Accounting Principles Quiz
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Questions and Answers

What is the primary focus of financial accounting?

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

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

  • Triple-entry bookkeeping
  • Accrual accounting
  • Double-entry bookkeeping (correct)
  • Single-entry bookkeeping
  • Who are the primary recipients of information conveyed through accounting?

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

    What is the purpose of accounting information systems?

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

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