Accounting Principles and Practices Quiz
5 Questions
4 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the primary purpose of accounting?

  • Measuring the results of economic activities and conveying information to stakeholders (correct)
  • Ensuring internal control and compliance
  • Maximizing profits for businesses and corporations
  • Minimizing tax liabilities for organizations

    • Which field of accounting focuses on reporting financial information to external users?

  • Management accounting
  • Tax accounting
  • Financial accounting (correct)
  • Cost accounting

    • What is the main focus of management accounting?

  • Preparation of financial statements for external stakeholders
  • Measurement, analysis, and reporting of information for internal use by management (correct)
  • Compliance with tax regulations
  • Recording of financial transactions

    • What are practitioners of accounting commonly known as?

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

    What are the terms 'accounting' and 'financial reporting' often used as?

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

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser