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Questions and Answers
What is the primary purpose of bookkeeping?
What is the primary purpose of bookkeeping?
- To provide legal advice to businesses
- To record financial transactions (correct)
- To manage human resources
- To develop marketing strategies
What is the purpose of a trial balance?
What is the purpose of a trial balance?
- To prepare financial statements
- To ensure the total debits equal the total credits (correct)
- To calculate the net income of a business
- To record adjusting entries
Which accounting principle states that expenses should be recorded in the same period as the related revenues?
Which accounting principle states that expenses should be recorded in the same period as the related revenues?
- Conservatism principle
- Consistency principle
- Matching principle (correct)
- Materiality principle
