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ENGLISH FOR ACCOUNTING What type of account is used to record revenues? a) Asset account b) Liability account c) Equity account d) Revenue account (Answer: d) What type of account is used to record expenses? a) Asset account b) Liability account c) Equity account d) Expense account (Answer: d) The equation that represents the basic accounting equation is: a) Assets = Liabilities + Shareholders' Equity b) Assets - Liabilities = Shareholders' Equity c) Assets = Liabilities - Shareholders' Equity d) Assets + Liabilities = Shareholders' Equity (Answer: d) When a company earns revenue, the effect on the accounting equation is: a) Assets increase, liabilities decrease b) Assets increase, liabilities increase c) Assets increase, shareholders' equity increase (Answer: c) d) Assets decrease, shareholders' equity decrease When a company incurs an expense, the effect on the accounting equation is: a) Assets decrease, liabilities decrease b) Assets decrease, shareholders' equity decrease (Answer: b) c) Assets increase, shareholders' equity increase d) Assets decrease, liabilities increase When a company pays off a liability, the effect on the accounting equation is: a) Assets decrease, liabilities decrease (Answer: a) b) Assets decrease, shareholders' equity decrease c) Assets increase, shareholders' equity increase d) Assets decrease, liabilities increase When a company borrows money, the effect on the accounting equation is: a) Assets decrease, liabilities decrease b) Assets decrease, shareholders' equity decrease c) Assets increase, liabilities increase (Answer: c) d) Assets decrease, shareholders' equity increase When a company issues stock, the effect on the accounting equation is: a) Assets decrease, liabilities decrease b) Assets decrease, shareholders' equity decrease c) Assets increase, shareholders' equity increase (Answer: c) d) Assets decrease, liabilities increase What is the process of allocating the cost of an asset over its useful life called? a) Depreciation (Answer: a) b) Amortization c) Depletion d) Appreciation 10 What is the process of allocating the cost of an intangible asset over its useful life called? a) Depreciation b) Amortization (Answer: b) c) Depletion d) Appreciation 11 What is the process of allocating the cost of a natural resource over its extraction period called? a) Depreciation b) Amortization c) Depletion (Answer: c) d) Appreciation 12 What is the process of adjusting the accounts at the end of an accounting period called? a) Depreciation b) Amortization c) Depletion d) Closing the books (Answer: d) 13 What is the process of determining the value of an asset for the purpose of financial reporting called? a) Depreciation b) Amortization c) Depletion d) Valuation (Answer: d) 14 What is the process of determining the cost of goods sold for the purpose of financial reporting called? a) Depreciation b) Amortization c) Depletion d) Cost accounting (Answer: d) 15 What is the process of determining the cost of goods sold for the purpose of financial reporting called? a) Depreciation b) Amortization c) Depletion d) Cost accounting (Answer: d) 16 The statement of cash flows reports on the cash inflows and outflows of a business during a specific period What are the three sections of the statement of cash flows? a) Operating, financing, and investing b) Income, expense, and profit c) Revenue, cost, and net income d) Assets, liabilities, and equity (Answer: a) 17 What is the purpose of the balance sheet? a) To show a company's financial position at a specific point in time b) To show a company's financial performance over a period of time c) To show a company's cash flow d) To show a company's revenue and expenses (Answer: a) 18 What is the purpose of the income statement? a) To show a company's financial position at a specific point in time b) To show a company's financial performance over a period of time (Answer: b) c) To show a company's cash flow d) To show a company's revenue and expenses 19 What is the purpose of the statement of retained earnings? a) To show a company's financial position at a specific point in time b) To show a company's financial performance over a period of time c) To show a company's cash flow d) To show a company's changes in retained earnings over a period of time (Answer: d) 20 What is the purpose of the statement of cash flows? a) To show a company's financial position at a specific point in time b) To show a company's financial performance over a period of time c) To show a company's cash inflows and outflows over a period of time (Answer: c) d) To show a company's changes in retained earnings over a period of time 21 What is the purpose of the trial balance? a) To ensure that the total debit balance equals the total credit balance b) To show a company's financial position at a specific point in time c) To show a company's financial performance over a period of time d) To show a company's cash inflows and outflows over a period of time (Answer: a) 22 What is the purpose of the general ledger? a) To