Accounting Principles and Practices Quiz
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Questions and Answers

What is the primary focus of financial accounting?

  • Recording financial transactions for bookkeeping
  • Measuring and analyzing information for internal use
  • Preparing financial statements for external users (correct)
  • Designing accounting information systems

    • What is the main purpose of management accounting?

  • Providing information for internal use by management (correct)
  • Recording financial transactions for bookkeeping
  • Measuring and analyzing information for tax purposes
  • Preparing financial reports for external stakeholders

    • What is the most common system used for bookkeeping?

  • Cash basis accounting
  • Single-entry bookkeeping
  • Double-entry bookkeeping (correct)
  • Accrual accounting

    • What are practitioners of accounting commonly known as?

    <p>Accountants</p> Signup and view all the answers

    What is the purpose of accounting information systems?

    <p>Supporting accounting functions and related activities</p> Signup and view all the answers

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