Accounting Fields Identification Quiz
12 Questions
1 Views

Accounting Fields Identification Quiz

Created by
@DurableMossAgate623

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What field of accounting deals with recording transactions and preparing financial statements according to Generally Accepted Accounting Principles?

  • Financial accounting (correct)
  • Cost accounting
  • Tax accounting
  • Management accounting
  • Which field of accounting is primarily used internally in the manufacturing industry to assess a company's operations?

  • Forensic accounting
  • Management accounting (correct)
  • Tax accounting
  • Financial accounting
  • What is the main focus of tax accounting?

  • Reducing taxes legally (correct)
  • Recording transactions
  • Assessing manufacturing operations
  • Preparing financial statements
  • Who is considered the inventor of accounting in ancient times?

    <p>Luca Pacioli</p> Signup and view all the answers

    Which stakeholders are interested in a business's income performance to make investment decisions?

    <p>Shareholders</p> Signup and view all the answers

    'A business has a separate legal entity apart from its owners' is a principle known as:

    <p>Entity concept</p> Signup and view all the answers

    What principle states that income should be recognized as soon as a product has been sold or services have been rendered?

    <p>Revenue recognition principle</p> Signup and view all the answers

    Which financial statement provides information on the net worth of a business?

    <p>Balance Sheet</p> Signup and view all the answers

    What are liabilities that need to be paid within a short period of time known as in accounting?

    <p>Current liabilities</p> Signup and view all the answers

    Which of the following represents the equity of creditors in a financial statement?

    <p>Liabilities</p> Signup and view all the answers

    What type of business buys products with the intention of converting and selling them as new or different products?

    <p>Manufacturing business</p> Signup and view all the answers

    (True or False) In a partnership, all partners share in the distribution of profits but not in the distribution of losses.

    <p>False</p> Signup and view all the answers

    Use Quizgecko on...
    Browser
    Browser