15 Questions
Which type of accounting focuses on providing financial information to management for planning and decision-making?
Managerial accounting
What is the main purpose of financial reports prepared in financial accounting?
To communicate with both internal and external parties
Which financial statement provides a company’s history quantified in money terms?
Income statement
What is an integral part of each financial statement?
Note disclosures
What is the process of identification, measurement, and communication of financial information about economic entities to interested parties known as?
Universal language of business
What is the principal means through which a company communicates its financial information to those outside it?
Statement of financial position
What is the process of planning, controlling, and evaluating a company’s operations known as?
Managerial accounting
Which type of accounting provides financial information about economic entities to interested parties?
Financial accounting
Which financial statement shows the company’s history quantified in money terms?
Statement of financial position
What is an integral part of each financial statement?
Note disclosures
What is the process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties?
Financial accounting
Which statement provides a company’s history quantified in money terms?
Statement of financial position
What is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, control, and evaluate a company’s operations?
Managerial accounting
Which financial statement is also known as the statement of comprehensive income?
Income statement
What is an integral part of each financial statement?
Info disclosures
Test your knowledge of financial accounting principles and professional practices with this quiz. Explore the development of accounting principles, the environment of financial accounting, and the universal language of business. Challenge yourself with questions on identification, measurement, and communication of financial information about economic entities.
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