1.
What is the purpose of a bank reconciliation?
2.
What does IFRS stand for?
3.
Which of the following accounts is a contra asset?
4.
Which financial statement shows how much profit a company has retained over time?
6.
Which financial statement shows a company’s financial position at a specific point in time?
7.
What is the purpose of a purchase order?
8.
What is the accrual basis of accounting?
9.
What is the accounting term for reducing the value of an intangible asset over time?
10.
What is the matching principle in accounting?
11.
What is a variance in budgeting?
12.
What is the primary purpose of financial accounting?
13.
What is a contingent liability?
14.
What is the main purpose of managerial accounting?
15.
Which of the following is a non-current liability?
16.
What does a statement of cash flows report?
17.
Which of the following is considered an equity account?
18.
Which account is closed at the end of the accounting period?
19.
What is the formula for net income?
20.
Which method of depreciation allocates an equal amount of depreciation each year?
21.
What is a ledger in accounting?
22.
What is a trial balance?
23.
What is a deferred revenue?
24.
What is an audit trail?
25.
What is the purpose of depreciation?
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