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Introduction to Accounting

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Module 1
Johnny Sarante
Quiz by Johnny Sarante, updated more than 1 year ago
Johnny Sarante
Created by Johnny Sarante almost 8 years ago
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Resource summary

Question 1

Question
Your reading material mentions the use of a paper-printing calculator mainly as
Answer
  • time saver that makes importing faster than using other types of calculators
  • way to shortcut record keeping duties
  • way to make it easier to spot and fix input errors
  • way of documenting bookkeeping workload

Question 2

Question
Your reading material estimates that knowledge of technical aspects of accounting is about __% of what it takes to succeed as a practicing accountant.
Answer
  • 25
  • 50
  • 75
  • 90

Question 3

Question
Your material highlights the importance of flexibility and cooperation for accountants mainly because__________.
Answer
  • accountants face frequent opposition
  • accounting is a service profession
  • accounting is an integral element of progression
  • accounting rules and standards are always changing.

Question 4

Question
Your reading material compares accountants to Brinks guards with specific regard to which aspect of an accountant's role and function?
Answer
  • protection
  • authority
  • vulnerability
  • status

Question 5

Question
The advent of computer accounting has done all of the following EXCEPT ________.
Answer
  • make it easier to generate accounting reports.
  • help spot errors and inconsistencies.
  • reduce the amount of arithmetic accountants do in their heads on a routine basis.
  • reduce or eliminate the need to teach manual accounting procedures.

Question 6

Question
According to your reading material, how do accountants contribute to competitiveness?
Answer
  • providing marketing advice
  • encouraging growth
  • helping to set effective prices
  • implementing corporate policies

Question 7

Question
Your reading material presents a paragraph on "Education" with specific regard to the ________.
Answer
  • strict educational requirements for becoming an accountant
  • role of the accountant in verifying the educational backgrounds of prospective staff members
  • role of the accountant in helping clients to understand the need for certain policies and procedures or policies
  • effects of increased public education standards on the public's perception of the role of the accountant

Question 8

Question
What is the main contribution of accounts to troubleshooting corporate problems?
Answer
  • disciplining staff members
  • freeing up funds for improvements
  • high potential weaknesses from prospective investors
  • putting numbers to problems

Question 9

Question
People who believe that accountants ________ are mistaken.
Answer
  • work in isolation
  • work with numbers
  • are cautious and conservative by professional nature
  • must have a high level of self-discipline

Question 10

Question
Your reading material identifies six major accounting values. Which of the following is NOT one of these six?
Answer
  • confidentiality
  • competitiveness
  • conformity

Question 11

Question
When your reading material refers to accountants as being Cut From a Different Cloth as compared with most business people and ordinary citizens, this statement mainly refers to an accountant's ________.
Answer
  • personal values
  • work habits
  • love of working with numbers and details
  • independent and self-sufficient work style

Question 12

Question
Accountants should NEVER engage in guesswork about any of the following EXCEPT ________.
Answer
  • future predictions
  • cash reserves
  • tax rates
  • the accountant should never engage in guesswork - period.

Question 13

Question
Accountants protect themselves from liability and their work mainly by ________.
Answer
  • signing employment contracts that limit their responsibility
  • relying on someone else to check their work
  • following detail control procedures precisely and without exception
  • refusing to offer opinions

Question 14

Question
Your reading material indicates that an accountant's duty of accuracy is ________.
Answer
  • unconditional
  • limited by the resources available for verification
  • limited by time constraints
  • limited by failings or errors of subordinates

Question 15

Question
Your reading material explains that the reason most people have in the aversion to preparing tax returns is that they ________.
Answer
  • they are afraid of owing money
  • are not good at arithmetic
  • resent taxation as a matter of principle
  • begrudge the time it takes for thorough and accurate results

Question 16

Question
An accountant's signature is best viewed as ________.
Answer
  • made on behalf of the company rather than the accountant
  • an indication that the material has been prepared by some authorized person in the accounting department
  • an indication that the accountant has personally prepared or personally verified the signed document
  • an indication that the accountant approves of the company's policies and practices that have led to the numbers conveyed in the document

Question 17

Question
When people falsely think of accounting as merely "bean counters", what aspect of an accountant's role are they most failing to understand and appreciate?
Answer
  • proactive role in budgeting, planning and process control
  • use of computers
  • supervision of staff
  • role in interpreting tax law and filing tax returns

Question 18

Question
Changes in the government requirements from year to year are most likely to affect the accountant's ability to maintain which of the following accounting values?
Answer
  • conformity
  • accuracy
  • efficiency
  • confidentiality

Question 19

Question
According to your reading material, "________ are the bane of bookkeepers and accountants."
Answer
  • Uncooperative clients
  • Government regulations
  • Financial losses
  • Mistakes

Question 20

Question
Based on your reading material, a person who compared an accountant to a priest would most likely be referring to ________.
Answer
  • performing set rituals
  • a strict ethic of confidentiality
  • leadership qualities
  • pursuing a lifelong career
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