maintain a record of all financial transactions of a business b) To ensure that the total debit balance equals the total credit balance c) To show a company's financial position at a specific point in time d) To show a company's cash inflows and outflows over a period of time (Answer: a) 23 What is the purpose of the chart of accounts? a) To organize a company's financial transactions into meaningful categories b) To ensure that the total debit balance equals the total credit balance c) To show a company's financial position at a specific point in time d) To show a company's cash inflows and outflows over a period of time (Answer: a) 24 What is the purpose of the journal entries? a) To record financial transactions in a chronological order b) To ensure that the total debit balance equals the total credit balance c) To show a company's financial position at a specific point in time d) To show a company's cash inflows and outflows over a period of time (Answer: a) 25 What is the purpose of the adjusting entries? a) To adjust account balances to reflect the true financial position of a business b) To ensure that the total debit balance equals the total credit balance c) To show a company's financial position at a specific point in time d) To show a company's cash inflows and outflows over a period of time (Answer: a) 26 What is the purpose of the closing entries? a) To close temporary account balances and transfer the balances to permanent accounts b) To ensure that the total debit balance equals the total credit balance c) To show a company's financial position at a specific point in time d) To show a company's cash inflows and outflows over a period of time (Answer: a) 27 What is the purpose of the post-closing trial balance? a) To ensure that the total debit balance equals the total credit balance after the closing entries have been made b) To show a company's financial position at a specific point in time c) To show a company's financial performance over a period of time d) To show a company's cash inflows and outflows over a period of time (Answer: a) 28 What is the purpose of the financial statements? a) To provide information about a company's financial performance and position to external users b) To ensure that the total debit balance equals the total credit balance c) To show a company's cash inflows and outflows over a period of time d) To show a company's changes in retained earnings over a period of time (Answer: a) 29 What is the purpose of the financial audit? a) To provide assurance that a company's financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework b) To ensure that the total debit balance equals the total credit balance c) To show a company's cash inflows and outflows over a period of time d) To show a company's changes in retained earnings over a period of time (Answer: a) 30 What is the purpose of the balance sheet? a) To show a company's financial position at a specific point in time b) To ensure that the total debit balance equals the total credit balance c) To show a company's financial performance over a period of time d) To show a company's cash inflows and outflows over a period of time (Answer: a) 31 What is the purpose of the income statement? a) To show a company's financial performance over a period of time b) To ensure that the total debit balance equals the total credit balance c) To show a company's financial position at a specific point in time d) To show a company's cash inflows and outflows over a period of time (Answer: a) 32 What is the purpose of the statement of cash flows? a) To show a company's cash inflows and outflows over a period of time b) To ensure that the total debit balance equals the total credit balance c) To show a company's financial position at a specific point in time d) To show a company's financial performance over a period of time (Answer: a) 33 What is the purpose of the statement of retained earnings? a) To show a company's changes in retained earnings over a period of time b) To ensure that the total debit balance equals the total credit balance c) To show a company's financial position at a specific point in time d) To show a company's financial performance over a period of time (Answer: a) 34 What is the purpose of the budget? a) To plan and control a company's financial resources b) To ensure that the total debit balance equals the total credit balance c) To show a company's financial position at a specific point in time d) To show a company's financial performance over a period of time (Answer: a) 35 What is the purpose of the cash budget? a) To plan and control a company's cash inflows and outflows b) To ensure that the total debit balance equals the total credit balance c) To show a company's financial position at a specific point in time d) To show a company's financial performance over a period of time (Answer: a) 36 The financial statement that shows a company's assets, liabilities, and equity at a specific point in time is known as the a) Income statement b) Balance sheet (Answer: b) c) Cash flow statement d) Statement