Small Business Accounting Trivia Questions Quiz!

Supervisors of a business

Customers 

Employees

Managers of a corporation

Generally require complex, expensive accounting software systems

Only need to generate financial reports when requesting business financing

Can generally perform accounting and financial reporting manually or with a small accounting system 

Do not normally have any accounting and financial reporting processes

An accounting department that consists of 50 employees, 10 of whom are senior managers

An accounting department made up of 4 employees there is one person for each function including accounts receivable, accounts payable, general ledger, and financial reporting 

An accounting department for each division consisting of 25 employees each

An accounting manager for each line of service the company offers

To ensure timely reporting of financial data 

To mitigate the reporting of inaccurate financial data and fraud

To make sure each employee performs the tasks they have been assigned, without deviation

To make the accounting manager's job easier

Where two people enter in the account books

Where one person writes down entries and another review

System of accounting that records each business transaction as two components (one as a debit and one as a credit)

None of the above

Long term investments

Current assets

Retained earnings

Stockholders’ Equity

An asset

Loss

A liability 

Debt

Accounting Records

Financial Statements 

Banking Worksheets

Balance Sheet

Income Statement 

Statement of Cash flows

Retained Earnings Statement

Balance Sheet

Sherman Act

Stamp Act

BreakEven Analysis 

Budget