Accounting Principles and Concepts Quiz

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Questions and Answers

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

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

What is another term used to refer to accounting?

  • Regulatory measurement
  • Stakeholder management
  • Economic processing
  • Financial reporting (correct)

What is the main purpose of accounting?

  • To analyze financial transactions
  • To manage internal information
  • To measure the results of an organization's economic activities (correct)
  • To convey information to stakeholders

What is the role of accountants?

<p>To process information about economic entities (C)</p>
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What are the different fields of accounting?

<p>Financial accounting, management accounting, tax accounting, and cost accounting (B)</p>
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