Accounting Principles and Practices Quiz
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Questions and Answers

What is the main purpose of accounting?

  • Maximizing profits for the organization
  • Minimizing tax liabilities for the organization
  • Facilitating internal communication within the organization
  • Measuring and conveying economic activity information to stakeholders (correct)

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

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

    • What is the primary focus of management accounting?

  • Measurement, analysis, and reporting of information for internal use by management (correct)
  • Analysis of cost structures for the organization
  • Recording of financial transactions for tax purposes
  • Preparation of financial statements for external users

    • What do practitioners of accounting refer to as synonyms?

    <p>Accounting and financial reporting</p> Signup and view all the answers

    What are economic entities that accounting processes information about?

    <p>Businesses and corporations</p> Signup and view all the answers

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