General Finance Recruitment Quiz (Test)

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What does Management Accounting refer to? Select 3 possible options.

  • Information provided to people within the organisation.
  • These principles are precise, for example GAAP.
  • Information provided to people outside of an organisation.
  • Generally future orientated: budgets, forecasts, activity based costing.
  • Generally historical information (generally from the previous 12 months): profitability.
  • These principles are not regulated by a standard-setting body

What does Financial Accounting refer to? Select 3 possible options:

  • These principles are not regulated by a standard-setting body
  • These principles are precise, for example GAAP.
  • Generally future orientated: budgets, forecasts, activity based costing.
  • Generally historical information (generally from the previous 12 months): profitability.
  • Information provided to people within the organisation.
  • Information provided to people outside of an organisation.

The 4 most commonly used statements in Finance are: 1) Trial Balance 2) Income Statement (Profit and Loss) 3) Balance Sheet 4) Cash Flow Statement Match the correct description to its relevant term:

  • Trial Balance
    A means of checking and controlling the accuracy of the recording process. For every debit there should be a credit and vice versa. This is an internal report that will remain in the accounting department.
  • Income Statement
    Also known as Profit and Loss Statement (PNL) summarizes revenues, expenses, profits and losses for a stated period of time, thereby providing the financial performance of the business over the past financial period.
  • Balance Sheet
    This statement presents the financial position of a company at a particular point and is divided into the following three sections or classifications: assets, liabilities and ownership (equity).
  • Cash Flow Statement
    Inflow and outflows of cash during the Accounting period

True or False?

  • The following 3 qualifications are applicable to the role of a Bookkeeper: 1) Matric with Bookkeeping Accountancy as a subject. 2) National Diploma in Commerce or Diploma from the Institute of Certified Bookkeepers (ICB) 3) Bcom

Provide 3 example interview questions that could be asked when interviewing for a Bookkeeper role:

True of False?

  • A Financial Accountant is responsible for the strategic planning – long-term forecasts, feasibility studies, allocation of resources and financial planning for new projects.

Match the correct definition to its corresponding term...

  • CIMA
    United Kingdom-based professional body offering training and qualification in management accountancy on a worldwide scale
  • SAICA
    A professional body in South Africa that governs the parameters and legislations around qualifying as a chartered accountant.

True of False?

  • To qualify as a chartered accountant, one can enrol for a BCom. (Acc) degree or equivalent at an approved tertiary institution and enter into a 4-year training contract with an auditing firm or an approved training organization in commerce and industry, then, register for a CTA or equivalent at an approved tertiary institution.

Provide 3 example interview questions that could be asked when interviewing a candidate for an Auditor role?

Match the correct definition to its corresponding term...

  • Debtors
    People who owe money to a business (Accounts Receivable)
  • Creditors
    are people who the business owes money to (Accounts Payable)