← CSEC Principles of Accounts quizzes
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1.1 - Purpose and Users of Accounting

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✅EvaluateQuestion 1 of 21

A hair salon in St Lucia keeps records of money received from customers and expenses paid. This activity is known as

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✅EvaluateQuestion 2 of 21

Which of the following is the best reason a sole trader keeps accounting records?

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✅EvaluateQuestion 3 of 21

Which person is an internal user of accounting information?

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✅EvaluateQuestion 4 of 21

Which group is mainly interested in accurate tax calculations?

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✅EvaluateQuestion 5 of 21

The ability of a business to pay its short-term debts on time is called

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✅EvaluateQuestion 6 of 21

Which of the following is an external user of accounting information?

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✅EvaluateQuestion 7 of 21

Accounting helps a business to make better

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✅EvaluateQuestion 8 of 21

A mini-mart in Trinidad made sales of $7,500 and had total expenses of $6,200. What does the accounting information show?

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✅EvaluateQuestion 9 of 21

Why would a supplier study the accounting information of a business before allowing more goods on credit?

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✅EvaluateQuestion 10 of 21

A manager uses accounting information mainly to

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✅EvaluateQuestion 11 of 21

Which option correctly pairs the user with the most likely interest?

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✅EvaluateQuestion 12 of 21

A beachwear business has $900 in the bank and owes a supplier $1,400 due tomorrow. Which statement is best?

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✅EvaluateQuestion 13 of 21

Which statement best explains why employees may want to see accounting information?

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✅EvaluateQuestion 14 of 21

Which of the following is the best example of accounting supporting decision-making?

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✅EvaluateQuestion 15 of 21

A business made a profit for the month, but still could not pay a supplier on the due date. Which idea explains this situation best?

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✅EvaluateQuestion 16 of 21

Which user is most likely to compare one firm’s results with another firm’s results in the same market?

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✅EvaluateQuestion 17 of 21

An owner says, “Sales were high, so I do not need accounting.” Which is the best response?

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✅EvaluateQuestion 18 of 21

Which pair are both external users of accounting information?

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✅EvaluateQuestion 19 of 21

A fishing business wants to borrow money to buy a new engine. Which accounting information would be most useful to the lender?

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✅EvaluateQuestion 20 of 21

Which statement best shows that the same accounting information can serve different users?

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✅EvaluateQuestion 21 of 21

Which conclusion is most reasonable if a bakery’s records show falling profit, slow customer payments, and increasing amounts owed to suppliers?

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✅EvaluateQuestion 1 of 21

A hair salon in St Lucia keeps records of money received from customers and expenses paid. This activity is known as

0 / 1 marks

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