1.
What is the main purpose of managerial accounting?
2.
What is an audit trail?
3.
What is the purpose of depreciation?
5.
What is the purpose of a purchase order?
6.
What is a contingent liability?
7.
What does IFRS stand for?
8.
What is the accounting term for reducing the value of an intangible asset over time?
9.
Which financial statement shows a company’s financial position at a specific point in time?
10.
What is a ledger in accounting?
11.
What is a deferred revenue?
12.
Which of the following is a non-current liability?
13.
What does a statement of cash flows report?
14.
What is a trial balance?
15.
What is the accrual basis of accounting?
16.
Which account is closed at the end of the accounting period?
17.
What is the formula for net income?
18.
Which method of depreciation allocates an equal amount of depreciation each year?
19.
What is the matching principle in accounting?
20.
What is a variance in budgeting?
21.
What is the primary purpose of financial accounting?
22.
Which financial statement shows how much profit a company has retained over time?
23.
What is the purpose of a bank reconciliation?
24.
Which of the following accounts is a contra asset?
25.
Which of the following is considered an equity account?
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