Accounting Activities Quiz
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Financial Accounting Standards Board (FASB)</p> Signup and view all the answers

    What are the typical reports created in financial accounting called?

    <p>Financial statements</p> Signup and view all the answers

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