Accounting Principles and Concepts Quiz
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Questions and Answers

What is accounting?

Accounting is the processing of information about economic entities.

Who are the stakeholders in accounting?

Stakeholders in accounting include investors, creditors, management, and regulators.

What are the different fields of accounting?

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

What is the focus of financial accounting?

<p>Financial accounting focuses on reporting an organization's financial information to external users.</p> Signup and view all the answers

What is the focus of management accounting?

<p>Management accounting focuses on providing information for internal use by management.</p> Signup and view all the answers

Which branch of economics analyzes the economy as a system where production, consumption, saving, and investment interact?

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

Which branch of economics focuses on the behavior and interactions of economic agents, such as households, firms, buyers, and sellers?

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

Which branch of economics describes 'what is' and focuses on explaining and predicting economic phenomena?

<p>Positive economics</p> Signup and view all the answers

Which branch of economics advocates 'what ought to be' and involves value judgments and opinions?

<p>Normative economics</p> Signup and view all the answers

Which branch of economics focuses on the study of individual agents and markets?

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

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