1.
What is a trial balance?
2.
What is the matching principle in accounting?
4.
Which account is closed at the end of the accounting period?
5.
Which financial statement shows how much profit a company has retained over time?
6.
What does IFRS stand for?
7.
Which of the following is considered an equity account?
8.
What is a deferred revenue?
9.
What is an audit trail?
10.
Which of the following accounts is a contra asset?
11.
Which financial statement shows a company’s financial position at a specific point in time?
12.
What is the primary purpose of financial accounting?
13.
What is the accounting term for reducing the value of an intangible asset over time?
14.
What does a statement of cash flows report?
15.
What is a contingent liability?
16.
Which method of depreciation allocates an equal amount of depreciation each year?
17.
What is the accrual basis of accounting?
18.
What is the purpose of a purchase order?
19.
Which of the following is a non-current liability?
20.
What is the purpose of depreciation?
21.
What is a ledger in accounting?
22.
What is the formula for net income?
23.
What is the main purpose of managerial accounting?
24.
What is a variance in budgeting?
25.
What is the purpose of a bank reconciliation?
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