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