Accounting Fundamentals Quiz
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Questions and Answers

Which one of the following is NOT a branch of accounting?

  • Tax accounting (correct)
  • Management accounting
  • Financial accounting
  • Cost accounting
  • What is the purpose of accounting?

  • To make economic decisions
  • To identify, record, and communicate economic information (correct)
  • To recognize accountable events
  • To analyze business transactions
  • What is the function of accounting in a business?

  • To record accountable events
  • To provide economic information (correct)
  • To analyze business transactions
  • To identify accountable events
  • What is the difference between external and internal users of accounting information?

    <p>External users are individuals outside the organization, while internal users are individuals within the organization</p> Signup and view all the answers

    What are the forms of business organization?

    <p>Sole proprietorship, partnership, and corporation</p> Signup and view all the answers

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