Differentiate between a journal and a ledger in accounting. What is the significance of the matching principle
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Question:
- Differentiate between a journal and a ledger in accounting.
- What is the significance of the matching principle in accounting?
- Explain the concept of goodwill in accounting terms.
- What are the types of financial statements typically prepared by a company?
- Describe the role of auditors in financial reporting and accounting practices.
- What is the difference between an income statement and a cash flow statement?
- Define working capital and its importance for a business.
- Explain the term 'liquidity' in relation to financial statements.
- What is the purpose of a statement of retained earnings?
- Discuss the concept of double-entry accounting and its benefits.
- What is the significance of the materiality principle in accounting standards?
- Describe the process of inventory valuation methods used in accounting.
- Explain how financial ratios are used to analyze a company's performance.
- Discuss the impact of GAAP (Generally Accepted Accounting Principles) on financial reporting standards.
- What is the role of cost accounting in managerial decision-making processes?
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