Accounting Principles and Concepts Quiz
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Questions and Answers

Which field of accounting focuses on reporting financial information to external users?

  • Management accounting
  • Cost accounting
  • Tax accounting
  • Financial accounting (correct)

    • What is the primary focus of management accounting?

  • Measurement, analysis, and reporting for internal use by management (correct)
  • Conveying information to creditors and investors
  • Recording of financial transactions for tax purposes
  • Preparation of financial statements for external users

    • What are practitioners of accounting commonly known as?

  • Auditors
  • Financial analysts
  • Economists
  • Accountants (correct)

    • What is the main purpose of accounting?

    <p>To process information about economic entities</p> Signup and view all the answers

    What are the terms 'accounting' and 'financial reporting' often used as?

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

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