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What is the accounting term for the gradual reduction of a fixed asset's value over time?
Answer
Depreciation
What bookkeeping system ensures that debits always equal credits?
Answer
Double-entry bookkeeping
What is the accounting term for the resources owned by a company?
Answer
Assets
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
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Latest trivia questions
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
What financial statement shows a company's revenues and expenses?
Answer
Income statement
What Italian mathematician is considered the father of accounting?
Answer
Luca Pacioli
What is the fundamental accounting equation?
Answer
Assets = Liabilities + Equity
Which brand's mascot is a pink bunny that beats a drum?
Answer
Energizer