Accounting Principles and Practices Quiz
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Questions and Answers

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?

  • Tax accounting
  • Financial accounting (correct)
  • Management accounting
  • Cost 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?

    <p>Accountants (D)</p> Signup and view all the answers

    Which term is often used interchangeably with 'accounting'?

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

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