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Question
Question
Image
Cash
Inventory
Accounts Receivable
Accounts Payable
Equipment
Cash
Owner's Equity
Salaries
Sales
Inventory
Accounts Receivable
Salaries
Owner's Equity
Sales
Cash
Janitorial Services
Accounts Payable
E
5
Owner's Equity
Accounts Payable
Cash
Equipment
Owner's Capital
Notes Payable
Increase Side
Debit Side
Credit Side
Decrease Side
Ledger
Subsidiary Ledger
Journal
Trial Balance
Financial Statements
A record prepared to test that the debit balance accounts equal the credit
balance accounts is ?_____D________
A
a Trial Balance
an Income Statement
10
11
12
13
Net Income
Gross Revenue
Net Assets
Net Loss
Economic events that affect the financial position of a business are called
?______B_______
A
Monetary Events
Transactions
Financial Events
D
14
15
16
17
18
Current Assets
Owner's Equity
Current Liabilities
Which of the following would be added to the balance per bank when
performing a bank reconciliation ?_____A________
A
Deposits In Transit
Outstanding Checks
Outstanding Checks
Deposits In Transit
True
False
Assets
Liability
19
20
21
22
23
Expense
Owner's Equity
Owner's Draw
True
False
True
False
Cash
Sales
Accounts Payable
Accounts Receivable
Owner's Equity
Equipment
The Single Entry System records a debit and credit for each
transaction._____B________
24
25
26
27
28
29
True
False
Accounts Receivable
Inventory
Temporary Investments
Land
Equipment
Accounts Payable
True
False
Gross Sales are total cash and credit sales made during a
period._____A________
A
True
False
True
False
True
False
30
31
32
33
34
Assets
Liabilities
Owner's Equity
Expenses
Cash
Accounts Receivable
Owner's Equity
Sales
Accounts Payable
Partnership
Corporation
Sole Proprietorship
LLC
True
False
True
False
activities of a business.
Assets
_______________________________
35
____Liabilities___________________________
36
Owners Equity
_______________________________
37
The gross increase in owner's equity resulting from the operations and other
activities of a business is called ______________.
39
40
True
False
True
False
41
42
True
False
Trial Balance
Subsidiary Ledger
Journal
Accounting Worksheet
Decreases in owner's equity resulting from the cost of goods, fixed assets,
and services, and supplies consumed in the operations of a business are
called ______________.
expenses
_______________________________
43
44
45
Monthly
Yearly
Quarterly
Weekly
Cash
Professional Fees
Accounts Receivable
46
47
48
49
50
The assets of a business are subject to two claims - those of the creditors and
those of the owners._____A________
A
True
False
True
False
All accounts that normally have a debit balance are increased with a credit
and decreased with a debit.____B________
A
True
False
Revenue
Assets
Expenses
Liabilities
Draws
Owner's Equity
In certain cases, an account that normally has a debit balance may end up
having a credit balance or an account normally having a credit balance may
end up having a debit balance._______A______
51
52
53
54
55
56
True
False
All accounts that normally have a credit balance are increased with a credit
and decreased with a debit.____A_________
A
True
False
Which of the following accounts is not an account that normally has a credit
balance ?______A_______
A
Expense
Liability
Revenue
Owner's Capital
Which of the following is not an account that normally has a credit balance
?____D_________
A
Revenue
Owner's Equity
Liability
Asset
True
False
The ledft side (column) of an account is the credit side and the right side
(column) of an account is the debit side.______B_______
A
True
False
____income statement___________________________
57
58
59
60
61
Income Statement
Capital Statemnt
Balance Sheet
The Income Statement is a formal financial statement that shows the amount
and nature of a business's assets, liabilities, and owner's equity as of a
specific point in time.____B_________
A
True
False
True
False
Account's Name
Account's Description
Account's Balance
True
B
62
False
_chart of accounts______________________________
63
64
65
66
True
False
True
False
True
False
_____account__________________________
67
68
True
False
depreciated._______B______
69
70
71
72
True
False
Checks received from customers, but not yet deposited in the bank should be
considered a part of a business's Cash Balance.____A_________
A
True
False
True
False
Sales Journal
Purchases Journal
General Journal
Equipment Journal
Subsidiary
_______________________________
73
________Posting_______________________
74
75
Fixed Assets
Intangible Assets
Current Liabilities
Current Assets
Owner's Equity
_______________________________
76
_______________________________
77
78
Social Security
Medicare
Income Tax
Income Statement
Balance Sheet
D
79
Capital Statement
If Assets are $50,000 and Liabilities are $30,000 what is Owner's Equity ?
