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Acounting & Finance
Accounting is the practice of recording, summarizing, and reporting financial transactions to provide information for decision-making, while finance is the management of money, including investing, budgeting, and forecasting.
Quiz Questions
Q370: What is the primary purpose of financial statements?
Income Statement
Balance Sheet
Cash Flow Statement
Trial Balance
Notes to Accounts
Q371: Which concept requires accountants to record assets at cost?
Money today is worth more than in the future
Money loses value
Money increases over time
Money never changes
Money is unlimited
Q372: Which costing method assigns costs to activities?
Historical Cost Concept
Going Concern
Accrual Concept
Matching Principle
Materiality
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