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Financial accountancy: Quiz


Question 1: All the figures in the trial balance are rearranged to prepare a profit & loss statement and ________.
Equity (finance)AccountancyBalance sheetAsset

Question 2:

Question 3: ________ (the other main division of accounting)
AccountantCertified Public AccountantCost accountingManagement accounting

Question 4: The fundamental need for financial accounting is to reduce ________ by measuring and monitoring agents' performance and reporting the results to interested users.
Principal-agent problemLawCorporate crimeEconomics

Question 5: Financial accountancy (or financial accounting) is the field of ________ concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders.
Proto-ElamiteSarbanes–Oxley ActBalance sheetAccountancy

Question 6: ________ provides accounting information to help managers make decisions to manage the business.
Certified Public AccountantCost accountingManagement accountingAccountant

Question 7: The accounting equation (________ = Liabilities + Owners' Equity) and financial statements are the main topics of financial accounting.
Balance sheetAssetCash flow statementValuation (finance)

Question 8: The trial balance which is usually prepared using the ________ forms the basis for preparing the financial statements.
Double-entry bookkeeping systemAccountancyBalance sheetAsset

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