10 Questions
Which of the following best defines accounting?
The process of identifying, measuring and communicating economic/financial information about the organization
What is the purpose of finance/financial management?
To enable informed decision making
Which of the following is an example of increasing assets?
Buying equipment
What happens when you borrow money for your business?
Increase liabilities
What is the role and importance of accounting?
To make informed decisions
Which of the following is NOT a financial statement produced by businesses?
Statement of retained earnings
What is the purpose of financial accounting?
To report financial transactions
What is bookkeeping?
The process of recording financial transactions
What is the product of financial accounting?
Financial statements
How often are financial statements typically presented, reported, and communicated?
Quarterly
Test your knowledge on the basics of accounting and finance with this quiz. Learn about the role and importance of accounting, as well as the purpose of finance and financial management. Explore initial considerations when starting a business, including investing your own money and borrowing funds.
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