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Questions and Answers
What is the main purpose of accounting?
What is the main purpose of accounting?
- To measure the results of an organization's economic activities (correct)
- To prepare financial statements
- To process information about economic entities
- To convey information to stakeholders
Who are the external users of financial accounting information?
Who are the external users of financial accounting information?
- Management, accountants, and creditors
- Employees, customers, and competitors
- Investors, regulators, and suppliers (correct)
- Tax authorities, auditors, and board members
What is the focus of management accounting?
What is the focus of management accounting?
- Preparation of financial statements
- Processing information about economic entities
- Measurement, analysis, and reporting for internal use by management (correct)
- Conveying information to stakeholders
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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What is the main purpose of a trial balance?
What is the main purpose of a trial balance?
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Who uses a trial balance to identify errors?
Who uses a trial balance to identify errors?
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What can a trial balance help to minimize?
What can a trial balance help to minimize?
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What does a trial balance verify in a double-entry accounting system?
What does a trial balance verify in a double-entry accounting system?
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What is the limitation of a trial balance?
What is the limitation of a trial balance?
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