IFA Intro on Accounting

Question 1

Who is responsible for managing a partnership?

Accepted Answer

2

Question 2

Which branch of accounting focuses on preparing financial statements for external users?

Accepted Answer

1

Question 3

What is the first step in the financial accounting cycle?

Accepted Answer

1

Question 4

Which of the following is an example of a source document?

Accepted Answer

2

Question 5

Who are considered internal users of accounting information?

Accepted Answer

1

Question 6

Which statement is prepared to show a company’s financial position at a specific point in time?

Accepted Answer

1

Question 7

Which of the following is an external user of accounting information?

Accepted Answer

2

Question 8

What is the liability of shareholders in a company?

Accepted Answer

2

Question 9

Which financial statement shows a company's performance over a period of time?

Accepted Answer

1

Question 10

Why might a supplier want to see a company’s financial statements?

Accepted Answer

1

Question 11

Who are the main users of management accounting information?

Accepted Answer

2

Question 12

Which financial statement summarizes a company’s revenues and expenses?

Accepted Answer

1

Question 13

What is the main purpose of preparing a trial balance?

Accepted Answer

2

Question 14

Which of the following is not a branch of accounting?

Accepted Answer

3

Question 15

Which statement is true about a partnership?

Accepted Answer

2

Question 16

Which of the following is NOT a type of business entity?

Accepted Answer

3

Question 17

In which type of business entity is the owner's liability unlimited?

Accepted Answer

1

Question 18

What is the main purpose of accounting?

Accepted Answer

2

Question 19

Which user group would be most interested in a company's ability to pay back a loan?

Accepted Answer

1

Question 20

Management accounting is mainly intended for external users.

Accepted Answer

x