Accounting Principles and Concepts Quiz

The different fields of accounting include financial accounting, management accounting, tax accounting, and cost accounting.

Accounting is the processing of information about economic entities, such as businesses and corporations, and its purpose is to measure the results of an organization's economic activities and convey this information to stakeholders.

Financial accounting focuses on reporting an organization's financial information to external users, such as investors, regulators, and suppliers.

<p>Bookkeeping is the recording of financial transactions, and double-entry bookkeeping is the most common system.</p> Signup and view all the answers

<p>Management accounting focuses on the measurement, analysis, and reporting of information for internal use by management.</p> Signup and view all the answers