Introduction to finance- Quiz

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Question 1 of 4

1. Question
Q1. Accounts and Finance are :
- a) Basically the same thing and so are interchangeable terms
- b) Really, really difficult and best left to the accounts and finance professionals
- c) Accounts is mostly to do with reporting the past and Finance more to do with addressing the future needs of the company
- d) Accounts is do with the future and Finance more to with addressing the past needs of the company
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Question 2 of 4

2. Question
Q2. Which of these statements concerning types of accounts is correct ?
- a) Fiscal / statutory accounts have to be uploaded in a standard format and put into the public domain at Companies House every year by every Company registered in England and Wales
- b) Management accounts are usually put together monthly and are for internal use only. They are a key management tool, comparing progress against budget
- c) Cash accounting simply records cash movements as they are and does not acknowledge depreciation or potential future profits or costs. This method is used by governments and liquidators
- d) All of the above
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Question 3 of 4

3. Question
Q3. Which of the following accountancy terms is incorrect :
- a) ‘Intangible assets’ are something of value that are abstract e.g. IP, source code, brand value
- b) In accounts ‘long term’ usually means over a year
- c) ‘Depreciation’ reflects the decline in future value of ageing employees, as they approach retirement
- d) ‘Ledger’ refers to the core of the accounts system where each and every transaction is logged
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Question 4 of 4

4. Question
Q4. Accounts statements : which of the following is incorrect :
- a) Profit and loss (P&L) statements show how much profit a company is making as well as how much cash and liquid reserves it has available
- b) Balance sheets can be seen as a snap shot of Company value at a moment in time
- c) Use of Funds statements are focussed on how cash has been used by the Company over a specified period
- d) Each of three main financial statements provides specific information, but need to be viewed together to give a balanced view of the financial position of a Company
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Introduction to finance- Quiz

Introduction to finance- Quiz

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