1.
Which financial statement shows a company’s revenues and expenses?
3.
Which of the following is a method of amortization?
4.
Which of the following is a liability?
5.
What is the formula for calculating gross profit?
6.
What is the purpose of an income statement?
7.
What is a contra account?
8.
Which of the following is a current asset?
9.
What is the accounting equation?
10.
What is the normal balance of an asset account?
11.
What does a balance sheet include?
12.
What does the term "accrual" refer to in accounting?
13.
Which method of inventory valuation assumes that the first items placed in inventory are the first sold?
14.
What is the purpose of an audit?
15.
What is an adjusting entry?
16.
What is retained earnings?
17.
Which of the following is an intangible asset?
19.
Which financial statement provides a snapshot of a company’s financial position at a specific point in time?
20.
What is goodwill in accounting?
21.
What is double-entry bookkeeping?
22.
What does GAAP stand for?
23.
What is the purpose of a cash flow statement?
24.
What is the main purpose of a trial balance?
25.
Which financial statement shows the changes in equity over a period of time?
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