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Home Interview Accounting and Finance Comments

  • Question
  • Which of the following best describes Accounting?


  • Options
  • A. is an information system that provides reports to its stakeholders regarding economic activities and the condition of the business
  • B. is used only for filling out tax returns and for financial statements for various types of governmental reporting requirements
  • C. records economic data but does not communicate the data to users according to any specific rules
  • D. is of no use by individuals outside of the business

  • Correct Answer
  • is an information system that provides reports to its stakeholders regarding economic activities and the condition of the business 

  • Tags: AIEEE, Bank Exams, CAT, Analyst, Bank Clerk, Bank PO

    Accounting and Finance problems


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    • 1. An increase in the price of product A will

    • Options
    • A. reduce the demand for resources used in the production of A.
    • B. reduce the demand for substitute product B
    • C. increase the demand for complementary product C.
    • D. increase the demand for substitute product B.
    • Discuss
    • 2. The interest-rate effect suggests that

    • Options
    • A. an increase in the price level will increase the demand for money, increase interest rates, and decrease consumption and investment spending.
    • B. a decrease in the supply of money will increase interest rates and reduce interest-sensitive consumption and investment spending
    • C. an increase in the price level will decrease the demand for money, reduce interest rates, and increase consumption and investment spending.
    • D. an increase in the price level will increase the demand for money, reduce interest rates, and decrease consumption and investment spending.
    • Discuss
    • 3. Most financial investments are examples of what type of risk?

    • Options
    • A. Credit risk
    • B. Longevity risk
    • C. Human risk
    • D. Inflation risk
    • Discuss
    • 4. The credit balance in the bank account is

    • Options
    • A. amount liable to pay by bank
    • B. amount liable to pay by customer
    • C. Both A + B
    • D. None of the above
    • Discuss
    • 5. Which investment type typically carries the least risk?

    • Options
    • A. Mutual funds
    • B. Treasury bonds
    • C. Savings account
    • D. Individual stocks
    • Discuss
    • 6. The accounting process is correctly sequenced as

    • Options
    • A. Identifying?recording?communicating
    • B. Identifying?communicating?recording
    • C. Communicating?Recording?Identifying
    • D. Recording?Communicating?Identifying
    • Discuss
    • 7. Which of the following can increase your credit card?s APR?

    • Options
    • A. making credit card payments
    • B. missing credit card payments
    • C. not using credit card for long time
    • D. All of the above
    • Discuss
    • 8. Purchase return and allowances is a contra account

    • Options
    • A. TRUE
    • B. FALSE
    • Discuss
    • 9. Who is responsible to pay back all debts?

    • Options
    • A. government
    • B. spouse
    • C. Both A & B
    • D. None of the above
    • Discuss
    • 10. A capital expenditure results in a debit to

    • Options
    • A. an asset account
    • B. a liability account
    • C. an expense account
    • D. a capital account
    • Discuss


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