Accounting Principles and Practices Quiz

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

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

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

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

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

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

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

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

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

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

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

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

The primary purpose of accounting is to provide financial information for decision-making by those outside of the business, such as investors, creditors, and regulators.

Financial accounting is the branch of accounting that focuses on creating financial statements for external stakeholders, such as investors and creditors.

Management accounting provides financial information for internal use by managers to make decisions about operations and strategy.

Accountants are professionals who practice accounting. They analyze, record, and report financial information.

The terms 'accounting' and 'financial reporting' are often used interchangeably, both referring to the practice of recording, analyzing, and communicating financial information.

The Institute of Chartered Accountants of India (ICAI) is a professional body that regulates the practice of chartered accountancy in India.

The Ministry of Corporate Affairs, Government of India, has administrative control over the ICAI. This means the ministry oversees and guides the ICAI.

The ICAI was established on 1st July 1949. It plays a key role in regulating accounting standards and educating chartered accountants in India.

The National Financial Reporting Authority (NFRA) is an independent regulatory body that recommends accounting and auditing standards to the Government of India.

Members of the ICAI are known as ICAI Chartered Accountants, also called ICAI Accountants, and are highly regarded financial professionals.

The Chartered Accountants Act, 1949, established the ICAI as a statutory body, giving it legal recognition and authority.