accounting tophat questions

Which of the following best describes why Accounting is often termed as the 'language of business'? - It facilitates communication among various stakeholders within and outside an organization.

Which of the following is NOT a function typically performed by accountants in a business setting? - Conducting primary market research

Which personality preference in the Myers-Briggs 16 Personalities typology is likely to value harmony and base decisions on personal values? - Feeling (F)

Which of the following best describes the skills necessary for an Accounting Major to accurately manage financial responsibilities?

• Understanding GAAP or IFRS and tax laws

• Ability to engage in internal or external audits

• Proficiency in accounting software and spreadsheets, as well as strong analytical and problem-solving skills to interpret financial data effectively.

Which of the following best describes the term 'liabilities' in the context of accounting? - Claims made by creditors that take precedence over owners' claims

Which of the following is NOT considered a form of revenue for a business? - Capital received from issuing stock

Which section of the statement of cash flows would primarily reflect cash transactions related to acquiring property or equipment? - Cash Flow from Investing Activities