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Questions and Answers
What is the primary purpose of financial accounting?
What is the primary purpose of financial accounting?
- Reporting an organization's financial information to external users (correct)
- Measuring and analyzing information for internal use by management
- Recording financial transactions for financial reports
- Processing information about economic entities
Which field of accounting focuses on providing information for internal use by management?
Which field of accounting focuses on providing information for internal use by management?
- Financial accounting
- Cost accounting
- Management accounting (correct)
- Tax accounting
What is the most common system for recording financial transactions?
What is the most common system for recording financial transactions?
- Accrual accounting
- Triple-entry bookkeeping
- Single-entry bookkeeping
- Double-entry bookkeeping (correct)
What is another term often used interchangeably with 'accounting'?
What is another term often used interchangeably with 'accounting'?
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What do accounting information systems support?
What do accounting information systems support?
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