Accounting Principles and Practices Quiz
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Questions and Answers

What is the main purpose of accounting?

  • To analyze financial information for tax reporting
  • To process information about economic entities
  • To prepare financial statements for internal use
  • To measure and convey the results of economic activities (correct)

    • Who are the primary recipients of financial information in financial accounting?

  • Management
  • Employees
  • Investors (correct)
  • Competitors

    • What is the primary focus of management accounting?

  • Recording financial transactions
  • Preparing financial statements
  • Reporting information for internal use by management (correct)
  • Conveying financial information to investors

    • What are practitioners of accounting commonly 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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