of retained earnings 37 The financial statement that shows a company's revenues, expenses, and net income (or loss) for a specific period of time is known as the a) Income statement (Answer: a) b) Balance sheet c) Cash flow statement d) Statement of retained earnings 38 The process of recording the financial impact of a business transaction in the appropriate account is known as a) Journalizing (Answer: a) b) Ledgering c) Posting d) Recording 39 The process of determining the fair value of an asset or liability based on its expected future cash flows is known as a) Market approach b) Income approach (Answer: b) c) Cost approach d) None of the above 40 The process of determining the fair value of an asset or liability by estimating the replacement cost is known as a) Market approach b) Income approach c) Cost approach (Answer: c) d) None of the above 41 The process of transferring the financial transactions recorded in the journal to the appropriate accounts in the general ledger is known as a) Journalizing b) Ledgering c) Posting (Answer: c) d) Recording 42 The process of adjusting the accounts at the end of an accounting period is known as a) Closing the books (Answer: a) b) Opening the books c) Posting d) Recording 43 The process of determining the amount of depreciation expense for an asset over its useful life is known as a) Depreciation (Answer: a) b) Amortization c) Accrual d) Valuation 44 The process of determining the fair value of an asset or liability based on the present value of the expected future cash flows is known as a) Market approach b) Income approach (Answer: b) c) Cost approach d) None of the above 45 The difference between a company's total revenue and its cost of goods sold is known as a) Gross profit (Answer: a) b) Operating income c) Net income d) Earnings before interest and taxes (EBIT) 46 The financial statement that shows a company's cash inflows and outflows during a specific period of time is known as the a) Income statement b) Balance sheet c) Cash flow statement (Answer: c) d) Statement of retained earnings 47 The process of determining the fair value of an asset or liability based on the prices of similar assets or liabilities in an active market is known as a) Market approach (Answer: a) b) Income approach c) Cost approach d) Non-market approach 48 The process of determining the fair value of an asset or liability by estimating the present value of the expected future cash flows is known as a) Market approach b) Income approach c) Cost approach d) None of the above 49 The process of determining the fair value of an asset or liability by estimating the replacement cost is known as a) Market approach b) Income approach c) Cost approach (Answer: c) d) None of the above 50 The process of determining the fair value of an asset or liability by estimating the value of the asset or liability to the company is known as a) Market approach b) Income approach c) Cost approach d) None of the above 51 The process of determining the fair value of an asset or liability by estimating the present value of the expected future cash flows is known as a) Market approach b) Income approach (Answer: b) c) Cost approach d) None of the above 52 The process of determining the fair value of an asset or liability by estimating the replacement cost is known as a) Market approach b) Income approach c) Cost approach (Answer: c) d) None of the above 53 The process of determining the fair value of an asset or liability by estimating the value of the asset or liability to the company is known as a) Market approach b) Income approach c) Cost approach d) None of the above 54 The process of determining the fair value of an asset or liability by estimating the present value of the expected future cash flows is known as a) Market approach b) Income approach (Answer: b) c) Cost approach d) None of the above 55 The process of determining the fair value of an asset or liability by estimating the replacement cost is known as a) Market approach b) Income approach c) Cost approach (Answer: c) d) None of the above 56 A is an independent auditor who examines an organization's financial statements and records to ensure they are accurate and in compliance with generally accepted accounting principles (GAAP) a) CPA (Answer: a) b) CEO c) CFO d) COO 57 are the financial statements that show a company's financial performance over a specific period of time, such as a month or a year a) Balance sheets b) Income statements (Answer: b) c) Cash flow statements d) Statements of retained earnings 58 The is a financial statement that shows a company's assets, liabilities, and equity as of a specific date a) Income statement b) Balance sheet (Answer: b) c) Cash flow statement d) Statement of retained earnings 59 The is a financial statement that shows the changes in a company's retained earnings over a specific period of time a) Income statement b) Balance sheet c) Cash flow statement d) Statement of retained earnings (Answer: d) 60 A is an item on a financial statement that represents a company's economic resources or