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Questions and Answers
What is the main purpose of accounting?
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?
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?
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?
What are the different fields of accounting mentioned in the text?
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What are practitioners of accounting known as?
What are practitioners of accounting known as?
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