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Questions and Answers
What is the primary financial statement that shows a company's profitability over a specific period?
What is the primary financial statement that shows a company's profitability over a specific period?
- Income statement (correct)
- Statement of retained earnings
- Statement of cash flows
- Balance sheet
Which accounting principle dictates that expenses should be recognized in the same period as the revenues to which they relate?
Which accounting principle dictates that expenses should be recognized in the same period as the revenues to which they relate?
- Materiality principle
- Conservatism principle
- Matching principle (correct)
- Consistency principle
Which of the following is a key objective of financial accounting?
Which of the following is a key objective of financial accounting?
- Maximizing profits for the company
- Minimizing tax liabilities
- Ensuring regulatory compliance
- Providing information for decision-making and investment analysis (correct)
Which of the following is an example of a current asset?
Which of the following is an example of a current asset?
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Which of the following is a contra account?
Which of the following is a contra account?
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What is the accounting equation?
What is the accounting equation?
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