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6 items
Mastering Accounting Basics
Test your knowledge on fundamental accounting concepts and practices.
What is the primary purpose of financial statements?
To manage inventory
To track employee performance
To summarize financial performance
To provide tax information
What is the accounting equation that represents the relationship between assets, liabilities, and equity?
Liabilities = Assets + Equity
Assets + Liabilities = Equity
Assets - Liabilities = Equity
Assets = Liabilities + Equity
What is a budget primarily used for in accounting?
To assess employee performance
To predict future sales
To allocate resources
To calculate taxes
What is the role of the trial balance in the accounting process?
To prepare financial statements
To ensure that debits equal credits
To record daily transactions
To calculate tax liabilities
What is the purpose of the statement of cash flows in financial reporting?
To report on the company's equity changes
To show the company's profitability
To summarize the company's assets and liabilities
To provide information about cash inflows and outflows
Which accounting principle requires expenses to be matched with revenues?
Full Disclosure Principle
Cost Principle
Matching Principle
Revenue Recognition Principle
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