The Need For Book Keeping And Accounting - SS1 Accounting Past Questions and Answers - page 1
1
What is bookkeeping?
View related lesson
A
Analyzing financial data
B
Recording financial transactions
C
Forecasting financial performance
2
What is the purpose of accounting?
View related lesson
A
To record financial transactions
B
To make informed financial decisions
Â
C
To comply with tax regulations
3
Which of the following is an example of a financial transaction?
View related lesson
A
Hiring a new employee
B
Purchasing office equipment
C
Conducting a customer survey
4
Which of the following is NOT a benefit of bookkeeping and accounting?
View related lesson
A
Maintaining accurate financial records
B
Making informed decisions
C
Attracting new customers
5
What would happen if a business did not practice bookkeeping or accounting?
View related lesson
A
They would struggle to manage their finances
B
They would attract more customers
Â
C
They would have more time to focus on other tasks
6
What is the difference between bookkeeping and accounting?
View related lesson
7
Why are bookkeeping and accounting important for businesses?
View related lesson
Loading lesson…