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Accounting Basics
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Accounting Basics

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Questions and Answers

What is the primary purpose of management accounting?

  • Preparation of financial statements for external users
  • Measurement, analysis, and reporting of information for internal use by management (correct)
  • Supporting accounting functions through information systems
  • Recording financial transactions for bookkeeping

    • What is the most common system for recording financial transactions in bookkeeping?

  • Accrual accounting
  • Double-entry bookkeeping (correct)
  • Single-entry bookkeeping
  • Triple-entry bookkeeping

    • What is the main focus of financial accounting?

  • Reporting an organization's financial information to external users (correct)
  • Analyzing information for internal use by management
  • Recording financial transactions for bookkeeping
  • Supporting accounting functions through information systems

    • What do accounting information systems primarily support?

    <p>Accounting functions and related activities</p> Signup and view all the answers

    What are practitioners of accounting commonly referred to as?

    <p>Accountants</p> Signup and view all the answers

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