The questions covered accounting information systems (AIS), auditing, financial accounting, managerial accounting and tax, and varied in difficulty and type (true/false, multiple choice, short answer, ...

State and local governments got further clarity from their accounting standard-setter on how to apply guidance related to topics such as leases and cash flow reporting.

Rather, the purpose of every small business out there is to make a profit. Small-business owners can ask themselves these questions to help set up their accounting systems for permanent profitability.