1.
What is double-entry bookkeeping?
2.
What is the main purpose of a trial balance?
3.
Which of the following is a current asset?
5.
Which financial statement shows the changes in equity over a period of time?
6.
What does a balance sheet include?
7.
What is the purpose of a cash flow statement?
8.
What does GAAP stand for?
9.
What is the purpose of an audit?
10.
What is the accounting equation?
11.
Which financial statement shows a company’s revenues and expenses?
12.
Which of the following is a method of amortization?
13.
What is the formula for calculating gross profit?
14.
Which financial statement provides a snapshot of a company’s financial position at a specific point in time?
15.
What is a contra account?
16.
What is an adjusting entry?
17.
What is the normal balance of an asset account?
18.
What is depreciation?
19.
What is retained earnings?
20.
Which method of inventory valuation assumes that the first items placed in inventory are the first sold?
21.
Which of the following is an intangible asset?
22.
Which of the following is a liability?
23.
What does the term "accrual" refer to in accounting?
24.
What is goodwill in accounting?
25.
What is the purpose of an income statement?
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