Test Your Knowledge: The Role/Purpose Of Accounting

Test Your Knowledge from the following structured questions:

1. Briefly explain what is accounting
2. Identify the users of accounting
3. List three objectives of financial accounting
4. List seven general characteristics of useful information
5. What is the difference between financial accounting from managerial accounting?
6. What are the four primary financial statements?
7. Identify the major similarities between financial accounting and managerial accounting