1.
What is the accounting equation?
2.
What is retained earnings?
3.
What is an adjusting entry?
4.
Which of the following is a current asset?
5.
What is a contra account?
7.
Which of the following is a liability?
8.
Which financial statement shows the changes in equity over a period of time?
9.
Which of the following is a method of amortization?
10.
What is the purpose of a cash flow statement?
11.
What does a balance sheet include?
12.
Which method of inventory valuation assumes that the first items placed in inventory are the first sold?
13.
What is the formula for calculating gross profit?
14.
What is the normal balance of an asset account?
15.
What is the purpose of an income statement?
16.
Which of the following is an intangible asset?
17.
Which financial statement provides a snapshot of a company’s financial position at a specific point in time?
18.
What is double-entry bookkeeping?
19.
Which financial statement shows a company’s revenues and expenses?
20.
What is depreciation?
21.
What does GAAP stand for?
22.
What does the term "accrual" refer to in accounting?
23.
What is the main purpose of a trial balance?
24.
What is goodwill in accounting?
25.
What is the purpose of an audit?
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