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Questions and Answers
Which of the following best defines accounting?
Which of the following best defines accounting?
- The process of identifying, measuring and communicating economic/financial information about the organization (correct)
- The process of recording and summarizing monetary transactions
- The process of making informed decisions based on financial information
- The process of investing money to increase equity
What is the purpose of finance/financial management?
What is the purpose of finance/financial management?
- To invest money
- To increase liabilities
- To increase assets
- To enable informed decision making (correct)
Which of the following is an example of increasing assets?
Which of the following is an example of increasing assets?
- Investing your own money
- Recording monetary transactions
- Borrowing money
- Buying equipment (correct)
What happens when you borrow money for your business?
What happens when you borrow money for your business?
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What is the role and importance of accounting?
What is the role and importance of accounting?
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Which of the following is NOT a financial statement produced by businesses?
Which of the following is NOT a financial statement produced by businesses?
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What is the purpose of financial accounting?
What is the purpose of financial accounting?
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What is bookkeeping?
What is bookkeeping?
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What is the product of financial accounting?
What is the product of financial accounting?
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How often are financial statements typically presented, reported, and communicated?
How often are financial statements typically presented, reported, and communicated?
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