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Questions and Answers
What is the primary purpose of accounting?
What is the primary purpose of accounting?
- Managing internal operations of an organization
- Minimizing tax liabilities for organizations
- Maximizing profits for businesses and corporations
- Measuring and conveying economic activity information (correct)
Which type of accounting focuses on reporting financial information to external users?
Which type of accounting focuses on reporting financial information to external users?
- Tax accounting
- Financial accounting (correct)
- Management accounting
- Cost accounting
What is the main focus of management accounting?
What is the main focus of management accounting?
- Analysis of cost structures within an organization
- Measurement, analysis, and reporting of information for internal use by management (correct)
- Preparation of financial statements for external users
- Recording of financial transactions for tax purposes
What are practitioners of accounting commonly known as?
What are practitioners of accounting commonly known as?
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Which term is often used interchangeably with 'accounting'?
Which term is often used interchangeably with 'accounting'?
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