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Accounting Systems Quiz

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Questions and Answers

Which of the following accounting systems is used to track a company's business finance situation?

Financial Accounting (correct)

Cost Accounting

Managerial Accounting

Tax Accounting

Which accounting system is important in determining the long-term success of a company?

Financial Accounting (correct)

Cost Accounting

Managerial Accounting

Tax Accounting

Which stakeholders would be most interested in the financial analysis report?

Investors (correct)

Employees

Suppliers

Customers

Which type of accounting is used to track a company's internal operations and decision-making?

Managerial Accounting Signup and view all the answers

Which type of accounting is used to calculate and track the cost of producing goods or services?

Cost Accounting Signup and view all the answers

Which one of these is NOT included in a budget?

Assets, liabilities, and cash flows Signup and view all the answers

What is the purpose of a budget?

To express intended expenditures along with proposals for how to meet them Signup and view all the answers

What is the difference between a surplus and a deficit in a budget?

A surplus provides resources for use at a future time, while a deficit occurs when expenditures exceed income or other resources Signup and view all the answers

What are the three types of government budgets?

The operating or current budget, the capital or investment budget, and the cash flow budget Signup and view all the answers

Which entities use budgets to express strategic plans of activities in measurable terms?

All of the above Signup and view all the answers