1.
What is a contingent liability?
2.
Which of the following is a non-current liability?
3.
Which financial statement shows how much profit a company has retained over time?
4.
What is the formula for net income?
5.
What does a statement of cash flows report?
6.
What does IFRS stand for?
7.
What is the primary purpose of financial accounting?
9.
What is the purpose of depreciation?
10.
What is the main purpose of managerial accounting?
11.
What is a deferred revenue?
12.
Which financial statement shows a company’s financial position at a specific point in time?
13.
Which method of depreciation allocates an equal amount of depreciation each year?
14.
Which account is closed at the end of the accounting period?
15.
What is the matching principle in accounting?
16.
Which of the following accounts is a contra asset?
17.
What is a trial balance?
18.
What is an audit trail?
19.
What is a ledger in accounting?
20.
What is a variance in budgeting?
21.
What is the accounting term for reducing the value of an intangible asset over time?
22.
What is the accrual basis of accounting?
23.
What is the purpose of a purchase order?
24.
Which of the following is considered an equity account?
25.
What is the purpose of a bank reconciliation?
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