5 Questions
Which of the following best describes the role of accounting in today's business environment?
Accounting has shifted from record-keeping to providing relevant information for decision-making.
What is the main objective of accounting?
To provide relevant information for decision-making to both internal and external users.
Who are the users of accounting information?
Both internal and external users.
What are the basic terms used in accounting?
Meaning, need, objectives, and role.
How has the role of accountants changed over time?
Accountants have shifted from being mere recorders of transactions to providing relevant information for decision-making.
This quiz is an introduction to accounting, covering the meaning and need of accounting, accounting as a source of information, internal and external users of accounting information, objectives of accounting, role of accounting, and basic terms used in accounting. Test your knowledge and understanding of these foundational accounting concepts.
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