WorksheetsAccounting 2 - Module 3 Review
Total questions: 17
Worksheet time: 6mins
Name
Class
Date
1.
Which of the following is NOT a characteristic of an accounting event?
a)
must be a result of a management decision
b)
must be specific to the entity for which records are kept
c)
must be measurable in monetary terms
d)
must impact the firm's assets, liabilities, and/or OE
2.
Expenses are increased with a
a)
debit
b)
credit
3.
Which of the following is an index for the accounts listed in the ledger?
a)
chart of accounts
b)
trial balance
c)
adjusted trial balance
d)
ledger account index
4.
Which of the following could not be an adjusting entry?
a)
an increase to an expense and a decrease to an asset
b)
a decrease to a liability and an increase to a revenue
c)
a decrease to an asset and a decrease to a liability
d)
an increase to an expense and an increase to a liability
5.
After closing entries are made which of the following accounts will have balances?
a)
Assets, Revenue, Liability
b)
Liabilities, Assets, Expenses
c)
Owner's Equity, Assets, Liabilities
d)
Assets, Liabilities, Expenses
6.
Which of the following results in a revenue event?
a)
stock is issued for cash
b)
a telephone bill is received but not paid
c)
a customer pays for merchandise purchased earlier
d)
a customer buys merchandise on account
7.
Which of the following events results in an expense event?
a)
paid for merchandise previously purchased on account
b)
received utility bill but did not pay it.
c)
paid rent for the next three months.
d)
provided services to a client.
8.
Which of the following could not be net pay?
a)
gross pay less FICA, union dues, income tax withheld
b)
gross pay less FICA, health insurance, income tax withheld
c)
gross pay less FICA, income tax withheld
d)
gross pay less FICA, income tax, ,federal unemployment taxes
9.
Payroll deductions are a(n) ____________ to the employer at the time they are withheld.
a)
expense
b)
loss
c)
liability
d)
revenue
10.
All of the following payroll taxes are expenses to an employer except:
a)
social security
b)
federal income tax
c)
federal unemployment
d)
state unemployment
11.
JS, Inc. bought $100 of merch. on account, terms 2/10, n/30. Payment 5 days later would be for
a)
$98
b)
$100
c)
$102
d)
$70
12.
Accounts Receivable would be found on what financial statement?
a)
Income Statement
b)
Balance Sheet
c)
Statement of Cash Flows
d)
Statement of Stockholder's Equity
13.
The Sales account would be found on what financial statement?
a)
Income Statement
b)
Balance Sheet
c)
Statement of Cash Flows
d)
Statement of Stockholder's Equity
14.
All expense accounts are found on what financial statement?
a)
Income Statement
b)
Balance Sheet
c)
Statement of Cash Flows
d)
Statement of Stockholder's Equity
15.
The account, Purchases, is used in the
a)
periodic inventory system
b)
perpetual inventory system
16.
When using the gross price method, you record the discount
a)
at the time of purchase.
b)
at the time of payment.
17.
When using the net price method, you record the purchase discount
a)
at the time of purchase.
b)
at the time of payment.
100 %
