Financial Accounting Basics Multiple Choice Questions

1. Which financial statement displays the revenues and expenses of a company for a period of time?

2. What is the main purpose of financial accounting?

3. Which of these is not included as a separate item in the basic accounting equation?

4. Which financial statement uses the expanded accounting equation?

5. The accrual basis of accounting records revenues when they are:

6. The account format that displays debits, credits, balances, and headings.

7. Asset accounts have what type of balance?

8. Which account is not a liability account?

9. Which account increases equity?

10. A contra asset account has what type of balance?