The Accounting Profession Is Divided into 5 Key Working Areas

question 183

Multiple Choice

The accounting profession is divided into 5 key working areas, two of which are

• A) auditing and managerial accounting.
• B) forecasting and logistical accounting.
• C) inventory control and budgeting.
• D) income accounting and expenditure accounting.

---

Definitions:

Output

The total amount of goods or services produced by a company, industry, or economy within a certain period.

Base Year Prices

Prices of goods and services in a specific year that are used as a standard comparison point for economic analysis over different periods.

Real GDP

Real Gross Domestic Product, which reflects the total value of all goods and services produced within a certain timeframe, adjusted to account for inflation.

Current Prices

Prices at which goods and services are being sold in the current market, not adjusted for inflation.