Accounting Basics Quiz

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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 (C)</p> Signup and view all the answers

What are practitioners of accounting commonly known as?

<p>Accountants (B)</p> Signup and view all the answers

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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?