Fundamentals of Accounting Quiz

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10 Questions

Which branch of accounting focuses on providing information to internal users such as managers and executives?

Management accounting

Which branch of accounting focuses on providing information to external users such as investors and creditors?

Financial accounting

Which branch of accounting focuses on the examination and verification of financial statements?

Auditing

Which branch of accounting focuses on the collection and analysis of financial data for tax purposes?

Tax accounting

Which branch of accounting focuses on determining the cost of producing goods or services?

Cost accounting

Accounting is a process of identifying, recording and communicating economic information that is useful in making economic ______

decisions

Only 'accountable events' are recorded in the ______ of accounts

books

Accountable events are those that affect the assets, ______, equity, income or expenses of a business

liabilities

The information processed in an accounting system is communicated to interested users through accounting ______ (e.g., financial statements)

reports

Accounting is considered the 'language of ______' because it is essential in the communication of financial information

business

Test your knowledge on the fundamentals of accounting in this quiz. Explore the process of identifying, recording, and communicating economic information for making informed decisions. Find out how accountable events impact a business's financial records and learn about the essential components of an accounting system.

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