Fundamentals of Accounting and Internal Control Quiz Test your knowledge with questions on accounting equations, internal control objectives, GAAP, and financial statements. Dive into the basics of accounting.
#1
Assets = Liabilities + Equity
Revenue = Expenses
Profit = Revenue - Expenses
Assets = Revenue - Expenses
#2
To prevent fraud and errors
To maximize profits
To minimize taxes
To manage payroll
#3
Income statement
Statement of cash flows
Balance sheet
Statement of retained earnings
#4
Reconciling bank statements monthly
Issuing financial statements
Recording sales transactions
Calculating depreciation expenses
#5
To ensure that all employees have the same tasks
To prevent any single individual from having control over all aspects of a transaction
To increase employee morale
To decrease productivity
#6
To create financial statements
To record business transactions in chronological order
To summarize financial information
To analyze business performance
#7
Reviewing financial statements
Implementing password policies
Conducting external audits
Filing tax returns
#8
Relying solely on one individual to handle all financial transactions
Allowing employees to set their own performance goals
Regularly monitoring and reviewing control procedures
Sharing passwords among team members
#9
Segregation of duties
Establishment of responsibility
Documentation procedures
Independent internal verification
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