Enter your answer as a whole dollar amount without the dollar sign.
______________20,000_________________
80
___35,000____________________________
81
Given the following balances, Ending Owner's Equity- $50,000 and Total
Liabilitie- $50,000 the amount of Total Assets is ____________. Enter your
answer as a whole dollar amount without the dollar signs.
100,000
_______________________________
82
83
Finished Goods
Work In Process
Raw Materials
Store Supplies
______________980_________________
84
Land Improvements
F
85
86
87
Left Side
Right Side
Alphabetically
By Account Number
88
89
90
91
After transactions have been recorded in the proper Journals, they are
transferred (posted) to ?________A_____
A
General Ledger
Work Sheet
Trial Balance
General Journal
Financial Statements
A credit is not the normal balance for which account listed below
?______A_______
A
Dividend Account
Revenue Account
Liability Account
Owner's Capital
Assets
Liabilities
Revenues
Expenses
E
92
93
94
95
96
Dividends/Draws
Detailed records of products held for resale are not maintained using a
?_____A________
A
A T-Account is ?______A_______
A
A self-balancing account
No Effect
Ratio
Equation
Comparison
97
98
99
100
101
Record in Journals
True
False
Prior to closing the Income Summary Account, the account has a credit
balance if revenues exceed expenses for the period._______A______
A
True
False
Property=Property Rights
Choice
102
103
104
Consistency
Revenue Recognition
Matching Concept
Cost Concept
True
False
A Cash Flow Forecast is simply an estimate of the cash coming in and going
out during a period of time.____A_________
A
True
False
E
105
106
True
False
_________Deposit Slip______________________
107
108
109
110
111
True
False
A Cut-Off date is the date that the bank uses to prepare your Bank Statement
as of a specified date.___A__________
A
True
False
True
False
112
113
114
115
116
117
True
False
True
False
True
False
Form 940 is filed each quarter to report and summarize the deductions made
from employee wages.____A_________
A
True
False
Specific Identification
FIFO
LIFO
Average Cost
Revenue
Owner Investments
Expenses
Draws
Unearned Revenues resulting from payments for future services is what type
of account ?______A_______
118
Liabilty
Revenue
Asset
Expense
Given the following information, Beginning Balance of Unearned Revenues$1,000; Ending Balance of Unearned Revenues- $2,000; and Advance
Payments Received- $3,000 the amount of revenue earned for the period is
_________. Enter your answer as a whole dollar amount without the dollar
sign.
2,000
_______________________________
119
Given the following information, Beginning Balance of Prepaid Insurance$3,000; Ending Balance of Prepaid Insurance- $1,000; and the Amount
Charged to Insurance Expense-$2,500 the amount of Cash Payments for
insurance for the period is _____________. Enter your answer as a whole
dollar amount without the dollar sign.
____500___________________________
120
Given the following information, Beginning Cash- $5,000; Ending Cash$10,000; and Cash Receipts- $25,000 the amount of Cash Disbursements for
the period is __________. Enter your answer as a whole dollar amount
without the dollar sign.
