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1. Sure, I’d be happy to quiz you! Below are a mix of beginner to intermediate questions, with a bonus harder one at the end. Let’s see what you know.

   Beginner Questions:

   1. What is the Accounting Equation?

   2. The Accounting equation is the foundation of the double-entry Bookkeeping system and is expressed as:
      [
      \text{Assets} = \text{Liabilities} + \text{Equity}
      ]

   3. What is a Chart of Accounts?

   4. The chart of accounts is a structured list of an organization’s general ledger accounts. Each account is identified by a unique number to facilitate recording transactions and financial reporting.

   5. Define the difference between Accounts Payable and Accounts Receivable.

   6. Accounts Payable (AP): Money a company owes to its suppliers or vendors for goods and services received but not yet paid for.
   7. Accounts Receivable (AR): Money owed to a company by its customers for goods or services delivered but not yet paid.

   Intermediate Questions:

   1. What is the purpose of a Trial Balance?

   2. A trial balance is prepared to ensure that the total debits equal the total credits in the ledger after all transactions for a period have been recorded. It helps identify any discrepancies in the Bookkeeping process.

   3. Explain the concept of Accrual Accounting.

   4. Accrual accounting is a method of accounting where transactions are recorded when they are incurred, regardless of when the cash transactions occur. This means revenues are recognized when earned, and expenses are recognized when incurred.

   5. What are Deferred Revenues and why are they recorded?

   6. Deferred revenues are payments received by a company for goods or services yet to be delivered or performed. They are recorded as liabilities on the balance sheet until the related goods or services are provided, reflecting that the company owes this value to the client.

   Bonus Hard Question:

   1. What is the purpose of Bank Reconciliation, and what are some common discrepancies you might find during this process?
   2. The purpose of bank reconciliation is to ensure that a company’s financial records (book balance) match the corresponding balance on the bank statement. This process helps identify any inconsistencies such as unrecorded transactions, errors, or fraudulent activity.
   3. Common Discrepancies Include:
      • Outstanding Checks: Checks that have been issued and recorded in the company’s books but

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