accounting exam 17

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ion 11 pts

A business entity is an individual, association, or organization with control over economic resources and which engages in economic activities.

Flag this QuestionQuestion 21 pts

To reconcile the bank statement, which of the following amounts would be subtracted from the bank statement balance?

Flag this QuestionQuestion 31 pts

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)

Flag this QuestionQuestion 41 pts

A T account has three parts: the title, the debit side, and the credit side.

Flag this QuestionQuestion 51 pts

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

Flag this QuestionQuestion 61 pts

The federal unemployment tax is levied on

Flag this QuestionQuestion 71 pts

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

Flag this QuestionQuestion 81 pts

At least two accounts are affected by every transaction.

Flag this QuestionQuestion 91 pts

The six major steps of the accounting process are analyzing, recording, classifying, summarizing, reporting, and interpreting.

Flag this QuestionQuestion 101 pts

The balance sheet reports

Flag this QuestionQuestion 111 pts

Expense accounts normally have debit balances.

Flag this QuestionQuestion 121 pts

The cash basis of accounting is used by some small businesses and by most individuals for tax purposes.

Flag this QuestionQuestion 131 pts

Merchandise returned by the customer for a refund is called a sales return.

Flag this QuestionQuestion 141 pts

An accounts payable is an unwritten promise to pay a supplier for assets purchased or services rendered.

Flag this QuestionQuestion 151 pts

Liabilities represent an “inside” interest in a business.

Flag this QuestionQuestion 161 pts

When all taxes have been paid, the Social Security Tax Payable account will have

Flag this QuestionQuestion 171 pts

Journalizing does NOT include

Flag this QuestionQuestion 181 pts

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.

Flag this QuestionQuestion 191 pts

For EVERY transaction, the accountant enters the

Flag this QuestionQuestion 201 pts

Selling goods on account is not common practice at the retail level of the distribution process.

Flag this QuestionQuestion 211 pts

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

Flag this QuestionQuestion 221 pts

Prepaid Insurance is an asset account.

Flag this QuestionQuestion 231 pts

The third pair of columns on a 10-column work sheet prepared at the end of the period would be the

Flag this QuestionQuestion 241 pts

A corporation is usually managed by

Flag this QuestionQuestion 251 pts

A credit memo states the amount of a sales allowance or return.

Flag this QuestionQuestion 261 pts

Forms and papers that provide information about a business transaction are called

Flag this QuestionQuestion 271 pts

To encourage customers who purchase merchandise on account to pay promptly, a cash discount is usually offered.

Flag this QuestionQuestion 281 pts

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

Flag this QuestionQuestion 291 pts

To debit an account is to enter an amount on the left side of the account.

Flag this QuestionQuestion 301 pts

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.

Flag this QuestionQuestion 311 pts

A debit to Accounts Receivable for $50 and a credit to Cash for $50 would be an accurate journal entry to record

Flag this QuestionQuestion 321 pts

To journalize the employer’s payroll taxes, we need to credit all of the following accounts EXCEPT

Flag this QuestionQuestion 331 pts

A self-employment tax is a contribution to the

Flag this QuestionQuestion 341 pts

Any accounting period of twelve months’ duration is usually referred to as a fiscal year.

Flag this QuestionQuestion 351 pts

The accounting equation shows the relationship among the three basic accounting elements—assets, expenses, and owner’s equity.

Flag this QuestionQuestion 361 pts

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.

Flag this QuestionQuestion 371 pts

The supplier or vendor is the person or firm from whom the merchandise or other property is ordered.

Flag this QuestionQuestion 381 pts

A business that makes a product to sell is called a manufacturing business.

Flag this QuestionQuestion 391 pts

A self-employment tax is required of an individual who owns his or her own business and makes

Flag this QuestionQuestion 401 pts

The month in the journal is recorded

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