______20,000_________________________
121
___35,000____________________________
122
_________1,000______________________
123
124
125
126
Raw Materials
Work-In-Process
Finished Goods
Losses resulting from customers not paying the amounts they owe are
?____A_________
A
Bad Debts
Sales Discounts
Net Sales
Entries made at the end of a period to accrue revenues and expenses are
called ?______A_______
A
adjusting entries
closing entries
correcting entries
127
128
129
130
True
False
Using the Periodic Inventory System , the balance in the Inventory Account
will change after each purchase and sale._____B________
A
True
False
True
False
True
False
Checks written that have not cleared the bank are called
_________outstanding__________ checks.
_______________________________
131
132
General Journal
Sales Journal
Purchases Journal
Cash and other assets that can be converted into cash within a year are
___________ assets.
___________current____________________
133
134
True
False
Sales minus sales discounts, sales returns, and sales allowances is called
__________ sales.
____________net___________________
135
136
The account Petty Cash is normally debited when replenishing the Petty Cash
Fund.______B_______
A
True
False
_____________Working__________________
137
Prepaid Insurance
Sales
Accounts Receivable
Accounts Payable
F
138
139
140
141
142
143
Bad Debts
Accumulated Depreciation
Notes Payable
Accounts Receivable
Cash
True
False
Sales Taxes collected but not yet paid should be reported as a Long-Term
Liability.______B_______
A
True
False
An error in counting and costing the Ending Inventory will not affect the
correct balance for Net Income.________F_____
A
True
False
Owner's Draws reduce the amount of Net Income reported for a Sole
Proprietorship.______B_______
A
True
False
_______________________________
144
Liabilities
_______________________________
145
146
147
When the terms of a sale are FOB Destination the freight charges are the
responsibility of the buyer._______B______
A
True
False
Selling Expenses
Administrative Expenses
G & A Expenses
Given the following information, Total Assets- $150,000; Current Liabilities$50,000, and Working Capital- $60,000 the amount of Current Assets is
__________________. Enter your answer as a whole dollar amount without
the dollar sign.
110,000
_______________________________
148
_____5,000__________________________
149
150
151
True
False
True
False
________journal_______________________
152
153
154
True
False
The sum of the asset, expense, and draw accounts equals the sum of the
liability, revenue, and capital accounts._______A______
A
True
False
Given the following information, Total Assets- $50,000; Current Assets$30,000; Current Liabilities- $20,000 and Net Assets- $25,000 the Total
Amount of Liabilities is ______________. Enter your answer as a whole dollar
amount without the dollar sign.
__________25,000_____________________
155
Given the following information, Net Sales-$100,000 and Cost Of Goods Sold$50,000 the Gross Profit Percentage is ?_____A________
A
50%
50,000
156
157
158
159
100%
150000
50
50.00
a Liability
an Asset
Revenue
an Expense
True
False
You have been asked to calculate the value of your company's inventory
using LIFO. What information do you need ?_____A________
A
160
161
Offering early payment discounts will likely increase the time it takes for
customers to pay.____B_________
A
True
False
Given the following information, Cash- $5,000; Accounts Receivable$10,000; Buildings- $100,000; Goodwill- $20,000; Inventory- $25,000;
Equipment- $50,000 the amount of Current Assets is ______________. Enter
your answer as whole dollar amounts without the dollar sign.
40,000
_______________________________
162
163
Utilities
Raw Materials
Depreciation
Building Rent
Sales Tax
Commissions on Sales
_____600__________________________
164
165
True
False
Assigning costs to Inventory using the FIFO Method uses the most recent
166
167
168
169
True
False
Using the Direct Write Off method for bad debts involves recording bad debt
expense at the time an account is determined to be
uncollectible.___A__________
A
True
False
Given the following information, you are asked to prepare an invoice for the
following items; 10-units of Product X @ $10.00 ea; 5-units of Product Y @
$20.00 ea and 1-unit of Product Z @ $50.00. Sales Tax is 10% and Product Z is
Exempt. The total invoice amount including sales tax is ____________. Enter
your answer as whole dollar amounts without the dollar sign.
