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