Accounting Principles and Practices Quiz
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Questions and Answers

What is the main focus of financial accounting?

  • Reporting financial information to external users (correct)
  • Measuring and analyzing information for internal use
  • Conveying information to stakeholders
  • Processing information about economic entities
  • What is the primary role of practitioners of accounting?

  • Measuring, analyzing, and reporting internal information
  • Conveying information to stakeholders
  • Processing information about economic entities
  • Reporting financial information to external users (correct)
  • Which field of accounting focuses on internal use by management?

  • Management accounting (correct)
  • Cost accounting
  • Financial accounting
  • Tax accounting
  • What does accounting measure?

    <p>Results of economic activities</p> Signup and view all the answers

    What are the terms 'accounting' and 'financial reporting' often used as?

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

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