___270____________________________
170
The Sales Journal records all sales of goods and services on credit; but not
171
172
173
174
175
True
False
Patents
Cash
Inventory
Accounts Receivable
176
177
178
LIFO
FIFO
Average Cost
Increased $5,000
Decreased $5,000
Can't be determined
Increased $15,000
Decreased $15,000
Cash
Rent Expense
Sales
Common Stock
Fees Earned
Notes Payable
G
179
Dividends
Sole Proprietorship
Partnership
LLC
Corporation
E
180
181
182
Shareholders
Customers
Creditors
True
False
____10,000___________________________
183
The Time Period Principle assumes that a business's financial activities can be
divided into which of the following time periods ?_______A______
A
Months
184
185
186
187
188
Quarters
Years
True
False
Land
Computers
Store Fixtures
Buildings
Equipment
True
B
189
190
191
192
193
194
False
True
False
Cash
Accounts Receivable
Sales
Accounts Payable
Accumulated Depreciation
True
False
The rules for of debits and credits for expense accounts are not the same as
the rules for asset accounts._______B______
A
True
False
Revenue increases Owner's Equity and the increases in Revenue are recorded
with a Debit._____B________
195
196
197
198
199
200
True
False
True
False
The Financial Statement that summarizes information about the cash inflows
and outflows during a period is ?___A__________
A
Income Statement
Balance Sheet
Capital Statement
The Gross Profit Method and the Retail Inventory Method are both methods
for estimating inventory amounts._____A________
A
True
False
True
False
The personal assets of the owner will not appear on the company's Balance
201
Historical Cost
Monetary Unit
Economic Entity
Full Disclosure
Conservatism
Creditors
Customers
Labor Unions
Investors
F
202
203
Accumulated Depreciation
Depreciation Expense
Sales Revenue
Advertising Expense
Interest Expense
If Sales are $100,000 and the Gross Profit Margin is 20%, the amount for
Cost Of Goods Sold is _____________. Enter your answer as a whole dollar
amount without the dollar sign.
_________80,000______________________
204
205
206
207
208
On which Financial Statement would the description "For The Period Ending"
not appear ?____A_________
A
Balance Sheet
Income Statement
profitability
liquidity
solvency
Partnership
LLC
Corporation
Sub-S Corporation
Sole Proprietorship
Permanent Accounts
209
210
211
212
213
Temporary Accounts
True
False
Matching Rule
Conservatism Rule
Entity Rule
Income Statement
Failure to record Accrued Wages will not affect the balance of Total
Assets._______A______
A
True
B
214
215
False
A service company that does not sell any products Income Statement does
not contain which of the floowing ?_____A________
A
Revenues
Expenses
Net Profit/Loss
The followwing three items are sold - Item 1 $100, Item 2 $200, and Item 3
for $300. If the Sales Tax Rate is 10% and Item 3 is Exempt, the amount for
Sales Tax is ___________. Enter your answer in whole dollar amounts
without the dollar sin.
30
_______________________________
216
217
218
219
True
False
True
False
True
False
True
B
220
221
222
223
False
Sold
Purchased
Paid For
All of the following are Short Term Liquid Assets except ?_____A________
A
Inventory
Cash
Accounts Receivable
Certificates of Deposit
Expenses
Revenues
Total Assets
Current Assets
Accounts Payable
E
224
225
226
227
228
229
230
Matching Rule
Cost-Benefit Rule
Conservatism Rule
Monetary Rule
Double-Entry Rule
True
False
True
False
True
False
True
False
Bad Debt Expense appears in the Balance Sheet and the Allowance for
Uncollectibles appears in the Income Statement.____B_________
A
True
False
231
Cash Sale
The most liquid asset and subject to theft and fraud is _______________.
___________cash____________________
232
check
_______________________________
233
234
235
W-4
W-2
940
941
When usage rather than time is the key factor, the straight-line method of
depreciation is the preferred method to use.____B_________
A
True
False
Machinery Owned
236
237
238
239
240
Owned Building
Owned Patent
Assets-Liabilities=Owner's Equity
Assets-Liabilities=Net Worth
Liabilities-Capital=Assets
Owner's Equity=Assets+Liabilities
Assets=Liabilities+Owner's Equity
True
False
If a company's Gross Profit % is 50% and and Cost Of Goods Sold is $200,000
the Sales Amount is ____________. Enter your answer in a whole dollar
amount without the dollar sign.
