Accounting Final Review

A business form used to record payroll information is called a ____.

• Employee Earnings Record

• Memorandum

• Check Stub

• Payroll Register

A business offers a sales discount ____.

• to get repeat business from the customer

• because of state laws

• to encourage early payment

• none of the above

A business that purchases and sells goods is called a(n) ____.

• service business

• selling business

• merchandising business

• none of the above

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements is a(n) ____.

• balance sheet

• trial balance

• work sheet

• ledger sheet

A financial statement showing the revenue and expense for a fiscal period is the ____.

• statement of stockholder's equity

• income statement

• balance sheet

• trial balance

A form for recording transactions in chronological order is called a(n) ____.

• ledger

• journal

• special journal

• none of the above

A ledger that is summarized in a single ledger account is called a(n) _____.

• controlling account ledger

• subsidiary ledger

• maintenance ledger

• none of the above

A list of customer accounts, account balances, and total amount due from all customers is a ____.

• schedule of accounts payable

• customer ledger

• vendor ledger

• schedule of accounts receivable

A proof of the equality of debits and credits in a general ledger is a ______.

• balance sheet

• work sheet

• ledger balance

• trial balance

A tax which is not deducted from employees pay is _____.

• federal income tax

• social security tax

• federal unemployment tax

• state income tax