Accounting Principles Quiz
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Questions and Answers

Which field of accounting focuses on the reporting of an organization's financial information to external users?

  • Management accounting
  • Cost accounting
  • Tax accounting
  • Financial accounting (correct)

    • What is the main purpose of accounting?

  • To prepare financial statements for external users
  • To record financial transactions
  • To measure, analyze, and report information for internal use by management
  • To process information about economic entities (correct)

    • What are practitioners of accounting known as?

  • Auditors
  • Accountants (correct)
  • Regulators
  • Economists

    • Which terms are often used as synonyms for accounting?

    <p>Accounting and financial reporting</p> Signup and view all the answers

    What does management accounting focus on?

    <p>The measurement, analysis, and reporting of information for internal use by management</p> Signup and view all the answers

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