Do You Know Your Finance & Accounting Department?

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| By Henryo

Henryo

Community Contributor

Quizzes Created: 1 | Total Attempts: 121

Questions: 10 | Attempts: 121 | Updated: Mar 15, 2023

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Do You Know Your Finance & Accounting Department? - Quiz

Your level of Finance & Accounting knowledge is being evaluated. . .

Questions and Answers

1.

Invoices received from vendors are supposed to be thrown away because we do not want to pay them- true or false?
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Invoices received from vendors are not supposed to be thrown away because they serve as a record of the goods or services provided and the amount owed. They are necessary for accurate bookkeeping and payment processing. Therefore, the statement "Invoices received from vendors are supposed to be thrown away because we do not want to pay them" is false.

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2.

How many vendor invoices does Accounts Payable process in a year?
- A.
  
  Less than 100 invoices
- B.
  
  Between 101 and 200 invoices
- C.
  
  Between 2,000 and 3,000 invoices
- D.
  
  Over 26,000 invoices
Correct Answer
D. Over 26,000 invoices

Explanation
The correct answer is "Over 26,000 invoices." This suggests that the Accounts Payable department processes a large volume of vendor invoices in a year. It indicates that the organization deals with a significant number of transactions and has a high level of financial activity. Processing over 26,000 invoices indicates a busy and active Accounts Payable department.

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3.

The Contributions team processes over 130,000 contributions in a year.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
The given statement is true because it states that the Contributions team processes over 130,000 contributions in a year. This indicates that the team handles a significant amount of work and suggests their efficiency and productivity.

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4.

How many different companies does Accounting account for?
- A.
  
  3
- B.
  
  6
- C.
  
  1
- D.
  
  9
Correct Answer
D. 9

Explanation
The question is asking for the number of different companies that Accounting accounts for. The correct answer is 9, which means that Accounting is responsible for managing the finances of 9 different companies.

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5.

_______ King is the Controller.

Correct Answer
Don
6.

How many people work in Finance & Accounting?
- A.
  
  None, they pretend to work
- B.
  
  1, only Ron Collins as he is the Director of Stewardship and Administration
- C.
  
  10, seems like a good number
- D.
  
  16, why so many?
Correct Answer
D. 16, why so many?

Explanation
The correct answer is 16, why so many? This answer implies that there are actually 16 people working in the Finance & Accounting department, which is a relatively large number. The question suggests that the number of people in this department is unexpected or excessive, hence the question "why so many?"

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7.

Managers, directors and overseers all have different authorized spending limits - true or false.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Managers, directors, and overseers typically have different authorized spending limits. This means that each position within an organization may have a specific budget or financial authority that they can utilize for making purchases or approving expenses. This differentiation in spending limits allows for better control and accountability within the organization's financial management system. Therefore, the statement that managers, directors, and overseers have different authorized spending limits is true.

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8.

How much revenue & support does the Church receive annually?
- A.
  
  About $10 million
- B.
  
  Under $500,000
- C.
  
  Close to $25 million
- D.
  
  Approximately $70 million
Correct Answer
D. Approximately $70 million

Explanation
The Church receives approximately $70 million in revenue and support annually. This suggests that the Church has a significant financial backing and is able to fund its operations and various activities. The high amount of revenue indicates that the Church likely has a large congregation and/or receives substantial donations from its members and supporters. This financial support enables the Church to carry out its mission and provide the necessary resources for its community.

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9.

Select all the true statements below
- A.
  
  Finance and Accounting has a 24/7 support desk
- B.
  
  Jessica C. is the newest Finance & Accounting staff member
- C.
  
  Finance & Accounting likes to party
- D.
  
  Oh Henry! is a trademark owned by the Finance & Accounting department
- E.
  
  Finance & Accounting has its own Barista
Correct Answer(s)
B. Jessica C. is the newest Finance & Accounting staff member
C. Finance & Accounting likes to party
E. Finance & Accounting has its own Barista

Explanation
The correct answer is "Jessica C. is the newest Finance & Accounting staff member, Finance & Accounting likes to party, Finance & Accounting has its own Barista." These statements are true because they provide specific information about the Finance & Accounting department and its activities. The other statements about a 24/7 support desk and the ownership of a trademark by the department are not mentioned and cannot be determined from the given information.

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Current Version
Mar 15, 2023

Quiz Edited by
ProProfs Editorial Team
Aug 18, 2014

Quiz Created by
Henryo

Do You Know Your Finance & Accounting Department?

Invoices received from vendors are supposed to be thrown away because we do not want to pay them- true or false?

How many vendor invoices does Accounts Payable process in a year?

The Contributions team processes over 130,000 contributions in a year.

How many different companies does Accounting account for?

_______ King is the Controller.

How many people work in Finance & Accounting?

Managers, directors and overseers all have different authorized spending limits - true or false.

How much revenue & support does the Church receive annually?

Select all the true statements below