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1. Sure, I’d be happy to quiz you! Below are a series of questions that range from beginner to intermediate level, plus a bonus question for a more challenging touch. These cover various important concepts in Accounting and Bookkeeping.

   Beginner Level Questions

   1. What is double-entry Bookkeeping?

   2. Double-entry Bookkeeping is a fundamental concept in Accounting where each transaction is recorded in at least two accounts: one account is debited and another is credited. This system ensures that the Accounting equation (Assets = Liabilities + Equity) always remains balanced.

   3. What are the three major financial statements, and what does each one represent?

   4. Income Statement: Shows the company’s revenues and expenses over a specific period, culminating in net profit or loss.
   5. Balance Sheet: Displays the company’s assets, liabilities, and equity at a specific point in time.

   6. Cash Flow Statement: Illustrates the cash inflows and outflows over a period, segmented into operating, investing, and financing activities.

   7. What is the purpose of a trial balance?

   8. A trial balance is used to verify that the total debits equal the total credits in the ledger. It helps catch any arithmetic errors in the double-entry system before preparing financial statements.

   Intermediate Level Questions

   1. What is accrual accounting, and how does it differ from cash accounting?

   2. Accrual accounting recognizes revenues and expenses when they are earned or incurred, regardless of when the cash transaction happens. In contrast, cash accounting recognizes revenues and expenses only when cash is actually exchanged. Accrual accounting provides a more accurate financial position but can be more complex to implement.

   3. Explain the difference between accounts payable and accounts receivable.

   4. Accounts Payable: These are amounts a company owes to its suppliers or creditors for goods and services purchased on credit.

   5. Accounts Receivable: These are amounts a company expects to receive from customers who purchased goods or services on credit.

   6. How do you calculate a company’s current ratio, and what does it indicate?

   7. Current Ratio = Current Assets / Current Liabilities. This ratio measures a company’s ability to pay its short-term obligations with its short-term assets. A higher ratio indicates more liquidity, which means better capability to cover short-term liabilities.

   Bonus Question

   1. **Explain the concept of depreciation and its impact on the financial statements. Can you name at least two different

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