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