Accounting Principles and Practices Quiz
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Questions and Answers

What is the primary focus of financial accounting?

  • Measuring and analyzing information for internal use
  • Reporting financial information to external users (correct)
  • Conveying information to stakeholders
  • Processing information about economic entities

    • What is the main focus of management accounting?

  • Conveying information to a variety of stakeholders
  • Preparation of financial statements for external users
  • Processing financial transactions for summaries
  • Measurement, analysis, and reporting of information for internal use (correct)

    • Who are the stakeholders to whom accounting information is conveyed?

  • Customers, employees, and competitors
  • Board of directors, auditors, and tax authorities
  • Investors, creditors, management, and regulators (correct)
  • Suppliers, government, and shareholders

    • What are practitioners of accounting known as?

    <p>Accountants</p> Signup and view all the answers

    Which field of accounting focuses on the recording of financial transactions?

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

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