Practice Quiz

Consulting Case Interview Practice Questions - Question List

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136. One purpose of GAAP is to provide _________ between accounting periods.
  1. Relativity
  2. Compression
  3. Contention
  4. Collaboration
  5. Comparability
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137. The accounting equation of the double-entry accounting method is:
  1. Capital = Income -− Expenses
  2. Assets = Liabilities + Owner's Equity
  3. Net Income = Revenue − Expenses
  4. Owner’s Equity = Assets + Liabilities
  5. Profit = Revenue − COGS
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138. When capital is increased in the double-entry method of accounting, the result is:
  1. A credit
  2. A debit
  3. It is dependent on the situation
  4. There is not enough information to determine the answer.
  5. None of the above
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139. If an owner decides to withdraw money from the company, which of the following would be the result?
  1. A debit to the owner’s equity account
  2. A credit to the cash account
  3. A credit to the owner’s equity account
  4. Both A and B
  5. None of the above
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140. The first step in the accounting cycle is to:
  1. Identify the transaction
  2. Analyze the transaction
  3. Record the transaction with journal entries
  4. Produce a trial balance
  5. Produce a balance sheet
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