Accounting Principles and Practices Quiz
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Questions and Answers

What is the primary purpose of accounting?

  • To analyze information for tax purposes
  • To process information about economic entities
  • To prepare financial statements for internal use
  • To measure and report financial information for external users (correct)

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

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

    • What is the primary focus of management accounting?

  • Analyzing information for tax purposes
  • Processing information about economic entities
  • Preparing financial statements for external users
  • Measuring and reporting information for internal use by management (correct)

    • What do practitioners of accounting refer to as accountants?

    <p>Those who practice accounting</p> Signup and view all the answers

    How are the terms 'accounting' and 'financial reporting' often used?

    <p>As synonyms</p> Signup and view all the answers

    Who has the administrative control over the Institute of Chartered Accountants of India (ICAI)?

    <p>Ministry of Corporate Affairs, Government of India</p> Signup and view all the answers

    When was the Institute of Chartered Accountants of India (ICAI) established?

    <p>1 July 1949</p> Signup and view all the answers

    Who recommends accounting and auditing standards to the Government of India?

    <p>National Financial Reporting Authority (NFRA)</p> Signup and view all the answers

    What are members of the Institute of Chartered Accountants of India (ICAI) known as?

    <p>ICAI Chartered Accountants or ICAI Accountants</p> Signup and view all the answers

    Which act established the Institute of Chartered Accountants of India (ICAI) as a statutory body?

    <p>Chartered Accountants Act, 1949</p> Signup and view all the answers

    Who has the administrative control of the Institute of Chartered Accountants of India (ICAI)?

    <p>Ministry of Corporate Affairs, Government of India</p> Signup and view all the answers

    When was the Institute of Chartered Accountants of India (ICAI) established?

    <p>1 July 1949</p> Signup and view all the answers

    Who recommends accounting standards and auditing standards in India?

    <p>National Financial Reporting Authority (NFRA)</p> Signup and view all the answers

    What are the members of the Institute of Chartered Accountants of India (ICAI) known as?

    <p>ICAI Chartered Accountants or ICAI Accountants</p> Signup and view all the answers

    What does the word 'chartered' refer to in the context of ICAI Chartered Accountants?

    <p>It does not refer to or flow</p> Signup and view all the answers

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