Accounting Basics Quiz
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Questions and Answers

What is the primary focus of financial accounting?

  • Recording financial transactions for the preparation of financial statements
  • Processing information about economic entities
  • Reporting an organization's financial information to external users (correct)
  • Measuring and analyzing information for internal use by management

    • What is the main purpose of management accounting?

  • Measurement, analysis, and reporting of information for internal use by management (correct)
  • Reporting an organization's financial information to external users
  • Recording financial transactions for the preparation of financial statements
  • Processing information about economic entities

    • What is the most common system for recording financial transactions?

  • Single-entry bookkeeping
  • Double-entry bookkeeping (correct)
  • Triple-entry bookkeeping
  • Accrual accounting

    • Which field of accounting focuses on conveying information to a variety of stakeholders including investors and regulators?

    <p>Financial accounting</p> Signup and view all the answers

    What are practitioners of accounting known as?

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

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