Top 15 Accounting Questions And Answers

Accounting is a fundamental aspect of any business, serving as the backbone of financial management and decision-making. Whether you’re a seasoned professional or just starting to explore the world of finance, having a solid understanding of accounting principles is essential. In this compilation, we present the top 15 accounting questions and answers to help you grasp key concepts, solve common financial challenges, and navigate the complexities of financial reporting. From basic terminology to advanced topics like taxation and auditing, these questions and their comprehensive answers will provide a valuable resource for enhancing your accounting knowledge. So, let’s dive in and unravel the mysteries of accounting to empower you with the skills needed to excel in the financial realm.

So, let’s get started with the Top 15 Accounting Questions And Answers

Question 1. According to Levi and Askay (2021), the process of selecting a course of action from a list of alternatives is called __.

a. team progress
b. process utility
c. team winnowing.
d. optimal forecasting
e. team decision making

Question 2. According to Levi and Askay (2021), if a team member is a expert, that person should make all the team decisions.

a. true unless the team leader is making the decision.
b. true unless there is algorithmic decision making.
c. false
d. false if another team is involved.
e. experts should not make decisions in teams.

Question 3. According to Levi and Askay (2021), with regard to individual decision making ___.

a. the leader should never decide.
b. experts should be avoided.
c. the decision maker should not seek outside advice.
d. individual decision making usually takes more time.
e. confirmation bias may impact the decision.

Question 4. According to Levi and Askay (2021), when each team member is willing to upport a team decision even if the alternative is not the member’s favorite, the __ decision making method has been used.

a. consensus
b. aggregation with interaction
c. consultive
d. delphi
e. brainstorming

Question 5. According to Levi and Askay (2021), which of the following is one of the conditions for group think?

a. there is a weak leader
b. the team receives open communication from outside the team
c. team members do not care about the rest of the members.
d. The team is under stress from outside the team
e. team members argue their opinions if they differ from the group’s opinion.

Question 6. According to Levi and Askay (2021), the problem, “we have to improve our quality or we will go out of business.” is a __ problem

a. strategic
b. ill-structured
c. well-structured
d. organization or cross functional
e. business

Question 7. According to Levi and Askay (2021), using the solution orientation approach to problem solving may making finding a solution __.

a. avoid expert advice.
b. hard to recognize.
c. need management approval.
d. involve more team members.
e. take longer.

Question 8. According to Levi and Askay (2021), the first thing a team should do when encountering a problem is too __.

a. notify management
b. come up with a few possible solutions
c. choose a single viewpoint to understand the problem.
d. define the problem using an as-is state and a desired state.
e. take a vote on how to handle the issue.

Question 9. According to Levi and Askay (2021), successful problem solving includes _.

a. creating a problem
b. asking another team how they solved similar problems
c. excluding any alternatives
d. implementing the solution
e. disregarding criteria

Question 10. According to Levi and Askay (2021), establishing the requirements of an acceptable solution to a problem is called __.

a. using implementation
b. alternative choice
c. evaluation
d. generating alternatives 
e. six thinking hats.

Question 11. According to Chen, Trevino and Humphrey (2020), an ethical champion can influence a team if she or he does their influencing__.

a. as a person outside of the team
b. as a leader
c. before the ethical decision rather than after the decision.
d. after the ethical decision rattan than before the decision.
e. as a moral authority.

Question 12. According to Chen, Trevino and Humphrey (2020), most previous studies about the role of ethical champions in team, have found that _.

a. ethical champions do influence teams in an ethical direction
b. ethical champions seldom influence teams either positively or negatively 
c. team welcome and seek ethical champions.
d. teams usually make all of their decisions in an ethical fashion.
e. women in teams are more ethical than men.

Question 13. According to Chen, Trevino and Humphrey (2020), ethical champions will suffer interpersonally only if they express __.

a. doubt in team members
b. a passion for the business goals.
c. a sense that this team is ethically superior.
d. anger about the problem 
e. distain for the organization.

Question 14. According to Bang and Midelfart (2017), the team effectiveness model they discuss name ‘individual well-being and growth as __.

a. individual well being and growth is not part of their model.
b. input factor
c. output factor 
d. team prformance
e. leadership qualification

Question 15. According to Bang and Midelfart (2017), the most important variable for team effectiveness is __.

a. team process
b. team leadership
c. behavioral integration
d. balanced diversity
e. the most important variable has not been determined.