Accounting Principles and Practices Quiz
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Questions and Answers

What is the primary purpose of financial accounting?

  • To measure and convey economic activities to stakeholders
  • To analyze information for internal use by management
  • To report financial information to external users (correct)
  • To process information about economic entities
  • Which area of accounting focuses on information for internal use by management?

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

  • Actuaries
  • Accountants (correct)
  • Auditors
  • Economists
  • What does accounting measure and convey to stakeholders?

    <p>Results of an organization's economic activities</p> Signup and view all the answers

    What term is often used interchangeably with 'accounting'?

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

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