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Questions and Answers
Who are the practitioners of accounting known as?
Who are the practitioners of accounting known as?
- Accountants (correct)
- Economists
- Financial Analysts
- Auditors
Which field of accounting is concerned with reporting financial information to external users?
Which field of accounting is concerned with reporting financial information to external users?
- Financial accounting (correct)
- Cost accounting
- Tax accounting
- Management accounting
What is management accounting primarily focused on?
What is management accounting primarily focused on?
- Preparing legal documents for external auditing
- Directing marketing strategies for financial products
- Calculating the net worth of the company's executives
- Measurement, analysis, and reporting of information for internal management use (correct)
What is the primary purpose of accounting?
What is the primary purpose of accounting?
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Who are typically the users of the information provided by financial accounting?
Who are typically the users of the information provided by financial accounting?
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Study Notes
Accounting Overview
- Accounting is the processing of information about economic entities, such as businesses and corporations.
- It measures the results of an organization's economic activities and conveys this information to stakeholders, including investors, creditors, management, and regulators.
Accounting Fields
- Accounting can be divided into several fields, including:
- Financial accounting
- Management accounting
- Tax accounting
- Cost accounting
Financial Accounting
- Focuses on the reporting of an organization's financial information.
- Includes the preparation of financial statements for external users, such as:
- Investors
- Regulators
- Suppliers
Management Accounting
- Focuses on the measurement, analysis, and reporting of information for internal use by management.
- Involves the recording of financial transactions to provide summaries for internal decision-making.
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