Role of Accountants Self-Quiz








Go Co. has purchased a large piece of machinery that it expects to use over the next twenty years. In accounting for this transaction, the company will likely:
Choice 1 expense the entire value of the asset immediately.
Choice 2 take no deductions until it sells the machine.
Choice 3 take no deductions until it throws the machine away.
Choice 4 depreciate the asset on a fixed schedule over its useful life.
Kelly is the head accountant for HighTop, Inc. In many companies, Kelly is likely to hold a position as the firm’s:
Choice 1 CEO.
Choice 2 CFO.
Choice 3 COO.
Choice 4 general counsel.
Which of the following roles is typically played by a firm’s accountant?
Choice 1 Filing the firms taxes.
Choice 2 Keeping track of the firms inventory control methods.
Choice 3 Structuring beneficial forms of a transaction if the firm buys another firm.
Choice 4 All of the above.
Typically, accountants and lawyers:
Choice 1 are in hostile relations with one another.
Choice 2 very rarely interact.
Choice 3 are in a preventative / reactive relationship.
Choice 4 interact only when the company is engaging in a major transaction.

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