits

• Summarizing employee records

What is included in financial accounting?

• Preparing budgets

• Bookkeeping and financial statements

• Handling employee salaries

• Monitoring inventory

Who are creditors?

• People who lend money to a company

• Shareholders of a company

• Employees of the company

• Customers of the company

What is management accounting focused on?

• Preparing tax returns

• Helping managers make plans and decisions

• Reporting financial data to external parties

• Preparing invoices

Which of the following is NOT included in bookkeeping?

• Recording transactions

• Preparing detailed financial statements

• Keeping track of day-to-day finances

• Recording sales and purchases

Who are shareholders?

• People who own part of a company

• Creditors who lend money

• Managers of the company

• Employees in charge of bookkeeping