Accounting Knowledge Challenge
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Questions and Answers

Which field of accounting focuses on the reporting of an organization's financial information to external users?

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

  • To record financial transactions
  • To measure the results of an organization's economic activities
  • To convey information to stakeholders (correct)
  • To prepare financial statements
  • What are practitioners of accounting known as?

  • Accountants (correct)
  • Financial advisors
  • Economists
  • Business analysts
  • Which term is often used as a synonym for accounting?

    <p>Financial reporting</p> Signup and view all the answers

    Which field of accounting focuses on the measurement, analysis, and reporting of information for internal use by management?

    <p>Management accounting</p> Signup and view all the answers

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