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Fundamentals of Accounting

What is the basic accounting equation?
Assets = Liabilities + Equity
Assets = Revenue - Expenses
Assets = Equity - Liabilities
Assets = Liabilities - Equity
Which of the following is an example of a current asset?
Cash
Accounts Payable
Inventory
Buildings
What is the purpose of the income statement?
Which of the following is a contra account?
Accumulated Depreciation
Accounts Receivable
Prepaid Expenses
Common Stock
What is the formula for calculating return on investment (ROI)?
Net Income / Total Assets
Net Income / Shareholders' Equity
Net Income / Sales
Net Income / Average Total Assets
Which of the following is an example of a long-term liability?
Bonds Payable
Accounts Payable
Notes Payable
Salaries Payable
What is the purpose of the statement of cash flows?
Which accounting principle requires expenses to be recognized when incurred, regardless of when payment is made?
Matching Principle
Revenue Recognition Principle
Historical Cost Principle
Expense Recognition Principle
What is the formula for calculating the current ratio?
Current Assets / Current Liabilities
Total Assets / Total Liabilities
Net Income / Total Equity
Gross Profit / Sales
Which financial statement reports the financial position of a company at a specific point in time?
Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Retained Earnings
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