Accounting Basics Quiz
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Questions and Answers

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?

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

    <p>Measurement, analysis, and reporting of information for internal use by management</p> Signup and view all the answers

    What are practitioners of accounting commonly known as?

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

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