Financial Accounting Principles and Practice Quiz
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Questions and Answers

Which type of accounting focuses on providing financial information to management for planning and decision-making?

  • Government accounting
  • Universal accounting
  • Managerial accounting (correct)
  • Financial accounting

    • What is the main purpose of financial reports prepared in financial accounting?

  • To communicate with unions only
  • To communicate with investors and creditors only
  • To communicate with both internal and external parties (correct)
  • To communicate with government agencies only

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

  • Statement of cash flows
  • Statement of financial position
  • Income statement (correct)
  • Statement of changes in equity

    • 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

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