Financial Accounting Principles and Practice Quiz
15 Questions
2 Views
3.4 Stars

Financial Accounting Principles and Practice Quiz

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.

Created by
@AdaptiveSplendor1370

Questions and Answers

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?

<p>Note disclosures</p> Signup and view all the answers

What is the process of identification, measurement, and communication of financial information about economic entities to interested parties known as?

<p>Universal language of business</p> Signup and view all the answers

What is the principal means through which a company communicates its financial information to those outside it?

<p>Statement of financial position</p> Signup and view all the answers

What is the process of planning, controlling, and evaluating a company’s operations known as?

<p>Managerial accounting</p> Signup and view all the answers

Which type of accounting provides financial information about economic entities to interested parties?

<p>Financial accounting</p> Signup and view all the answers

Which financial statement shows the company’s history quantified in money terms?

<p>Statement of financial position</p> Signup and view all the answers

What is an integral part of each financial statement?

<p>Note disclosures</p> Signup and view all the answers

What is the process that culminates in the preparation of financial reports on the enterprise for use by both internal and external parties?

<p>Financial accounting</p> Signup and view all the answers

Which statement provides a company’s history quantified in money terms?

<p>Statement of financial position</p> Signup and view all the answers

What is the process of identifying, measuring, analyzing, and communicating financial information needed by management to plan, control, and evaluate a company’s operations?

<p>Managerial accounting</p> Signup and view all the answers

Which financial statement is also known as the statement of comprehensive income?

<p>Income statement</p> Signup and view all the answers

What is an integral part of each financial statement?

<p>Info disclosures</p> Signup and view all the answers

More Quizzes Like This

Use Quizgecko on...
Browser
Browser