Question: Accounting Questions: Explain the difference between cash basis and accrual basis accounting. What is the purpose of a trial balance in accounting? Define the term

Accounting Questions:

  1. Explain the difference between cash basis and accrual basis accounting.
  2. What is the purpose of a trial balance in accounting?
  3. Define the term "depreciation" in accounting.
  4. How does the matching principle relate to accounting?
  5. What are the components of the income statement?
  6. Describe the concept of goodwill in accounting.
  7. What is the significance of the accounting equation?
  8. Explain the term "inventory valuation methods" in accounting.
  9. How does a company calculate its earnings per share (EPS)?
  10. What is the role of auditors in financial reporting?

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