Accounting Principles and Concepts Quiz

Accounting = The processing of information about economic entities Financial reporting = Often used as a synonym for accounting Accountants = Practitioners of accounting Stakeholders = Individuals or entities with an interest in the organization's financial information

Financial accounting = Focuses on the reporting of an organization's financial information to external users Management accounting = Focuses on the measurement, analysis and reporting of information for internal use by management Tax accounting = Deals with the tax matters of individuals and organizations Cost accounting = Focuses on analyzing and controlling costs of production

Investors = Interested in the financial performance and potential returns of an organization Creditors = Interested in the organization's ability to repay debts Management = Uses accounting information for internal decision-making Regulators = Interested in ensuring compliance with financial regulations

<p>Financial transactions = The recording of these is a key aspect of accounting Financial statements = Prepared as part of financial accounting to communicate an organization's financial performance Economic activities = Results of these are measured by accounting Suppliers = One of the external users of financial information</p> Signup and view all the answers

<p>Accounting = The processing of information about economic entities Financial reporting = Often used as a synonym for accounting Accountants = Practitioners of accounting Stakeholders = Individuals or entities with an interest in the organization's financial information</p> Signup and view all the answers