Accounting Principles and Practices Quiz
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Questions and Answers

What is the primary focus of financial accounting?

  • Processing information about economic entities
  • Measurement and analysis of information for internal use by management
  • Recording of financial transactions for financial reports
  • Reporting an organization's financial information to external users (correct)
  • Which area of accounting focuses on the measurement, analysis, and reporting of information for internal use by management?

  • Cost accounting
  • Financial accounting
  • Management accounting (correct)
  • Tax accounting
  • What is the most common system for recording financial transactions in bookkeeping?

  • Accrual accounting
  • Cash basis accounting
  • Double-entry bookkeeping (correct)
  • Single-entry bookkeeping
  • What do accounting information systems aim to support?

    <p>Accounting functions and related activities</p> Signup and view all the answers

    What are practitioners of accounting commonly known as?

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

    Who pioneered the system of subsidiary alliances in South Asian history?

    <p>Joseph François Dupleix</p> Signup and view all the answers

    What was the primary responsibility of an Indian ruler under the subsidiary alliance system?

    <p>Keep the company's army at the capital of their state</p> Signup and view all the answers

    What role did the 'resident' play in the subsidiary alliance system?

    <p>Oversee all negotiations and communications with other states</p> Signup and view all the answers

    What was the East India Company's requirement regarding other Europeans in the Indian state?

    <p>Expel all other Europeans from their state</p> Signup and view all the answers

    What action did the East India Company take with regard to interfering in the internal affairs of the Indian state?

    <p>Hired agents to live in the places and interfered in the internal affairs</p> Signup and view all the answers

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