Accounting and finance in the workplace – lesson 2

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Accounting and finance in the workplace is a key part of the course working effectively in accounting and finance.

Before you read this page you should have read:

Work effectively in accounting and finance – lesson 1

The assessor will expect you to be able to define both accounting and finance and explain the difference between the two.

You should be able to compare and contrast financial accounting with management accounting.

Also, you should be able to define both internal and external auditing, and to whom the auditors report.

To test your understanding of Accounting and finance in the workplace try the quiz below.

Accounting and finance in the workplace  – quiz.

Question 1
A management accountant is someone who checks the financial accounts of a business – true or false?

Question 2
The external checking of the financial accounts is undertaken by an ________

Question 3
Managing and investing monetary funds and resources for an organization is part of working in ________

Question 4
The recording of financial information and analyzing it, is called _______________

Question 5
External auditors report to the shareholders of the company as to whether the accounts show a true and fair view – true or false?

Question 6
Internal auditors are employees of the company – true or false?

Question 7
Communication between an employee and his/her manager is called the _____________ line

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