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Accounting Basics Quiz

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Questions and Answers

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

Tax accounting

Management accounting

Financial accounting (correct)

Cost accounting

What is the main purpose of accounting?

Managing internal operations efficiently

Maximizing profits for businesses

Measuring and conveying economic activity information (correct)

Minimizing tax liabilities for organizations

What is the primary focus of management accounting?

Preparation of financial statements for external stakeholders

Designing accounting information systems

Measurement, analysis, and reporting for internal use by management (correct)

Recording financial transactions for bookkeeping purposes

What is the most common system used for bookkeeping?

Double-entry bookkeeping Signup and view all the answers

What are accounting information systems designed to support?

Accounting functions and related activities Signup and view all the answers

What is the main purpose of straight-line depreciation?

To spread the cost of a fixed asset evenly over its useful life Signup and view all the answers

What are the inputs required to calculate straight-line depreciation?

Asset cost, useful life, and estimated salvage value Signup and view all the answers

What is the depreciable base used for in straight-line depreciation?

To calculate the annual depreciation expense Signup and view all the answers

Which accounting principle does straight-line depreciation comply with?

Generally Accepted Accounting Principles (GAAP) Signup and view all the answers

What does straight-line depreciation allow a business to match?

Expense recognition with the revenue those expenses support Signup and view all the answers

Accounting Basics Quiz

Choose a study mode

Podcast

Questions and Answers

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

What is the main purpose of accounting?

What is the primary focus of management accounting?

What is the most common system used for bookkeeping?

What are accounting information systems designed to support?

What is the main purpose of straight-line depreciation?

What are the inputs required to calculate straight-line depreciation?

What is the depreciable base used for in straight-line depreciation?

Which accounting principle does straight-line depreciation comply with?

What does straight-line depreciation allow a business to match?

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