ACCT I Cert review - Unfair Game

Financial decisions of the company are the responsibility of the

• CMO

• CFP

• CFO

• COO

What are expenses incurred in one fiscal period but not paid until a later fiscal period called?

• Liabilities

• accrued expenses

• assets

• interest expenses

In the accounting cycle, the next step after the accountant prepares the closing entries is

• completing financial statements

• preparing post-closing trial balance

• setting up the trial balance

• creating adjusting entries

**Preparation of the statement of owner’s equity precedes the

• statement of cash flows

• income statement

• notes accounting list

• balance sheet

**Calculate the net income in dollars if Tim's Aquarium Shop has a total of $5,000 in sales and a gross profit margin of 55 percent.

• $1500

• $1750

• $2750

• $4692

An employee works 38 hours per week, is paid $10.50 per hour, and is paid every 2 weeks. What is the gross pay the employee will receive each pay period?

• $399.00

• $482.00

• $646.00

• $798.00

**Many people with an accounting degree go on to become the company's

• secretary

• attorney

• buyer

• comptroller

The cash receipts journal is used for

• only cash received on account

• all cash received

• only cash sales

• all credits to cash

The work sheet is completed by recording adjusting entries and extending them along with the information from the

• trial balance

• cash receipts journal

• balance sheet

• income statement

The primary internal use of financial statements is to

• assist users in making good business decisions

• entice investors to invest

• impress bankers

• meet government regulations