UIL Accounting - District

What is the accounting equation?

• Assets + Liabilities = Owner's Equity

• Assets = Liabilities - Owner's Equity

• Assets + Owner's Equity = Liabilities

• Assets = Liabilities + Owner's Equity

What type of business makes products?

• Service

• Merchandising

• Manufacturing

What type of business sells products?

• Service

• Merchandising

• Manufacturing

What type of business performs services?

• Service

• Merchandising

• Manufacturing

What amount shows for the capital account on the trial balance?

• Beginning balance plus investments

• Ending balance for the year

• Post-closing balance

• Beginning balance only

What amount shows for the capital account on the balance sheet?

• Beginning balance plus investments

• Ending balance for the year

• Post-closing balance

• Beginning balance only

What amount shows for the capital account on the post-closing trial balance?

• Beginning balance plus investments

• Ending balance for the year

• Post-closing balance

• Beginning balance only

How is gross pay calculated?

• Hours x Hourly Pay - Taxes

• Hours x Hourly Pay

• Hours x Hourly Pay + Taxes

How is net pay calculated?

• Hours x Hourly Pay - Taxes

• Hours x Hourly Pay

• Hours x Hourly Pay + Taxes

What taxes do employees pay?

• Social Security

• Medicare

• Federal/State Income Tax

• Federal Unemployment Tax

• State Unemployment Tax