1.
Which of the following is an operating expense?
2.
Which of the following is a method of inventory valuation?
3.
What is the primary purpose of an audit?
4.
What is accrual accounting?
5.
What is the formula for the accounting equation?
6.
Which account would typically be credited in a revenue transaction?
7.
What is the purpose of internal controls in a business?
8.
What is goodwill in accounting?
9.
What is a contingent liability?
10.
What does the term "book value" refer to?
11.
What is the purpose of depreciation?
12.
What is the main purpose of a cash flow statement?
13.
What does GAAP stand for?
14.
Which of the following is classified as a current asset?
15.
Which of the following is a permanent (real) account?
16.
Which of the following is considered a contra account?
17.
Which organization is responsible for establishing accounting and financial reporting standards in the United States?
18.
Which financial statement shows the owner's equity in the business?
19.
What is the difference between a trial balance and an adjusted trial balance?
20.
What is the purpose of a bank reconciliation?
21.
Which financial statement shows a company's profitability over a period of time?
22.
Which account is closed at the end of the accounting period?
23.
What is the primary objective of financial reporting?
24.
What is the purpose of closing entries in accounting?
25.
Which of the following is an example of an intangible asset?
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