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Questions and Answers
Which field of accounting concentrates on information for internal use by management?
What is the primary focus of financial accounting?
What is the purpose of bookkeeping in accounting?
What are accounting information systems designed to support?
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What are practitioners of accounting commonly known as?
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Study Notes
Accounting Overview
- Management accounting concentrates on providing information for internal use by management.
- The primary focus of financial accounting is on providing information to external users such as investors and creditors.
Accounting Information Systems
- Accounting information systems are designed to support decision-making and control activities.
Bookkeeping and Accounting Professionals
- The primary purpose of bookkeeping in accounting is to record, classify, and report financial transactions.
- Practitioners of accounting are commonly known as accountants.
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Description
Test your knowledge of accounting principles, financial reporting, and economic entity information processing with this quiz. Learn about the role of accountants in conveying economic activity results to stakeholders.
