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Questions and Answers
What is the main purpose of accounting?
What is the main purpose of accounting?
- Designing accounting information systems
- Recording daily transactions for future reference
- Measuring and conveying economic activity information (correct)
- Managing internal operations of an organization
Which field of accounting focuses on reporting financial information to external users?
Which field of accounting focuses on reporting financial information to external users?
- Cost accounting
- Financial accounting (correct)
- Tax accounting
- Management accounting
What is the most common system of bookkeeping?
What is the most common system of bookkeeping?
- Cash basis bookkeeping
- Double-entry bookkeeping (correct)
- Accrual basis bookkeeping
- Single-entry bookkeeping
What do management accountants primarily focus on?
What do management accountants primarily focus on?
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What are practitioners of accounting commonly known as?
What are practitioners of accounting commonly known as?
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