Accounting Fields Identification Quiz

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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?

Luca Pacioli Signup and view all the answers

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

Shareholders Signup and view all the answers

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

Entity concept 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?

Revenue recognition principle Signup and view all the answers

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

Balance Sheet Signup and view all the answers

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

Current liabilities Signup and view all the answers

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

Liabilities 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?

Manufacturing business 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.

False Signup and view all the answers

Accounting Fields Identification Quiz

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Questions and Answers

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

Which field of accounting is primarily used internally in the manufacturing industry to assess a company's operations?

What is the main focus of tax accounting?

Who is considered the inventor of accounting in ancient times?

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

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

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

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

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

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

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

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

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