Accounting Principles Quiz
Sharpen your accounting skills and see how well you can apply financial concepts to real-world scenarios.
Quiz Questions
Answer all questions below and test your knowledge.
- 1
What is the primary purpose of the accounting equation?
- 2
Which accounting principle requires that expenses be matched with revenues?
- 3
What is the difference between cash and accrual accounting?
- 4
What is the purpose of a balance sheet?
- 5
Which of the following is a characteristic of a perpetual inventory system?
- 6
What is the role of Generally Accepted Accounting Principles (GAAP) in financial reporting?
- 7
What is depreciation in the context of accounting?
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