Accounting Fundamentals Quiz
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Questions and Answers

Which term is often used interchangeably with accounting?

  • Financial reporting (correct)
  • Economics
  • Management
  • Finance
  • What are the different fields of accounting?

  • Investment accounting, economic accounting, management accounting, tax accounting
  • Investment accounting, tax accounting, financial accounting, cost accounting
  • Economic accounting, management accounting, financial accounting, tax accounting
  • Financial accounting, management accounting, tax accounting, cost accounting (correct)
  • Who are the stakeholders that accounting conveys information to?

  • Investors, creditors, management, and regulators (correct)
  • Customers, employees, suppliers, and shareholders
  • Government, competitors, employees, and shareholders
  • Customers, competitors, suppliers, and management
  • Which of the following is NOT a primary objective of accounting?

    <p>Forecasting future sales</p> Signup and view all the answers

    Which financial statement provides information about a company's profitability?

    <p>Income statement</p> Signup and view all the answers

    What is the purpose of double-entry bookkeeping?

    <p>To ensure accurate recording of financial transactions</p> Signup and view all the answers

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