Financial statement are prepared in what order?

Income Statement, Statement of Owner's Equity, Balance Sheet, Statement of Cash Flows.

Balance Sheet, Income Statement, Statement of Owner's Equity, Statement of Cash Flows.

Income Statement, Balance sheet, Statement of Owner's Equity, Statement of Cash Flows.

Statement of Cash Flows, Balance Sheet, Statement of Owner's Equity, Income Statement.

On the worksheet, the purpose of adjusting entries is to ...

Adjust permanent accounts to their actual balances by increasing or decreasing revenues or expenses.

To split accounts between the income statement and the Balance sheet.

The basic payroll taxes withheld from an employee's check are

FICA Social Security, FICA Medicare, Federal Income Tax and State Income Tax

Hourly Rate, Gross Pay, Net Pay, and Overtime Pay

Withholding Allowance, FICA, Income Tax, Net Pay

Sales Tax, Employment Tax, Retirement Tax, General Tax.

An employees take-home pay is calculated as ...

Gross Pay minus Withholding Allowances.

What payroll taxes is an employer responsible for?

FICA Social Security (EE Match), FICA Medicare (EE Match), FUTA and SUTA

State Income Tax, FUTA, SUTA, FICA Taxes

Federal Income Tax, State Income Tax, FICA Social Security (EE Match), FICA Medicare (EE Match)

FICA Social Security (EE Match), Federal Income Tax, FUTA

What is the difference between Journal(s) and Ledger Account(s)?

Journals record transactions, Ledgers calculate account balances.

Journals calculate account balances, Ledgers record transactions.

Journals list accounts and their ending balances, Ledgers list accounts and their beginning balances

Journals are used to prepare source documents, Ledgers are used to record source documents.

What accounting document is used to calculate individual customer account balances?

Accounts Receivable Subsidiary Ledger

Accounts Payable Subsidiary Ledger

Accounts Receivable General Ledger

A controlling ledger account

A general ledger account that controls the subsidiary ledger account

A subsidiary ledger that controls the general ledger account

A general ledger account that controls the trial balance.

The total of the accounts receivable subsidiary ledger accounts must

Equal the accounts receivable general ledger control account.

Equal the accounts payable general ledger control account.

Exceed the accounts payable general ledger control account.

Exceed the accounts receivable general ledger control account.

How are the accounts receivable subsidiary ledgers reconciled to the accounts receivable general ledger controlling account?

The Schedule of Accounts Receivable must equal the accounts receivable account balance on the trial balance.

What is the purpose of posting references?

To state where transaction information is going to (ledger) or coming from (journal)

To calculate the balance of a specific account.

To reconcile subsidiary ledgers to the general ledger controlling account.

What does double entry accounting mean?

Debits must equal credits in at least two different accounts.

Transactions must be recorded on a journal.

Transactions must be posted to a ledger account.

Debits must exceed credits on the trial balance.

Why would a credit in the sales account on a post-closing trial balance indicate an error.

Temporary accounts (Revenues, Expenses, and Owner Withdrawals) are closed to the Capital account at the end of the year, so their balances should be 0 after the closing entry.

The sales account should have a debit balance.

Why does the book cash balance need reconciled to the bank statement monthly?

To update the book records for timing differences (Recorded Transactions vs. Bank Reported Transactions).

To give the accountant something to do.

The four basic closing entries are

1. Close income statement debits. 2. Close income statement credits. 3. Close Net Income to Capital 4. Close Withdrawals to Capital.

1. Close Liabilities 2. Close Expenses 3. Close Revenues 4. Close Assets

1. Close Revenues 2. Close Expenses 3. Close Assets 4. Close Withdrawals

1.Close Assets 2. Close Liabilities 3. Close Withdrawals 4. Close Accumulated Depreciation

The journal entry to replenish the petty cash fund would be

List expenses on the petty cash slips as expenses (debit), Credit cash

List expenses on the petty cash slips as expenses (Credits), Debit cash

List expenses on the petty cash slips as expenses (debit), Credit Capital

List expenses on the petty cash slips as expenses (Credits), Debit Withdrawals

A major tenet of internal controls is to

Separate duties (Authorization, Recordkeeping, Asset Custody)

Only have one person reconcile the bank account.

Only have one person write checks.

Only have one person record transactions.

Who writes Generally Accepted Accounting Principles (GAAP) that accountants follow when recording transactions?

Financial Accounting Standards Board (FASB)

Securities and Exchange Commission (SEC)

American Institute of Certified Public Accountants (AICPA)

International Accounting Standards Board

Who issues guidance and regulations on the accounting methods to be used in financial statements that are filed with it by publicly traded companies pursuant to the federal securities laws .

Securities and Exchange Commission (SEC)

Financial Accounting Standards Board (FASB)

American Institute of Certified Public Accountants (AICPA)

Institute of Certified Financial Planners

Which accounts are used in a perpetual inventory system to record merchandise inventory purchases and sales?

Merchandise Inventory and Cost of Goods Sold

Purchases, and Merchandise Inventor

Purchases, Purchase discounts, Purchase returns and allowances, Transportation-in.

Merchandise inventory and Purchase returns.

Accounting

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Business

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9th - 12th Grade

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Practice Problem

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Medium

Jon Himes

Used 24+ times

FREE Resource

43 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A Statement of Owner's Equity for a sole proprietorship is called what for a corporation?

They are named the same.

A corporation does not have an equivalent.

Statement of Retained Earnings.

Statement of Capital.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial accounting focuses on ...

Recording and summarizing transactions to prepare financial statements for interested users.

Creating internal controls.

Developing product costs

To only serve the decision making needs of internal users.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A ledger account

Initially records an accounting transaction.

Lists all of the debits and credits to make sure they are in balance.

Records the increases and decreases of a specific account (like accounts payable) to calculate its ending balance.

Is a listing of accounts used by a business with corresponding account numbers.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How many basic financial statements are there?

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The cost principle requires transactions to be recorded ...

At the amount actually paid.

At market value.

When cash is exchanged.

At the lower of cost or market.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A book of original entry where transactions are first recorded.

General Journal

General Ledger

Trial Balance

Subsidiary Ledger

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A company purchases $1,200 of merchandise on January 1. On January 5, it returned $200 of merchandise. On January 10, it paid the balance taking a 2% early payment discount. How much was paid for the merchandise?

$800

$880

$900

$980

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Accounting

43 questions

A Statement of Owner's Equity for a sole proprietorship is called what for a corporation?

Financial accounting focuses on ...

A ledger account

How many basic financial statements are there?

The cost principle requires transactions to be recorded ...

A book of original entry where transactions are first recorded.

A company purchases $1,200 of merchandise on January 1. On January 5, it returned $200 of merchandise. On January 10, it paid the balance taking a 2% early payment discount. How much was paid for the merchandise?

Purchase discounts is an expense account that is increased with a credit, the opposite side of increasing a normal expense account. This kind of account is called a(n) ...

Financial statement are prepared in what order?

An account used to record the cost of products sold in a perpetual inventory system is ...

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