Posted: February 18th, 2022

Chapter 1: Decision making and the role of accounting

1. Which of the following has been
the most influential in redefining the role of accountants as analysts
and decision makers rather than as mainly number-crunchers?
a. The collapse of major company groups
b. The trend towards
globalisation
c. Developments in information technology
d. The
increase in demand for non-financial information

2.
The job of the modern
accountant is a challenging one. The most critical requirement is:
a.
Neatness
b.
Punctuality
c.
Ability to manage change
d.
Ability to add up

3.
Which of these is not an
economic decision?
a.
Religious belief
b.
Taking out a loan
c.
Purchasing a mobile phone
d.
Renting a flat

4. Accounting is a
profession that has evolved in response to society’s need for economic
information to help people make:
a. Dollars
b. Decisions
c. Demands
d. Donations

5. Select the correct order in
which the steps in the decision making process occur.
1. Choose a
course of action
2. Establish
goals
3. Gather
information
4. Evaluate the consequences of
the different alternatives
a. 2, 4, 3, 1
b. 2, 3, 4, 1
c. 4, 3, 2, 1
d. 3, 1, 2, 4

6. Which of the
four stages of the accounting process is considered to require the most
extensive training, experience and judgement?
a.
Identifying
b.
Measuring
c.
Recording
d.
Communicating

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