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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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