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Questions and Answers
What is the primary purpose of accounting?
What is the primary purpose of accounting?
- Measuring and conveying economic activity information (correct)
- Managing internal operations
- Regulating financial markets
- Generating profits for businesses
Which field of accounting focuses on reporting financial information to external users?
Which field of accounting focuses on reporting financial information to external users?
- Financial accounting (correct)
- Cost accounting
- Management accounting
- Tax accounting
What is the most common system of bookkeeping?
What is the most common system of bookkeeping?
- Single-entry bookkeeping
- Cash-basis accounting
- Accrual accounting
- Double-entry bookkeeping (correct)
What is the main focus of management accounting?
What is the main focus of management accounting?
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What are accounting information systems designed to support?
What are accounting information systems designed to support?
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