Friday, May 18, 2012
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Accounting Quizzes
The primary purpose of a balance sheet is:
(a) To summarize the income and loss of a company over a designated period of time
(b) To determine the amount of taxes owed
(c) To determine a company's cash flow
(d) To set forth the company's assets and liabilities at a point in time
Which of the following accounting firms are not in the "Big 4" of accounting firms?
(a) Grant Thornton
(b) Ernst & Young
(c) Deloitte Touche Tohmatsu
(d) PricewaterhouseCoopers
GAAP stands for:
(a) Generally accepted auditing principles
(b) Generally accepted accounting principles
(c) Generally acceptable auditing performance
(d) Generally acceptable accounting performance
The accounting method in which expenses and income are accounted for as they are earned or incurred is referred to as:
(a) GAAP
(b) Cash accounting method
(c) Generally accepted accounting principles
(d) Accrual accounting method
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Word of the Day
Put Option
A "put option" is a financial instrument that gives the holder right to sell a given...
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