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1. Accounting in Business

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Questions and Answers

What is the main purpose of accounting?

To advertise financial services

To monitor the stock market

To inform tax regulations

To identify, record, and communicate financial information (correct)

Who are the primary users of managerial accounting information?

Internal managers and employees (correct)

Shareholders and creditors

Customers and suppliers

External auditors and regulators

What constitutes an ethical dilemma in accounting?

Deciding on matters that are not covered by laws

Facing a choice that includes compromising ethical values (correct)

Making decisions based on personal opinions

Choosing between two legally acceptable alternatives

According to the Fraud Triangle model, what are the three necessary factors for a person to commit fraud?

Opportunity, pressure, rationalization Signup and view all the answers

Which principle states that revenue is recognized when earned, not when received?

Revenue recognition principle Signup and view all the answers

What is the primary focus of the relevance principle under the GAAP framework?

Providing information useful to investors and creditors Signup and view all the answers

What does GAAP stand for?

Generally Accepted Accounting Principles Signup and view all the answers

What is the main focus of financial accounting?

Serving external users by providing general-purpose financial statements Signup and view all the answers

What is the business entity assumption in accounting?

A business is accounted for separately from other business entities and its owners Signup and view all the answers

What is the main objective of accounting?

To identify, record, and communicate financial information Signup and view all the answers