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What type of account normally has a credit balance and represents the owner's claim?
Answer
Equity
What accounting assumption states that a business will continue to operate indefinitely?
Answer
Going concern
What is the term for the excess of purchase price over the fair value of net assets in an acquisition?
Answer
Goodwill
What principle requires revenue to be recorded when earned, not when cash is received?
Answer
Revenue recognition principle
What US energy company's 2001 accounting scandal led to the Sarbanes-Oxley Act?
Answer
Enron
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Latest trivia questions
What principle requires revenue to be recorded when earned, not when cash is received?
Answer
Revenue recognition principle
What bookkeeping system ensures that debits always equal credits?
Answer
Double-entry bookkeeping
What accounting principle requires expenses to be recorded when incurred, not when paid?
Answer
Accrual principle
What financial statement shows a company's assets, liabilities, and equity?
Answer
Balance sheet