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Questions and Answers
What is the main purpose of accounting?
What is the main purpose of accounting?
- To convey information to stakeholders (correct)
- To prepare financial statements
- To process information about economic entities
- To measure the results of economic activities
Which field of accounting focuses on reporting financial information to external users?
Which field of accounting focuses on reporting financial information to external users?
- Cost accounting
- Financial accounting (correct)
- Tax accounting
- Management accounting
What is the primary focus of management accounting?
What is the primary focus of management accounting?
- Processing information about economic entities
- Measurement, analysis, and reporting for internal use by management (correct)
- Preparation of financial statements
- Conveying information to stakeholders
What are practitioners of accounting known as?
What are practitioners of accounting known as?
Which term is often used as a synonym for 'accounting'?
Which term is often used as a synonym for 'accounting'?
What is the primary purpose of accounting?
What is the primary purpose of accounting?
Which field of accounting focuses on reporting financial information to external users?
Which field of accounting focuses on reporting financial information to external users?
What do practitioners of accounting refer to themselves as?
What do practitioners of accounting refer to themselves as?
Which accounting field focuses on the measurement, analysis, and reporting of information for internal use by management?
Which accounting field focuses on the measurement, analysis, and reporting of information for internal use by management?
What are the terms often used as synonyms with 'accounting'?
What are the terms often used as synonyms with 'accounting'?
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Study Notes
Accounting Overview
- The primary purpose of accounting is to provide financial information that is useful for decision-making.
Fields of Accounting
- Financial accounting focuses on reporting financial information to external users, such as investors and creditors.
- Management accounting focuses on the measurement, analysis, and reporting of information for internal use by management to make decisions.
Accounting Professionals
- Practitioners of accounting are known as accountants.
- They often refer to themselves as accountants.
Accounting Synonyms
- Bookkeeping and accountancy are often used as synonyms for 'accounting'.
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