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Questions and Answers
What is the primary purpose of accounting?
What is the primary purpose of accounting?
- To manage human resources
- To record financial transactions (correct)
- To make profits
- To advertise products
What is the purpose of double-entry accounting?
What is the purpose of double-entry accounting?
- To confuse accountants
- To prevent errors in recording transactions (correct)
- To record transactions only once
- To increase tax liabilities
Which financial statement provides information about a company's revenues and expenses?
Which financial statement provides information about a company's revenues and expenses?
- Balance sheet
- Income statement (correct)
- Cash flow statement
- Statement of retained earnings
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