Introduction to Accounting Principles
This quiz covers the essential concepts and practices in accounting, including financial statements, assets, liabilities, and more.
Quiz Questions
Answer all questions below and test your knowledge.
- 1
What is the primary purpose of a balance sheet?
- 2
Which of the following accounts is a type of current asset?
- 3
What is the term for the process of allocating the cost of a tangible asset over its useful life?
- 4
What are the three main financial statements?
- 5
What type of account represents a company's obligation to pay a debt?
- 6
What is the accounting term for the amount of money invested in a business by its owners?
- 7
Which financial statement shows a company's revenues, expenses, and net income?
- 8
What is the term for a company's net earnings?
- 9
What type of asset is expected to be converted into cash within a short period?
- 10
What is the accounting equation?
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