15 Questions
What is the primary purpose of accounting?
To measure and report financial information for external users
Which field of accounting focuses on reporting financial information to external users?
Financial accounting
What is the primary focus of management accounting?
Measuring and reporting information for internal use by management
What do practitioners of accounting refer to as accountants?
Those who practice accounting
How are the terms 'accounting' and 'financial reporting' often used?
As synonyms
Who has the administrative control over the Institute of Chartered Accountants of India (ICAI)?
Ministry of Corporate Affairs, Government of India
When was the Institute of Chartered Accountants of India (ICAI) established?
1 July 1949
Who recommends accounting and auditing standards to the Government of India?
National Financial Reporting Authority (NFRA)
What are members of the Institute of Chartered Accountants of India (ICAI) known as?
ICAI Chartered Accountants or ICAI Accountants
Which act established the Institute of Chartered Accountants of India (ICAI) as a statutory body?
Chartered Accountants Act, 1949
Who has the administrative control of the Institute of Chartered Accountants of India (ICAI)?
Ministry of Corporate Affairs, Government of India
When was the Institute of Chartered Accountants of India (ICAI) established?
1 July 1949
Who recommends accounting standards and auditing standards in India?
National Financial Reporting Authority (NFRA)
What are the members of the Institute of Chartered Accountants of India (ICAI) known as?
ICAI Chartered Accountants or ICAI Accountants
What does the word 'chartered' refer to in the context of ICAI Chartered Accountants?
It does not refer to or flow
Test your knowledge of accounting principles and practices with this quiz! Explore topics such as financial reporting, balance sheets, income statements, and more. Challenge yourself to understand the key concepts and terminology essential for accountants and financial professionals.
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