Accounting I Final Exam Review 2018

The entry to journalize paying a semimonthly payroll less deductions for employee income tax, social security and medicare tax, and U.S. Saving Bonds is a credit to Cash and the liability accounts and a debit to

• Salary Expense

• Unemployment Tax Payable-Federal

• Payroll Taxes Expense

• Cash

A work sheet is

• used to plan adjustments and sort financial information

• prepared only once a year

• prepared to aid in the analysis of financial statements

• not necessary for small businesses

Depreciation expense is calculated using all of the following amounts except

• fair market value

• estimated salvage value

• estimated useful life

• original cost

A financial statement that reports the amount of dividends is

• an income statement

• a balance sheet

• a statement of stockholder's equity

• none of the above

The amounts needed for closing entries are obtained from the work sheet's

• Trial Balance and Balance Sheet columns

• Adjustment and Balance Sheet columns

• Income Statement and Balance Sheet columns

• Balance Sheet columns

The balance of accounts receivable less the allowance for uncollectible accounts is the formula for calculating

• uncollectible accounts expense

• book value of accounts receivable

• the contra account balance to accounts receivable

• total collections of previously written off acounts

The journal entry to write off an accounts receivable account is debit Allowance for Uncollectible Accounts and credit

• Cash

• Accounts Receivable

• Uncollectible Accounts Expense

• none of these

If a plant asset costs $1,200, has accumulated depreciation of $1,000 and is sold for $200, the gain or loss on disposal is

• $200 gain

• $200 loss

• no gain or loss

• $1,000 loss

When the fifo method is used, ending inventory units are priced at

• the average price

• the earliest price

• the most recent price

• none of these

Interest on a promissory note is stated as

• the total of the principal plus the interest

• a percentage of principal

• the number of cents on the dollar

• a given amount of money