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Questions and Answers
Which of the following is a primary objective of financial accounting?
Which of the following is a primary objective of financial accounting?
- Maximizing profits for the company
- Minimizing tax liabilities
- Ensuring compliance with ethical standards
- Providing information for decision-making (correct)
What is the purpose of the 'matching principle' in financial accounting?
What is the purpose of the 'matching principle' in financial accounting?
- To match assets with liabilities on the balance sheet
- To match expenses with revenues in the period they are incurred (correct)
- To match income with tax deductions
- To match cash flows with investment activities
Which financial statement provides information about a company's profitability during a specific period?
Which financial statement provides information about a company's profitability during a specific period?
- Statement of cash flows
- Statement of changes in equity
- Income statement (correct)
- Balance sheet
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