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5 Questions

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Accounting Basics Quiz

Created by

@BountifulIvory

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Questions and Answers

Which field of accounting focuses on reporting financial information to external users?

Financial accounting (correct)

Management accounting

Tax accounting

Cost accounting

What is the primary focus of management accounting?

Designing accounting information systems

Preparation of financial statements for external users

Recording financial transactions for bookkeeping

Measurement, analysis, and reporting of internal information for management (correct)

What is the main purpose of accounting?

Regulating economic activities

Generating profit for businesses

Processing information about economic entities (correct)

Managing financial risks

What is the most common system used for bookkeeping?

<p>Double-entry bookkeeping</p> Signup and view all the answers

What are practitioners of accounting commonly known as?

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

Study Notes

Which field of accounting focuses on reporting financial information to external users? What is the primary focus of management accounting? What is the main purpose of accounting? What is the most common system used for bookkeeping? What are practitioners of accounting commonly known as?

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Description

Test your knowledge of accounting principles and practices with this quiz. Explore key concepts such as financial reporting, stakeholders, and economic entity information processing.