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Questions and Answers
What are the two main classifications of accounting activities?
What are the two main classifications of accounting activities?
- Managerial accounting and tax accounting
- Tax accounting and financial accounting
- Financial accounting and managerial accounting (correct)
- Tax accounting and external accounting
What serves as the basis for tax accounting?
What serves as the basis for tax accounting?
- Data gathered for financial accounting (correct)
- Financial statements
- Data gathered for managerial accounting
- Guidelines from the Internal Revenue Service
What is the primary purpose of financial accounting?
What is the primary purpose of financial accounting?
- Adhering to the guidelines of the Financial Accounting Standards Board
- Managing the financial state of the organization
- Documenting all transactions of a company
- Creating reports for investors and external parties (correct)
Which agency's guidelines must financial statements follow?
Which agency's guidelines must financial statements follow?
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What are the typical reports created in financial accounting called?
What are the typical reports created in financial accounting called?
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