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Types of accounts and golden rules of accounting

Which of the following is an example of a current asset?
Inventory
Buildings
Patents
Land
What is the golden rule of accounting for expenses?
Which financial statement shows a company's revenues and expenses over a period of time?
Balance Sheet
Statement of Cash Flows
Income Statement
Statement of Retained Earnings
Which of the following is considered a liability?
Accounts Payable
Prepaid Rent
Common Stock
Notes Payable
What is the purpose of the general ledger?
To record daily transactions
To prepare financial statements
To calculate taxes
To store all accounts and their balances
Which of the following is an example of an intangible asset?
Trademark
Cash
Inventory
Goodwill
What is the purpose of the trial balance?
To identify errors in the financial statements
To summarize revenue and expenses
To calculate net income
To ensure debits equal credits
What is the formula for calculating net income?
Which account type increases on the credit side?
Liabilities
Equity
Revenues
Assets
What is the purpose of the cash flow statement?
To show changes in equity over time
To report the financial position of a company
To track cash inflows and outflows
To calculate net profit margin
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