Accounting Principles and Financial Statements Quiz

The main purpose of accounting is to process information about economic entities and convey this information to stakeholders such as investors, creditors, management, and regulators.

Accounting can be divided into several fields including financial accounting, management accounting, tax accounting, and cost accounting.

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

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

<p>Practitioners of accounting are known as accountants.</p> Signup and view all the answers