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Financial Accounting Quiz

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Questions and Answers

Which of the following best describes the focus of financial accounting?

Managing a company's financial resources and investments.

Assessing the economic impact of a company's operations on society.

Recording, summarizing, and presenting a company's financial transactions and results to internal stakeholders. (correct)

Analyzing and interpreting a company's financial data for decision-making purposes.

What is the purpose of financial accounting?

To evaluate the effectiveness of a company's internal controls.

To provide a standardized and comprehensive view of a company's financial performance and position. (correct)

To identify potential investment opportunities for a company.

To forecast future financial trends and outcomes for a company.

Which financial statements are prepared under financial accounting?

Profit and loss statement, trial balance, and statement of retained earnings.

General ledger, accounts receivable aging report, and bank reconciliation statement.

Statement of cash flows, statement of changes in equity, and statement of financial position.

Income statement, balance sheet, and cash flow statement. (correct)

How does accounting facilitate replacing human memory?

By maintaining a complete record of financial transactions. Signup and view all the answers

Why is human memory limited when it comes to financial transactions?

Because there are numerous transactions and it is almost impossible to remember all of them. Signup and view all the answers

How can accounting act as legal evidence in disputes?

By maintaining proper books of accounts that serve as evidence. Signup and view all the answers

What is the role of accounting in assisting management?

It helps in managing and making informed decisions based on the records and data. Signup and view all the answers

Why is it important for a businessman to rely on accounting data instead of memory?

Because memory may not be sufficient to establish the nature of a transaction, especially in disputes. Signup and view all the answers