________400,000_______________________
241
242
True
False
If an item sells for $10 and costs $5, the Gross Profit % is _______ %.
__________50_____________________
243
If an item costs $10 and you want a 50 % Gross Profit on the item, the item
should sell for __________. Enter your answer as a whole dollar amount
without a dollar sign.
__________20_____________________
244
245
246
25 %
16.7 %
22 %
30 %
The mark-up on the cost of an item that costs $500 and sells for $600 is
?_____A________
A
20 %
25 %
16.7 %
33.3 %
66.7 %
If cost is $1.00 and you mark up cost 100% to arrive at your selling, the sales
price is ?_______A______
247
248
249
250
251
$2.00
$1.50
$3.00
$1.25
$1.75
An Intangible Asset
Current Liabilty
Owner's Equity
Current Asset
True
False
The balance in the Retained Earnings Account represents the total profits
and/or losses and any distributions to owners since
the business began operations.______A_______
A
True
False
True
False
252
253
254
255
Accounts Receivable
Accounts Payable
Customer Advance
True
False
True
False
Capital
Income
Profit
Draws
256
When goods or services are paid for at the time of sale, it's called a
____________ transaction.
________cash_______________________
257
258
259
260
True
False
True
False
The major purpose of a Trial Balance is to locate transactions that have not
been recorded.________B_____
A
True
False
40,000
_______________________________
261
262
If the Begiining Inventory and the Ending Inventory are the same, Cost of
Goods Sold is equal to the Purchases for the period.________A_____
A
True
False
263
True
False
Given the following information; Fixed Assets- $ $15,200, Current Assets$$7,800, Owner's Capital- $19,900,and Long-Term Liabilities- $1,000 the
amount of Current Liabilities is _______________.Enter your answer as a
whole dollar amount without the dollar sign.
_______2,100________________________
264
265
266
True
False
General Journal
Purchases Journal
______________70,000_________________
267
Which of the following would not be paid from a Petty Cash Fund
?___A__________
A
Postage
268
269
Cleaning Supplies
Office Supplies
If the amount of Cash plus the Amount of Petty Cash Vouchers are less than
the Petty Cash Funds normal balance, a Shortage has
occured.______A_______
A
True
False
Given the following information; Beginning Accounts Receivable$100,000,Ending Accounts Receivable- $90,000,Sales On Account-$$110,000
the amount of Cash Collected during the period is _____________. Enter
your answer as a whole dollar amount without the dollar sign.
_________120,000______________________
270
271
272
Direct Costs
Indirect Costs
Manufacturing Overhead
Depreciation
Direct Labor
273
274
275
276
277
278
Raw Material
Conservatism
Matching
Materiality
Double Entry
True
False
THe most common reason for the opportunity to commit fraud is that too
much authority or responsibility is give to one employye.________A_____
A
True
False
True
False
Sales Commissions
Advertising
Interest Expense
279
280
281
282
True
False
What form is used to verify that a job applicant can be legally hired
?_____A________
A
I-9
W-2
W-4
941
True
False
Salaried Employees are normally paid based on the nuber of hours they
work.____B_________
A
True
False
____Work Sheets___________________________
283
284
True
False
285
286
287
288
289
Employees
True
False
Which of the following affect the Net Income of a business using the accrual
basis ?___A,B,C__________
A
True
False
Balance Sheet
Income Statement
Income Statement
290
291
292
293
294
Balance Sheet
Income Statement
Balance Sheet
True
False
Cash Account
The Book Value of Fixed Assets is always the same as their Market
Value.______B_______
A
True
False
The Cash Method of Accounting is being used when the accounts Accounts
Receivable and Accounts Payable are being used._____B________
295
296
297
298
299
300
True
False
Cash
Inventory
Equipment
Accounts Receivable
Notes Receivable
Total Variable Costs stays the same no matter how many units are
produced._______B______
A
True
False
True
False
True
False
The Balance Sheet, Income Statement, and Owner's Capital Statement are
summaries of the General Ledger Account Balances.____A_________
A
True
False
Net Profit/Loss
Owner's Capital
Net Assets
Net Worth