Accounting Fundamentals Quiz
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Questions and Answers

What is the primary purpose of financial accounting for external users?

  • Assisting in contrasting organizations
  • Analyzing internal decision-making
  • Providing financial statements (correct)
  • Preparing budgets
  • Who are considered internal users of accounting information?

  • External auditors
  • Government agencies
  • Consumer groups
  • Sales staff (correct)
  • What distinguishes generally accepted accounting principles (GAAP)?

  • Flexibility, accuracy, and timeliness
  • Transparency, objectivity, and disclosure
  • Conservatism, materiality, and consistency
  • Relevance, reliability, and comparability (correct)
  • What is the role of managerial accounting?

    <p>Providing information needs for internal decision-makers</p> Signup and view all the answers

    What are the accepted standards of good and bad behavior in accounting known as?

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

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