Accounting Essentials Quiz
A concise assessment covering key principles, statements, and transaction recording techniques for intermediate finance students.
Quiz Questions
Answer all questions below and test your knowledge.
- 1
Which financial statement reports a company’s cash inflows and outflows during a period?
- 2
Identify the account that is classified as a current asset.
- 3
Under accrual accounting, revenue is recognized when:
- 4
Which accounting principle mandates that expenses be recorded in the same period as the revenues they generate?
- 5
A firm buys equipment for $20,000 in cash. Which account receives a debit entry?
- 6
Which depreciation method allocates an equal expense amount each year over an asset’s useful life?
- 7
When a trial balance shows total debits equal total credits, what does this indicate?
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