accounting tophat questions

Why is Accounting often termed as the 'language of business'?

It facilitates communication among various stakeholders within and outside an organization.

What is NOT a function typically performed by accountants in a business setting?

Conducting primary market research.

Which personality preference in the Myers-Briggs typology values harmony and personal values?

Feeling (F).

What skills are necessary for an Accounting Major to manage financial responsibilities?

Understanding GAAP or IFRS and tax laws, ability to engage in audits, proficiency in accounting software, and strong analytical skills.

What are 'liabilities' in the context of accounting?

Claims made by creditors that take precedence over owners' claims.

What is NOT considered a form of revenue for a business?

Capital received from issuing stock.

Which section of the statement of cash flows reflects cash transactions for acquiring property or equipment?

Cash Flow from Investing Activities.