Financial Reporting and Accounting Essentials Quiz

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Which organization defines accounting as a service activity whose function is to provide primarily financial information about economic entities?

AICPA (correct)

GAAP

FASB

AAA

What is the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information called?

Accounting

Financial reporting (correct)

AAA

GAAP

Which of the following is NOT one of the financial statements used to communicate accounting information?

Statement of financial activities (correct)

Statement of financial position

Statement of comprehensive income

Statement of changes in equity

What does GAAP stand for?

Generally Accepted Accounting Principles Signup and view all the answers

What do accounting standards represent in the preparation and presentation of financial statements?

Broad guidelines Signup and view all the answers

Which of the following is NOT one of the financial statements used to communicate accounting information?

Statement of financial activities Signup and view all the answers

What is the purpose of accounting?

To make economic decisions Signup and view all the answers

What do accounting standards represent in the preparation and presentation of financial statements?

Broad guidelines Signup and view all the answers

What is the primary function of accounting?

To provide financial information Signup and view all the answers

What organization defines accounting as a service activity whose function is to provide primarily financial information about economic entities?

AICPA Signup and view all the answers

Financial Reporting and Accounting Essentials Quiz

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Questions and Answers

Which organization defines accounting as a service activity whose function is to provide primarily financial information about economic entities?

What is the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information called?

Which of the following is NOT one of the financial statements used to communicate accounting information?

What does GAAP stand for?

What do accounting standards represent in the preparation and presentation of financial statements?

Which of the following is NOT one of the financial statements used to communicate accounting information?

What is the purpose of accounting?

What do accounting standards represent in the preparation and presentation of financial statements?

What is the primary function of accounting?

What organization defines accounting as a service activity whose function is to provide primarily financial information about economic entities?

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