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