Praxis 5101

Front

Which is an advantage of using Wiki as an electronic collaboration tool? Options: Updated and edited by a single person, Single source of truth, Little to no modifications after being published, Contains mostly editorialized content

Back

Single source of truth

Front

Which of the following is the primary purpose of an accounting system? To develop financial statements, inconformity with generally excepted accounting principles, To provide as much useful information to decision-makers as possible, To record changes in the financial position of a company to buy applying the concepts of double entry, accounting , To meet an organizations need for accounting information as efficiently as possible

Back

To meet an organizations need for accounting information as efficiently as possible

Front

A company wishes to increase the word of mouth promotion for his new hair Caroline. The company has launched a party for the line and invited social media influencers and celebrities to the event. The event is covered on the company’s website and social media channels. All attendees receive product samples as well as product demonstrations. What type of advertising is the company using?

Back

Product seeding

Front

To accurately calculate the funds a company has available to pay expenses in the short run, an employee should review the: Statement of retained earnings, Income statement, Balance sheet, Statement of cash flows.

Back

Statement of cash flows

Front

A firm pays $1000 for furniture on account. Which journal entries should be made? Options: Cash should be credited; office furniture should be debited, Office expense should be debited; accounts payable should be, Office furniture should be debited; accounts payable should be credited, Accounts payable and office furniture should be debited; cash should be credited.

Back

Office furniture should be debited; accounts payable should be credited.

Front

A debit is on the left side of the T-Accounts and does what?

Back

increases assets

Front

A credit is on the right side of the T-Accounts and does what?

Back

increases liability

Front

accepts deposits, has savings, checking and money market

Back

commercial bank

Front

deposits like commercial banks; however it is owned by the people that deposit money in it

Back

savings and loan

Front

non-profit; members deposit money in it. Provides cheaper banking to members

Back

credit union