Podcast
Questions and Answers
What is the main focus of financial accounting?
What is the main focus of financial accounting?
- Recording financial transactions for summaries
- Processing information about economic entities
- Reporting financial information to external users (correct)
- Measurement and analysis of information for internal use
What is the primary purpose of management accounting?
What is the primary purpose of management accounting?
- Reporting financial information to external users
- Measurement, analysis, and reporting of information for internal use by management (correct)
- Processing information about economic entities
- Recording financial transactions for summaries
What is the most common system used for bookkeeping?
What is the most common system used for bookkeeping?
- Double-entry bookkeeping (correct)
- Triple-entry bookkeeping
- Accrual accounting
- Single-entry bookkeeping
What are practitioners of accounting known as?
What are practitioners of accounting known as?
What do accounting information systems support?
What do accounting information systems support?
Flashcards are hidden until you start studying