Accounting Essentials — Assessment

1. In a connected system, how does accounting get most of its data?

Re-keyed manually at month end From a spreadsheet only Fed by operational events as they happen It is estimated

2. What does reconciliation confirm?

That invoices are deleted That prices are high That records match reality (e.g., the bank) That stock is sold

3. What is the chart of accounts?

A type of invoice The organized list of buckets transactions are recorded into A list of customers A pricing table

4. Which are core chart-of-accounts categories?

Past, present, future Red, green, blue Assets, liabilities, income, expenses, equity Small, medium, large

5. Why are financial reports only as good as the records beneath them?

Because garbage in means garbage out; reports inherit input quality They are not — reports fix bad data Because reports are random Because accountants guess

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