Accounting Basics Quiz
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Questions and Answers

What is the most common system of bookkeeping used for recording financial transactions?

  • Single-entry bookkeeping
  • Double-entry bookkeeping (correct)
  • Manual bookkeeping
  • Computerized bookkeeping

    • What is the main focus of financial accounting?

  • Preparation of financial statements for external users (correct)
  • Recording of financial transactions
  • Internal use by management
  • Analysis and reporting of information for internal use

    • Which field of accounting concentrates on the measurement and analysis of information for internal use by management?

  • Tax accounting
  • Cost accounting
  • Management accounting (correct)
  • Financial accounting

    • In what way do accounting information systems provide support?

    <p>Support for accounting functions and related activities</p> Signup and view all the answers

    Which term is often used interchangeably with 'accounting'?

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

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