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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
Q754: What is the primary purpose of financial statements?
Money today is worth more than in the future
Money loses value
Money increases over time
Money never changes
Money is unlimited
Q755: Which concept requires accountants to record assets at cost?
Equity Shares
Trade Credit
Accrued Expenses
Salaries Payable
Cash
Q756: Internal audit is primarily concerned with:
Cash
Accounts Payable
Inventory
Prepaid Rent
Office Supplies
