Accounting and Finance Basics Quiz
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Questions and Answers

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?

  • 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?

  • Investing your own money
  • Recording monetary transactions
  • Borrowing money
  • Buying equipment (correct)

    • What happens when you borrow money for your business?

    <p>Increase liabilities</p> Signup and view all the answers

    What is the role and importance of accounting?

    <p>To make informed decisions</p> Signup and view all the answers

    Which of the following is NOT a financial statement produced by businesses?

    <p>Statement of retained earnings</p> Signup and view all the answers

    What is the purpose of financial accounting?

    <p>To report financial transactions</p> Signup and view all the answers

    What is bookkeeping?

    <p>The process of recording financial transactions</p> Signup and view all the answers

    What is the product of financial accounting?

    <p>Financial statements</p> Signup and view all the answers

    How often are financial statements typically presented, reported, and communicated?

    <p>Quarterly</p> Signup and view all the answers

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