5 Questions
What is the main objective of accounting?
To provide useful information about the firm’s financial position & financial performance to stakeholders through financial statements
Which organization defines accounting as 'The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information'?
American Accounting Association
What are the types of business environments mentioned in the text?
Service, Manufacturing, and Trading
Who are the users of financial statements?
Stakeholders and Investors
Which branch of accounting focuses on providing information to internal management for decision-making purposes?
Managerial Accounting
Learn the fundamentals of accounting with this comprehensive course. Cover topics such as accounting equation, double entry system, prime entry books, and more. Taught by Thisali Liyanage, a well-versed lecturer with a MBA and BBA Accounting Sp. First Class.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
