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Questions and Answers
Which of the following is a fundamental accounting principle?
Which of the following is a fundamental accounting principle?
- Revenue recognition
- Conservatism
- Profit maximization
- Economic entity assumption (correct)
What is the purpose of a trial balance?
What is the purpose of a trial balance?
- To calculate the total assets of a business
- To determine the net income or loss
- To identify errors in the accounting records (correct)
- To prepare financial statements
Which financial statement reports the financial position of a company at a specific point in time?
Which financial statement reports the financial position of a company at a specific point in time?
- Balance sheet (correct)
- Statement of cash flows
- Income statement
- Statement of changes in equity
