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Accounting Principles Quiz

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Questions and Answers

What is accounting?

Accounting is the processing of information about economic entities, such as businesses and corporations, and measures the results of an organization's economic activities.

Who are the stakeholders to whom accounting conveys information?

Stakeholders include investors, creditors, management, and regulators.

What are the main fields into which accounting can be divided?

Accounting can be divided into several fields including financial accounting, management accounting, tax accounting, and cost accounting.

What is the focus of financial accounting?

<p>Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to external users of the information.</p> Signup and view all the answers

What is the focus of management accounting?

<p>Management accounting focuses on the measurement, analysis, and reporting of information for internal use by management.</p> Signup and view all the answers