Accounting Basics Quiz
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Questions and Answers

What is the primary focus of financial accounting?

  • Preparing financial statements for external users (correct)
  • Recording financial transactions for bookkeeping
  • Measuring and analyzing information for internal use
  • Providing information to management for internal use

    • What is the main purpose of management accounting?

  • Providing information to management for internal use (correct)
  • Recording financial transactions for bookkeeping
  • Preparing financial statements for external users
  • Measuring and analyzing information for internal use

    • What is the most common system of bookkeeping?

  • Double-entry bookkeeping (correct)
  • Cash basis accounting
  • Single-entry bookkeeping
  • Accrual basis accounting

    • What is the purpose of tax accounting?

    <p>Ensuring compliance with tax laws and regulations</p> Signup and view all the answers

    What type of information systems are designed to support accounting functions and related activities?

    <p>Accounting information systems</p> Signup and view all the answers

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