Accounting Skills Quiz Answers

Answers are in bold.
1.		Other than traditional financial knowledge, which will be the three most important aptitudes for accounting professionals in the future?
		A.	Attention to detail, ability to work independently, concentration.
		B.	Technological savvy, strategic planning/decision making, interpersonal skills.
			Right answer! These three are absolutely vital to your career success.
		C.	Ability to multi-task, diplomacy, motivational skills.
		D.	Flexibility, professionalism, logical thinking.
2.		Which of the following best describes your approach to working with others?
		A.	I'd rather stay in the background and quietly do my job.
		B.	I like to work independently - the team approach seems inefficient to me.
		C.	I enjoy interacting with different types of people, especially those outside the accounting profession, because it's interesting and challenging.
			Good choice! Your outlook will make you an effective, productive addition to any team.
		D.	I prefer to be in charge at all times - autonomy is important to me.
3.		How much should accounting professionals know about technology?
		A.	Just how to use accounting software - leave the rest to the IT professionals.
		B.	Accounting software (like spreadsheets) plus a word processing package for writing letters and memos.
		C.	The most current accounting software packages, word processing applications, and email and calendaring software. It might also be useful to know how to do Internet searches.
		D.	Accountants should be well-versed in computer code and programming languages; spreadsheet, database and analytical software; electronic security and online assurance; how e-commerce works; wireless technology; Internet engineering and how to use Web-based accounting applications.
			You don't need to know all of this yet, but if you do you're highly marketable and on the fast-track to success.
4.		Which of the following best describes your verbal communication skills?
		A.	I'm good at both one-on-one and group interactions, and I enjoy sharing information with others.
			Excellent choice! These are exactly the traits that make an effective verbal communicator. You'll do well in the future workplace.
		B.	Talk less, work more - that's my motto!
		C.	I'm uncomfortable speaking with more than two people at a time.
		D.	I'm outgoing and I don't mind sharing my opinions.
5.		Which of the following best describes your written communication skills?
		A.	Adequate - I'm an accountant, not a poet!
		B.	I'm no English major when it comes to spelling, but I get the point across.
		C.	I'm an effective and concise business communicator, and I'm especially good at translating financial data into a lay-person's terms.
			Great! It will be particularly important in the future for accounting professionals to present complex data in nonfinancial terms.
		D.	With spell-checker and other technologies, writing is really less important than it used to be, so it's not a skill I think about much.
6.		Which is the best way to lead and manage people?
		A.	Determine your objectives, then issue a comprehensive memorandum outlining goals, activities and related deadlines.
		B.	Encourage people to brainstorm solutions and new ideas; give public praise and recognition often; critique the work, not the person; be sure your instructions are clear and specific; solicit feedback; listen attentively.
			Excellent choice! You're management material of the highest quality.
		C.	Before making a major decision, ask others for their opinions. Even if you already know what you're going to do, it will make them feel included.
		D.	Post motivational messages around the office.
7.		How much should corporate accounting professionals know about other departments and functions in the company?
		A.	Enough to be able to see who's over budget for the year.
		B.	Just the names and basic descriptions of the other departments.
		C.	Know the names and titles of the people with whom you interact most often, like the benefits person from HR or the guy in Tech Support.
		D.	You should know what other departments do and how their activities contribute to the bottom line. In addition, you should know the key players in each division - senior executives, administrative liaisons, project team managers.
			Right answer! With this knowledge, you'll be able to determine and explain the impact of financial data on every aspect of the company.
8.		Assuming basic accounting knowledge as a given, which of the following are most important for an independent financial consultant?
		A.	Specialization
		B.	Strong marketing skills
		C.	Technological proficiency
		D.	All of the above
			For optimum effectiveness and success, consultants need to have in-depth knowledge in one of the hot accounting specialties (such as information technology, personal financial planning or e-commerce, for example); skills to market and grow their business and technological proficiency to leverage new tools.
9.		In the future, a certification - such as CPA, MBA, CMC, CPM - will be more important than ever for those who wish to advance in their careers.
		A.	True
			This statement is true. In fact, in a survey we commissioned of 1,400 CFOs , 85% said they believe a CPA or CMA credential helps professionals climb the corporate ladder.
		B.	False
10.		Which of the following statements most closely describes your own feelings about professional development?
		A.	Ongoing professional development really isn't necessary unless you're a manager.
		B.	Professional development is important, and my employer should provide the training I need.
		C.	I think it's important to take classes and workshops regularly to keep up with changes in the field of accounting as well as to improve my skills.
			Correct! Spoken like a true life-long learner, which is what you must be to have a future in accounting.
		D.	I learned everything I need to know in college.
11.		You are asked to provide a cost/benefit analysis of your company's new e-commerce plan. You're unfamiliar with certain aspects of the plan. How do you respond?
		A.	Check the budget for such activities, then ask someone in IT how much it will cost to configure the web site for electronic transactions. Compare the two figures - if the estimate is overbudget, nix the plan.
		B.	Through interviews with key players in other departments (IT, marketing, sales, new business development, etc.), determine the short- and long-term effects on the business. Analyze the company's past performance and future goals. Study the market, assess the state of the economy, consider business and technological trends. Then compile your analysis and make your recommendation.
			Yes! This is the best way to handle the assignment. And you're adding value when you include your own informed recommendation.
		C.	Don't waste your time on an analysis. Everybody else is getting into e-commerce - your company probably should too, so just say so.
		D.	Tell your supervisor that you lack the technical expertise to understand the plan.
12.		Which one of the following will NOT be an area of specialization for the Next Generation Accountant?
		A.	Integrated systems
		B.	Environmental compliance
		C.	Business Performance Measurement
		D.	Architectural integration
			This is the imaginary specialty - for now!