Accounting Principles and Practices Quiz
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Questions and Answers

What is the main purpose of accounting?

  • To measure the results of an organization's economic activities (correct)
  • To convey information to stakeholders
  • To prepare financial statements
  • To process information about economic entities
  • Which field of accounting focuses on reporting financial information to external users?

  • Tax accounting
  • Cost accounting
  • Management accounting
  • Financial accounting (correct)
  • What are practitioners of accounting known as?

  • Financial analysts
  • Auditors
  • Economists
  • Accountants (correct)
  • Which term is often used interchangeably with 'accounting'?

    <p>Financial reporting</p> Signup and view all the answers

    What is the primary focus of management accounting?

    <p>Measurement and analysis of information for internal use</p> Signup and view all the answers

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