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Financial Accounting Basics

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Questions and Answers

What is the primary purpose of financial accounting?

To conduct market research for businesses

To promote a company's products and services

To identify, measure, and communicate economic information about entities (correct)

To maximize profits for businesses

Which of the following is included in the assets section of a balance sheet?

Property, plant, and equipment (correct)

Owner's equity

Interest expense

Accounts payable

What is the purpose of a cash-flow statement?

To demonstrate how changes in balance sheet accounts and income affect cash and cash equivalents (correct)

To show the company's revenue and expenses over a period

To calculate the company's net profit or loss

To display the company's long-term investments

In double entry bookkeeping, which accounts must always be equal?

Assets + Liabilities = Equity Signup and view all the answers

What are liquid assets typically comprised of?

Cash, securities, and receivables Signup and view all the answers

Which financial statement reports a company's financial position at a specific point in time?

Balance sheet Signup and view all the answers

What is the purpose of costing systems in management accounting?

To allocate costs to products or services for decision-making purposes Signup and view all the answers

'Owners' equity' on a balance sheet represents what?

'The investment by owners plus profits retained in the business' Signup and view all the answers

What is a key element that distinguishes financial accounting from other types of accounting?

Reporting financial information to external users for decision-making purposes Signup and view all the answers

What does 'depreciation' represent in accounting?

The allocation of cost of tangible assets over their useful life Signup and view all the answers