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