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