Accounting Principles Quiz

Accounting is the processing of information about economic entities, such as businesses and corporations, and the measurement and reporting of their financial activities.

The purpose of accounting is to measure and convey the results of an organization's economic activities to stakeholders, including investors, creditors, management, and regulators.

The different fields of accounting include financial accounting, management accounting, tax accounting, and cost accounting.

<p>Financial accounting focuses on the reporting of an organization's financial information to external users, such as investors, regulators, and suppliers.</p> Signup and view all the answers

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