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WorksheetsPre-Test Accounting II
Total questions: 20
Worksheet time: 17mins
Name
Class
Date
1.
The total of a schedule of accounts payable less purchases discounts taken during the month will equal the total of Accounts Payable.
a)
True
b)
False
2.
The periodic inventory method does not require records of the quantity and cost of the individual goods.
a)
True
b)
False
3.
The petty cash account "cash short and over" is a temporary account.
a)
True
b)
False
4.
The balance of Accounts Receivable should equal the total of the schedule of accounts receivable.
a)
True
b)
False
5.
Separate transactions are recorded for cash, credit card, and debit card totals listed on a terminal summary.
a)
True
b)
False
6.
Transactions that can not be recorded in a special journal are recorded in a general journal.
a)
True
b)
False
7.
Entries in a general journal only affect account balances in the general ledger accounts.
a)
True
b)
False
8.
The stockholders' equity account, Dividends, has a normal credit balance.
a)
True
b)
False
9.
Social Security tax is paid by both the employees and employers.
a)
True
b)
False
10.
A single person (employee) will have more income tax withheld than a married person (employee).
a)
True
b)
False
11.
The source document for paying employee income tax and social security and Medicare tax is a
a)
check
b)
receipt
c)
memorandum
d)
none of these
12.
The total earnings subject to federal unemployment tax is referred to as
a)
unemployment taxable earnings
b)
taxable earnings
c)
gross earnings
d)
total earnings
13.
Depreciation expense is recorded on all plant assets.
a)
True
b)
False
14.
The tax rate associated with an income tax bracket is called the effective tax rate.
a)
True
b)
False
15.
Estimated federal income tax must be paid in monthly installments.
a)
True
b)
False
16.
One way to increase gross profit is to
a)
decrease operating expenses.
b)
decrease sales revenue.
c)
increase sales revenue.
d)
increase cost of merchandise sold.
17.
The income from operations is calculated by subtracting operating expenses from
a)
revenue.
b)
net sales.
c)
gross profit.
d)
cost of merchandise sold.
18.
A financial statement that reports the amount of dividends is
a)
an income statement.
b)
balance sheet.
c)
a statement of stockholders' equity.
d)
none of these.
19.
Vertical analysis ratios are an example of
a)
solvency ratio.
b)
profitability ratio.
c)
liquidity ratio.
d)
market ratio.
20.
The price-earnings ratio is an example of a
a)
solvency ratio.
b)
profitability ratio.
c)
liquidity ratio.
d)
market ratio.
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