Podcast
Questions and Answers
What is the primary focus of financial accounting?
What is the primary focus of financial accounting?
- Recording of financial transactions
- Supporting accounting functions and related activities
- Reporting financial information to external users (correct)
- Analysis and reporting of information for internal use
Which field of accounting focuses on the measurement and reporting of information for internal use by management?
Which field of accounting focuses on the measurement and reporting of information for internal use by management?
- Management accounting (correct)
- Tax accounting
- Cost accounting
- Financial accounting
What is the term used for the most common system of recording financial transactions?
What is the term used for the most common system of recording financial transactions?
- Single-entry bookkeeping
- Accrual accounting
- Double-entry bookkeeping (correct)
- Cash basis accounting
Which term is often used interchangeably with 'accounting'?
Which term is often used interchangeably with 'accounting'?
What is the main purpose of accounting information systems?
What is the main purpose of accounting information systems?
Who are the primary recipients of financial information prepared through financial accounting?
Who are the primary recipients of financial information prepared through financial accounting?
Who is usually attributed with the development of the double-entry accounting system?
Who is usually attributed with the development of the double-entry accounting system?
Which organization in the United States sets generally accepted accounting principles (GAAP)?
Which organization in the United States sets generally accepted accounting principles (GAAP)?
Where was the Summa de arithmetica, the first published work on a double-entry bookkeeping system, published?
Where was the Summa de arithmetica, the first published work on a double-entry bookkeeping system, published?
Which ancient civilization is closely related to developments in writing, counting, and early forms of bookkeeping?
Which ancient civilization is closely related to developments in writing, counting, and early forms of bookkeeping?
Which word is derived from the Old French word aconter and means 'to reckon'?
Which word is derived from the Old French word aconter and means 'to reckon'?
Which country had local professional bodies merging to form the Institute of Chartered Accountants in England and Wales in 1880?
Which country had local professional bodies merging to form the Institute of Chartered Accountants in England and Wales in 1880?
What is the base word for 'computare' which means 'to reckon'?
What is the base word for 'computare' which means 'to reckon'?
Which word is derived from the French word compter and also from the Italian and Latin word computare?
Which word is derived from the French word compter and also from the Italian and Latin word computare?
