1.
What is retained earnings?
2.
Which method of inventory valuation assumes that the first items placed in inventory are the first sold?
3.
Which financial statement shows a company’s revenues and expenses?
4.
What is goodwill in accounting?
5.
Which financial statement shows the changes in equity over a period of time?
6.
What does GAAP stand for?
7.
What is double-entry bookkeeping?
8.
What is a contra account?
9.
What is the purpose of an income statement?
10.
What is the accounting equation?
11.
What is the main purpose of a trial balance?
12.
Which of the following is a current asset?
13.
What is depreciation?
14.
What is the normal balance of an asset account?
16.
What is the formula for calculating gross profit?
17.
Which of the following is a liability?
18.
Which financial statement provides a snapshot of a company’s financial position at a specific point in time?
19.
What does a balance sheet include?
20.
What is an adjusting entry?
21.
Which of the following is a method of amortization?
22.
What is the purpose of a cash flow statement?
23.
Which of the following is an intangible asset?
24.
What is the purpose of an audit?
25.
What does the term "accrual" refer to in accounting?
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