General Quiz on financial accounting

The world's nation 5G mobile network was launched by which country?

• Japan

• Asia

• South Korea

• Malaysia

_____ is the capital of India.

What is the primary focus of financial accounting?

• Summary, analysis, and reporting of financial transactions

• Tax preparation and filing

• Internal auditing and compliance

• Investment banking

Who are the typical users of financial accounting information?

• Stockholders, suppliers, banks, employees, government agencies, business owners

• Only stockholders and business owners

• Only government agencies and banks

• Only employees and suppliers

What is the purpose of financial statements in financial accounting?

• To provide information for decision making

• To calculate taxes owed

• To manage internal company operations

• To develop marketing strategies

What framework is used for financial accounting standards?

• Generally Accepted Accounting Principles (GAAP)

• International Financial Reporting Standards (IFRS)

• Internal Revenue Code (IRC)

• Federal Accounting Standards Advisory Board (FASAB)

What do Generally Accepted Accounting Principles (GAAP) include?

• Standards, conventions, and rules for recording and summarizing financial statements

• Guidelines for tax preparation

• Principles for investment strategies

• Rules for marketing and sales

Draw the product life cycle.

Give a word for the subject Financial Accounting.