ion 11 pts
A business entity is an individual, association, or organization with control over economic resources and which engages in economic activities.
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To reconcile the bank statement, which of the following amounts would be subtracted from the bank statement balance?
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Because the first formal accounting record of a transaction is made in a journal from source document information,
a journal is commonly referred to as a(n)
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A T account has three parts: the title, the debit side, and the credit side.
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Melissa Taylor has gross earnings of $425 and withholdings of $26.35 for Social Security tax, $6.16 for Medicare tax, and $35 for federal income tax. Her employer pays $26.35 for Social Security tax, $6.16 for Medicare tax, $3 for FUTA tax, and $9 for SUTA tax. The total cost of Melissa to her employer is
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The federal unemployment tax is levied on
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Whenever the bank mails a credit memo to the depositor indicating the amount of interest credited to the account, the transaction that would be entered in the accounting records of the depositor would include
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At least two accounts are affected by every transaction.
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The six major steps of the accounting process are analyzing, recording, classifying, summarizing, reporting, and interpreting.
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The balance sheet reports
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Expense accounts normally have debit balances.
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The cash basis of accounting is used by some small businesses and by most individuals for tax purposes.
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Merchandise returned by the customer for a refund is called a sales return.
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An accounts payable is an unwritten promise to pay a supplier for assets purchased or services rendered.
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Liabilities represent an “inside” interest in a business.
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When all taxes have been paid, the Social Security Tax Payable account will have
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Journalizing does NOT include
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While certain distinctive problems may arise in keeping the accounts of any specific enterprise, the principles of accounting on the cash basis are generally the same.
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For EVERY transaction, the accountant enters the
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Selling goods on account is not common practice at the retail level of the distribution process.
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In reconciling a bank statement, the bank statement balance is $1,000 and the balance per books is $1,205. A bank service charge is $5; a deposit in transit totals $500; and outstanding checks total $300. The journal entry for a bank service charge would include
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Prepaid Insurance is an asset account.
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The third pair of columns on a 10-column work sheet prepared at the end of the period would be the
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A corporation is usually managed by
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A credit memo states the amount of a sales allowance or return.
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Forms and papers that provide information about a business transaction are called
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To encourage customers who purchase merchandise on account to pay promptly, a cash discount is usually offered.
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On a bank reconciliation, checks issued during the period that were not presented to the bank for payment before the bank statement was prepared are known as
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To debit an account is to enter an amount on the left side of the account.
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A source document prepared by the seller that lists the items shipped, their cost, and the method of shipment is commonly referred to by the seller as a purchase invoice.
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A debit to Accounts Receivable for $50 and a credit to Cash for $50 would be an accurate journal entry to record
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To journalize the employer’s payroll taxes, we need to credit all of the following accounts EXCEPT
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A self-employment tax is a contribution to the
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Any accounting period of twelve months’ duration is usually referred to as a fiscal year.
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The accounting equation shows the relationship among the three basic accounting elements—assets, expenses, and owner’s equity.
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An increase or decrease in any asset, liability, owner’s equity, revenue, or expense is always accompanied by an offsetting change within the basic accounting elements.
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The supplier or vendor is the person or firm from whom the merchandise or other property is ordered.
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A business that makes a product to sell is called a manufacturing business.
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A self-employment tax is required of an individual who owns his or her own business and makes
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The month in the journal is recorded
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