Month: January 2025

Accounting Multiple Choice Question – 11 January 2025

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

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Lucy is employed in the finance function of Alex plc as a cash accountant.

Her duties involve ensuring that the company always has sufficient funds available to meet both its short-term and long-term financial
Requirements and obligations.

It is clear, therefore, that Lucy is employed by Alex plc in its?

Select ONE answer:

  1. Financial reporting section
  2. Management accounting section
  3. Treasury management section
  4. Transaction processing section

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 3

  1. Not correct
  2. Not correct
  3. Correct == > Treasury management is concerned with managing the funds of a business, namely cash and other working capital items plus long-term investments, short-term and long-term debt and equity finance.
  4. Not correct

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Accounting Multiple Choice Question – 10 January 2025

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

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Alex plc is a medium-sized group operating at four locations in the UK.

It operates an entirely centralised finance function.

Lucy the Finance Director is concerned that the function is not performing well.

In which area is centralisation of the finance function least likely to be effective in this situation?

Select ONE answer:

  1. External reporting
  2. Recording financial transactions
  3. Cash management
  4. Internal reporting

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 4

  1. Not correct
  2. Not correct
  3. Not correct
  4. Correct == > Centralisation of the finance function generally works very well for transaction recording, external reporting and cash management, but it is often found to be less useful in terms of supporting the achievement of organisational objectives when it comes to internal reporting on performance to managers.

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This work is licensed under a Creative Commons Attribution 4.0 International License.

Accounting Multiple Choice Question – 9 January 2025

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

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Stewardship of the organisation’s financial resources is part of which of its finance function’s tasks?

Select ONE answer:

  1. Financial reporting
  2. Recording financial transactions
  3. Treasury management
  4. Management accounting

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 2

  1. Not correct
  2. Correct == > Ensuring that resources are properly controlled or stewardship is part of the finance function’s task of recording financial transactions.
  3. Not correct
  4. Not correct

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This work is licensed under a Creative Commons Attribution 4.0 International License.

Accounting Multiple Choice Question – 8 January 2025

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

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An information system which combines data and analytical models or data analysis tools to help with semi-structured and unstructured problem solving of an operational nature is called?

Select ONE answer:

  1. An expert support system
  2. A decision support system
  3. A knowledge work system
  4. An office automation system

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 2

  1. Not correct
  2. Correct == > An information system which combines data and analytical models or data analysis tools to help with semi-structured and unstructured problem solving and decision making in an operational context is a decision support system (2). An expert support system (1) is a sophisticated database that pools data from internal and external sources and makes information available to senior managers in an easy-to-use form so they can make strategic, unstructured decisions. A knowledge work system (3) facilitates the creation and integration of new knowledge into an organisation while an office automation system (4) increases the productivity of data and information workers.
  3. Not correct
  4. Not correct

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Accounting Multiple Choice Question – 7 January 2025

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Photo by Nataliya Vaitkevich on Pexels.com

When determining whether information is both of good quality and valuable, the characteristic that it must have is?

Select ONE answer:

  1. Accuracy
  2. Accessibility
  3. Timeliness
  4. Relevance

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 4

  1. Not correct
  2. Not correct
  3. Not correct
  4. Correct == > Good quality information must be accurate (1) and timely (3), and valuable information must be accessible (2), but to be both good quality and valuable it must be relevant (4).

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.