Quiz No. 2 - Basic Accounting Concepts

Which branch of accounting focuses on analyzing cost data to control expenses?

• Management Accounting

• Cost Accounting

• Financial Accounting

• Tax Accounting

Which branch of accounting provides information mainly for external reporting?

• Auditing

• Financial Accounting

• Management Accounting

• Tax Accounting

Which branch involves providing assurance that financial statements are free from material misstatement?

• Government Accounting

• Auditing

• Cost Accounting

• Financial Accounting

Government agencies use this accounting branch to track the use of public funds:

• Management Accounting

• Government Accounting

• Cost Accounting

• Tax Accounting

Tax planning and preparation are part of which branch?

• Tax Accounting

• Auditing

• Government Accounting

• Management Accounting

Which accounting branch is focused on supporting decision-making and strategy formulation?

• Management Accounting

• Financial Accounting

• Cost Accounting

• Auditing

Suppliers are most concerned with:

• Profitability of the company

• Ability to pay debts on time

• Expansion of business

• Employee benefits

External users of accounting information include:

• Employees

• Managers

• Creditors

• Department heads

Who among the following uses accounting data to decide whether to invest?

• Government

• Creditors

• Investors

• Employees

Which user group examines accounting information to collect taxes?

• Investors

• Managers

• Government

• Employees