obligations a) Asset b) Liability c) Equity d) All of the above (Answer: d) 61 are the financial statements that show a company's cash inflows and outflows during a specific period of time a) Balance sheets b) Income statements c) Cash flow statements (Answer: c) d) Statements of retained earnings 62 A is a financial statement that shows a company's assets, liabilities, and equity as of a specific date a) Income statement b) Balance sheet (Answer: b) c) Cash flow statement d) Statement of retained earnings 63 A is an item on a financial statement that represents a company's economic resources or obligations a) Asset b) Liability c) Equity d) All of the above (Answer: d) 64 A is an independent auditor who examines an organization's financial statements and records to ensure they are accurate and in compliance with generally accepted accounting principles (GAAP) a) CPA (Answer: a) b) CEO c) CFO d) COO 65 are the financial statements that show a company's financial performance over a specific period of time, such as a month or a year a) Balance sheets b) Income statements (Answer: b) c) Cash flow statements d) Statements of retained earnings 66 The process of recording and classifying financial transactions is called a) Budgeting b) Forecasting c) Auditing d) Bookkeeping (Answer: d) 67 A is a financial statement that shows the changes in a company's retained earnings over a specific period of time a) Income statement b) Balance sheet c) Cash flow statement d) Statement of retained earnings (Answer: d) 68 The is the difference between a company's total assets and total liabilities a) Net income b) Gross profit c) Operating income d) Equity (Answer: d) 69 An is a financial statement that shows a company's cash inflows and outflows during a specific period of time a) Balance sheet b) Income statement c) Cash flow statement (Answer: c) d) Statement of retained earnings 70 is the process of determining the value of an asset or liability a) Budgeting b) Forecasting c) Auditing d) Valuation (Answer: d) 71 A is a financial statement that shows a company's assets, liabilities, and equity as of a specific date a) Income statement b) Balance sheet (Answer: b) c) Cash flow statement d) Statement of retained earnings 72 A is an item on a financial statement that represents a company's economic resources or obligations a) Asset b) Liability c) Equity d) All of the above (Answer: d) 73 The process of recording and classifying financial transactions is called a) Budgeting b) Forecasting c) Auditing d) Bookkeeping (Answer: d) 74 A is a financial statement that shows the changes in a company's retained earnings over a specific period of time a) Income statement b) Balance sheet c) Cash flow statement d) Statement of retained earnings (Answer: d) 75 The is the difference between a company's total assets and total liabilities a) Net income b) Gross profit c) Operating income d) Equity (Answer: d) 76 A is a financial statement that shows a company's revenues, expenses, and net income over a specific period of time a) Balance sheet b) Income statement (Answer: b) c) Cash flow statement d) Statement of retained earnings 77 A is a financial statement that provides information about a company's liquidity, solvency, and financial flexibility a) Balance sheet (Answer: a) b) Income statement c) Cash flow statement d) Statement of retained earnings 78 A is a document that contains detailed information about a company's financial transactions and is used to prepare financial statements a) Ledger b) Journal (Answer: b) c) Budget d) Forecast 79 A is a financial ratio that compares a company's total debt to its total assets a) Debt-to-equity ratio b) Current ratio c) Quick ratio d) Debt-to-assets ratio (Answer: d) 80 A is a financial ratio that compares a company's current assets to its current liabilities a) Debt-to-equity ratio b) Current ratio (Answer: b) c) Quick ratio d) Debt-to-assets ratio 81 A is a financial ratio that compares a company's liquid assets to its current liabilities a) Debt-to-equity ratio b) Current ratio c) Quick ratio (Answer: c) d) Debt-to-assets ratio 82 A is a financial ratio that compares a company's shareholders' equity to its total liabilities a) Debt-to-equity ratio (Answer: a) b) Current ratio c) Quick ratio d) Debt-to-assets ratio 83 A is a financial ratio that compares a company's net income to its total revenues a) Gross profit margin b) Operating profit margin c) Net profit margin (Answer: c) d) Return on assets 84 A is a financial ratio that compares a company's net income to its shareholders' equity a) Gross profit margin b) Operating profit margin c) Net profit margin d) Return on equity (Answer: d) 85 A is a financial ratio that compares a company's net income to its total assets a) Gross profit margin b) Operating profit margin c) Net profit margin d) Return on assets (Answer: d) 86 What is the difference between accounts payable and accounts receivable? a) Accounts payable are money owed to a company, while accounts receivable are money that a company owes to others b) Accounts payable are money