1.
What does IFRS stand for?
2.
What is the matching principle in accounting?
3.
What does a statement of cash flows report?
4.
Which of the following is considered an equity account?
5.
What is the purpose of a purchase order?
6.
Which of the following accounts is a contra asset?
7.
What is the purpose of depreciation?
8.
Which of the following is a non-current liability?
10.
What is the primary purpose of financial accounting?
11.
What is the accrual basis of accounting?
12.
Which financial statement shows how much profit a company has retained over time?
13.
What is an audit trail?
14.
What is a contingent liability?
15.
What is the formula for net income?
16.
Which method of depreciation allocates an equal amount of depreciation each year?
17.
Which account is closed at the end of the accounting period?
18.
What is a variance in budgeting?
19.
What is a ledger in accounting?
20.
What is the main purpose of managerial accounting?
21.
Which financial statement shows a company’s financial position at a specific point in time?
22.
What is the purpose of a bank reconciliation?
23.
What is a trial balance?
24.
What is a deferred revenue?
25.
What is the accounting term for reducing the value of an intangible asset over time?
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