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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
Q61: 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
Q62: Internal audit is primarily concerned with:
Historical Cost Concept
Going Concern
Accrual Concept
Matching Principle
Materiality
Q63: The auditor’s report is addressed to:
Return on Investment
Rate of Interest
Revenue on Income
Ratio of Investment
Return on Income