that a company owes to others, while accounts receivable are money owed to a company (Answer: b) c) Accounts payable and accounts receivable are the same thing d) Accounts payable are short-term loans and accounts receivable are long-term loans 87 What is the purpose of the trial balance? a) To ensure that the total debit balance equals the total credit balance b) To prepare financial statements c) To check for errors in the general ledger d) All of the above (Answer: d) 88 What is the purpose of adjusting entries? a) To update financial statements for events that occurred after the previous financial statement was issued (Answer: a) b) To ensure that the total debit balance equals the total credit balance c) To check for errors in the general ledger d) All of the above 89 What is the purpose of the closing process? a) To update financial statements for events that occurred after the previous financial statement was issued b) To ensure that the total debit balance equals the total credit balance c) To prepare the general ledger for the next accounting period (Answer: c) d) All of the above 90 What is the purpose of the cost of goods sold (COGS)? a) To calculate the cost of the goods sold during a specific period of time (Answer: a) b) To ensure that the total debit balance equals the total credit balance c) To prepare the general ledger for the next accounting period d) All of the above 91 What is the purpose of the gross profit margin? a) To calculate the percentage of revenue that exceeds the cost of goods sold (Answer: a) b) To ensure that the total debit balance equals the total credit balance c) To prepare the general ledger for the next accounting period d) All of the above 92 What is the purpose of the net profit margin? a) To calculate the percentage of revenue that exceeds all expenses (Answer: a) b) To ensure that the total debit balance equals the total credit balance c) To prepare the general ledger for the next accounting period d) All of the above 93 What is the purpose of the inventory turnover ratio? a) To calculate the number of times a company's inventory is sold and replaced during a specific period of time (Answer: a) b) To ensure that the total debit balance equals the total credit balance c) To prepare the general ledger for the next accounting period d) All of the above 94 What is the purpose of the current ratio? a) To calculate a company's ability to pay off its short-term liabilities with its short-term assets (Answer: a) b) To ensure that the total debit balance equals the total credit balance c) To prepare the general ledger for the next accounting period d) All of the above 95 What is the purpose of the quick ratio? a) To calculate a company's ability to pay off its short-term liabilities with its most liquid assets (Answer: a) b) To ensure that the total debit balance equals the total credit balance c) To prepare the general ledger for the next accounting period d) All of the above 96 What is the purpose of the debt-to-equity ratio? a) To calculate a company's financial leverage, by comparing its debt to its equity (Answer: a) b) To ensure that the total debit balance equals the total credit balance c) To prepare the general ledger for the next accounting period d) All of the above 97 What is the purpose of the return on assets (ROA)? a) To calculate a company's profitability in relation to its total assets (Answer: a) b) To ensure that the total debit balance equals the total credit balance c) To prepare the general ledger for the next accounting period d) All of the above 98 What is the purpose of the return on equity (ROE)? a) To calculate a company's profitability in relation to its shareholder's equity (Answer: a) b) To ensure that the total debit balance equals the total credit balance c) To prepare the general ledger for the next accounting period d) All of the above 99 What is the purpose of the price-to-earnings ratio (P/E ratio)? a) To calculate a company's stock price in relation to its earnings per share (Answer: a) b) To ensure that the total debit balance equals the total credit balance c) To prepare the general ledger for the next accounting period d) All of the above 100 What is the purpose of the dividend payout ratio? a) To calculate the proportion of a company's earnings that are paid out as dividends to shareholders (Answer: a) b) To ensure that the total debit balance equals the total credit balance c) To prepare the general ledger for the next accounting period d) All of the above ... ratio that compares a company''s total debt to its total assets a) Debt-to-equity ratio b) Current ratio c) Quick ratio d) Debt-to-assets ratio (Answer: d) 80 A is a financial ratio that compares... a company''s current assets to its current liabilities a) Debt-to-equity ratio b) Current ratio (Answer: b) c) Quick ratio d) Debt-to-assets ratio 81 A is a financial ratio that compares... a company''s liquid assets to its current liabilities a) Debt-to-equity ratio b) Current ratio c) Quick ratio (Answer: c) d) Debt-to-assets ratio 82 A is a financial ratio that compares