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Accounting debits and credits

What is the fundamental accounting equation?
Assets = Liabilities + Equity
Revenue = Expenses
Debits = Credits
Income = Expenditure
Which of the following is an example of a current asset?
Cash
Buildings
Accounts Receivable
Inventory
What is the normal balance for an expense account?
Debit
Credit
It depends on the situation
Neither debit nor credit
Which financial statement reports a company's revenues and expenses over a period of time?
Income Statement
Balance Sheet
Statement of Cash Flows
Statement of Retained Earnings
What is the formula for calculating the gross profit margin?
Gross Profit / Net Sales
Net Income / Total Assets
Total Liabilities / Total Equity
Operating Income / Net Sales
Which of the following is an example of an intangible asset?
Trademark
Land
Accounts Payable
Goodwill
What is the purpose of a trial balance?
To ensure that debits equal credits
To calculate net income
To prepare financial statements
To record adjusting entries
Which financial statement shows a company's financial position at a specific point in time?
Balance Sheet
Income Statement
Statement of Cash Flows
Statement of Retained Earnings
What is the formula for calculating the current ratio?
Current Assets / Current Liabilities
Net Income / Total Assets
Total Liabilities / Total Equity
Operating Income / Net Sales
Which of the following is an example of a contra account?
Accumulated Depreciation
Prepaid Expenses
Unearned Revenue
Accounts Payable
Common Stock
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