14 Questions
What is the primary focus of financial accounting?
Reporting financial information to external users
Which field of accounting focuses on the measurement and reporting of information for internal use by management?
Management accounting
What is the term used for the most common system of recording financial transactions?
Double-entry bookkeeping
Which term is often used interchangeably with 'accounting'?
Financial reporting
What is the main purpose of accounting information systems?
Supporting management decision-making
Who are the primary recipients of financial information prepared through financial accounting?
Investors, regulators, and suppliers
Who is usually attributed with the development of the double-entry accounting system?
Luca Pacioli
Which organization in the United States sets generally accepted accounting principles (GAAP)?
Financial Accounting Standards Board (FASB)
Where was the Summa de arithmetica, the first published work on a double-entry bookkeeping system, published?
Italy
Which ancient civilization is closely related to developments in writing, counting, and early forms of bookkeeping?
Ancient Mesopotamia
Which word is derived from the Old French word aconter and means 'to reckon'?
Accounting
Which country had local professional bodies merging to form the Institute of Chartered Accountants in England and Wales in 1880?
England
What is the base word for 'computare' which means 'to reckon'?
'To count or calculate'
Which word is derived from the French word compter and also from the Italian and Latin word computare?
'Accountant'
Test your knowledge of accounting principles, financial reporting, and economic entity information processing with this quiz. Explore concepts related to stakeholders, management, and regulations in accounting.
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