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Introduction to Accounting

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Questions and Answers

Which field of accounting focuses on reporting financial information to external users?

Cost accounting

Financial accounting (correct)

Management accounting

Tax accounting

What is the main purpose of accounting?

Providing internal information exclusively for management use

Measuring the results of economic activities and conveying information to stakeholders (correct)

Maximizing profits for businesses and corporations

Minimizing tax liabilities for organizations

What is the most common system for recording financial transactions?

Single-entry bookkeeping

Cash basis accounting

Accrual basis accounting

Double-entry bookkeeping (correct)

What is the primary focus of management accounting?

Measurement, analysis and reporting of information for internal use by management Signup and view all the answers

What is the purpose of accounting information systems?

To support accounting functions and related activities Signup and view all the answers

What is the primary focus of financial accounting?

Reporting an organization's financial information to external users Signup and view all the answers

What is the primary purpose of accounting information systems?

Supporting accounting functions and related activities Signup and view all the answers

What is the main responsibility of management accounting?

Measurement, analysis, and reporting of information for internal use by management Signup and view all the answers

What does bookkeeping primarily involve?

Recording financial transactions so that summaries may be presented in financial reports Signup and view all the answers

Which field of accounting focuses on measuring and reporting information for internal use by management?

Management accounting Signup and view all the answers