Accounting Basics
What does GAAP stand for?
Generally Accepted Accounting Principles
Name one of the three main financial statements.
Income Statement, Balance Sheet, or Cash Flow Statement
What does FIFO stand for?
First In, First Out
Which movie won Best Picture in 2024?
Oppenheimer
Which animal is the fastest on land?
Cheetah
Which statement shows cash inflows and outflows?
Cash Flow Statement
Which statement shows a company’s assets and liabilities?
Balance Sheet
What is depreciation?
Allocation of asset cost over time
What is the capital of Australia?
Canberra
What is the largest ocean on Earth?
Pacific Ocean
What is double-entry bookkeeping?
Every transaction has two sides
Which statement reports revenues and expenses?
Which statement reports revenues and expenses?
Which of these is an intangible asset?
Trademark
Which planet is known as the Red Planet?
Mars
Who invented the light bulb?
Thomas Edison
Which account type usually has a credit balance?
Liabilities
Which ratio measures liquidity?
Current Ratio
What is the main purpose of an audit?
Verify accuracy of financial records
What is the tallest mountain in the world?
Mount Everest
Which sport uses a shuttlecock?
Badminton