Accounting Basics Quiz

Accounting, also known as accountancy, is the processing of information about economic entities, such as businesses and corporations.

Stakeholders include investors, creditors, management, and regulators.

Accounting can be divided into several fields including financial accounting, management accounting, tax accounting, and cost accounting.

<p>Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators, and suppliers.</p> Signup and view all the answers

<p>Bookkeeping is the recording of financial transactions, and double-entry bookkeeping is the most common system.</p> Signup and view all the answers