Accounting Principles and Practices Quiz
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Questions and Answers

What is the main purpose of accounting?

  • Analyzing internal management data
  • Measuring and conveying economic activity information (correct)
  • Preparing tax reports
  • Managing financial transactions
  • Who are the external users of financial accounting information?

  • Investors, regulators, and suppliers (correct)
  • Competitors and customers
  • Tax authorities and auditors
  • Management and employees
  • What is the focus of management accounting?

  • Measurement, analysis, and reporting for internal use by management (correct)
  • Conveying economic entity information to stakeholders
  • Recording financial transactions for tax purposes
  • Preparation of financial statements for external users
  • What are the different fields of accounting mentioned in the text?

    <p>Financial accounting, management accounting, tax accounting, and cost accounting</p> Signup and view all the answers

    What are practitioners of accounting known as?

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

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