Accounting Principles and Terminology Quiz
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Questions and Answers

Which term is often used interchangeably with 'accounting' in the text?

  • Corporations
  • Economics
  • Accountancy (correct)
  • Language of business
  • What are the main stakeholders to whom accounting information is communicated?

  • Investors, creditors, management, and regulators (correct)
  • Government agencies, shareholders, auditors, and consultants
  • Customers, suppliers, employees, and competitors
  • Board of directors, shareholders, customers, and employees
  • Which field of accounting focuses on the measurement, analysis, and reporting of an organization's financial information to external users?

  • Cost accounting
  • Tax accounting
  • Management accounting
  • Financial accounting (correct)
  • What is the main purpose of management accounting?

    <p>Internal decision making and control</p> Signup and view all the answers

    How can accounting be divided into different fields?

    <p>Financial accounting, management accounting, tax accounting, and cost accounting</p> Signup and view all the answers

    Which term is often used to describe accounting?

    <p>Business language</p> Signup and view all the answers

    What is the main focus of financial accounting?

    <p>Preparation of financial statements to external users</p> Signup and view all the answers

    Which field of accounting deals with the measurement, analysis, and report of an organization's financial information to internal users?

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

    Who are some of the stakeholders to whom accounting information is communicated?

    <p>Investors, creditors, and regulators</p> Signup and view all the answers

    What is another term for accountants?

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

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