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