Introduction to Accounting Basics
Get started with the fundamentals of accounting and financial reporting
Quiz Questions
Answer all questions below and test your knowledge.
- 1
What is the primary purpose of the balance sheet?
- 2
Which accounting principle requires companies to record revenues and expenses in the same period?
- 3
What type of account is a company's accumulated depreciation?
- 4
What is the term for the process of allocating the cost of a tangible asset over its useful life?
- 5
Which financial statement shows a company's revenues, expenses, and net income over a specific period?
- 6
What is the accounting term for the amount of money invested by a company's owners?
- 7
Which accounting concept assumes that a company will continue to operate for the foreseeable future?
- 8
What type of account is a company's accounts payable?
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