Accounting Principles and Practices Quiz
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Questions and Answers

Accounting is only concerned with processing information about businesses, not other economic entities.

False

Financial accounting is primarily for internal use by management.

False

Accounting and financial reporting are two distinct terms and are not used interchangeably.

False

Management accounting focuses on the measurement, analysis, and reporting of information for external users.

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

Tax accounting is one of the fields into which accounting can be divided.

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

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