
Business School 101: Understanding Accounting
Interactive Video
•
Business
•
9th - 10th Grade
•
Hard
Jennifer Brown
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is accounting often referred to as the language of business?
It is used to communicate with customers.
It is a universal language spoken worldwide.
It provides a standardized way to record and interpret financial information.
It is only used by accountants.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary focus of financial accounting?
Setting company budgets
Internal decision-making
Preparing financial statements for external stakeholders
Managing day-to-day operations
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a component of managerial accounting?
Budgeting
Cost analysis
Preparing financial statements for external stakeholders
Performance evaluations
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of double-entry accounting?
To increase the number of accounts
To simplify bookkeeping
To maintain the balance of the accounting equation
To ensure every transaction is recorded twice
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which financial statement provides a snapshot of a company's financial position?
Income statement
Cash flow statement
Balance sheet
Budget report
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of auditing in accounting?
To prepare tax returns
To ensure financial statements are accurate and comply with standards
To manage company budgets
To increase company profits
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does tax accounting benefit a business?
By enhancing customer satisfaction
By ensuring compliance with tax laws and reducing tax liabilities
By increasing sales
By improving employee performance
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