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