WorksheetsACCT 1-2 Semester 2 Final Exam Review
Total questions: 40
Worksheet time: 20mins
How is the accounting equation most often stated?
Assets = Liabilities - Owner's Equity
Assets = Liabilities + Owner's Equity
Assets + Liabilities = Owner's Equity
Liabilities = Assets + Owner's Equity
How does an expense affect owner's equity?
increase with a debit
decrease with a debit
increase with a credit
decrease with a credit
What is the account classification when a business owes money (Accounts Payable)?
Asset
Liability
Owner's Equity
Revenue
How does revenue affect owner's equity?
increase with a debit
decrease with a debit
increase with a credit
decrease with a credit
When the owner investments cash in a business, how is the owner's capital account affected?
increase with a debit
decrease with a debit
increase with a credit
decrease with a credit
What is the journal entry when services are sold on account?
Debit Accounts Receivable; Credit Sales
Debit Sales; Credit Accounts Receivable
Debit Accounts Payable; Credit Sales
Debit Sales; Credit Accounts Payable
The procedure for transferring information from a journal entry to a ledger account is called:
Journalizing
Ledgering
Posting
Proving Cash
What is the account classification for the account number 120?
Asset
Liability
Owner's Equity
Revenue
What is it called when determining that the amount of cash agrees with the accounting records?
Journalizing
Posting
Ledgering
Proving Cash
An amount of cash kept on hand and used for making small payments is called:
Petty Cash
On Hand Cash
Small Cash
Mini Cash
What document is prepared each time cash or checks are placed in a bank account?
check stub
deposit slip
check
receipt
What information is NOT recorded on a deposit slip?
date
currency
checks
endorsement
The business form used to order a bank to pay cash from a bank account is called a:
memorandum
check
receipt
deposit slip
If Supplies on trial balance is $800 and supplies on hand is $450, what is adjustment amount?
$800
$450
$1250
$350
If Supplies on trial balance is $800 and supplies on hand is $450, what would the adjusting entry be for this adjustment?
Debit Supplies $350; Credit Supplies Expense $350
Debit Supplies $450; Credit Supplies Expense $450
Debit Supplies Expense $350, Credit Supplies $350
Debit Supplies Expense $450; Credit Supplies $450T
Where is net income reported on a work sheet?
In the Trial Balance column
Income Statement Debit & Balance Sheet Credit columns
Income Statement Credit & Balance Sheet Debit columns
Adjustments column
What is the formula for calculating net income ratio?
Total Sales ÷ Net Income
Net Income ÷ Total Sales
Total Sales + Net Income
Total Sales - Net Income
If total sales are $5000 and net income is $500, what is the net income ratio?
0.1%
1%
10%
100%
What financial statement indicates the financial condition of a business on a specific date?
Income Statement
Balance Sheet
Work Sheet
Schedule of Accounts Receivable
Calculate current capital if Capital balance is $5000, Net Income is $1000 and Drawing is $500:
$5000
$6500
$5500
$4500
What type of accounts are used to accumulate information from one fiscal period to the next?
temporary accounts
permanent accounts
accumulated accounts
fiscal accounts
Which accounts are needed to prepare a post-closing trial balance?
all general ledger accounts
only general ledger accounts with a debit balance
only general ledger accounts with a credit balance
only general ledger accounts that have balances
The series of activities included in recording financial information for a fiscal period:
accounting system
accounting cycle
accounting period
accounting equation
After closing entries are posted, the capital account balance should be the same as on the:
Income Statement
Balance Sheet
Work Sheet
none of the above
If Assets are $30,000 and Liabilities are $12,000, what is the amount of Owner's Equity?
$12,000
$18,000
$30,000
$42,000
After posting, which account is equal to the total of all accounts in the subsidiary ledger?
controlling account
contra account
temporary account
permanent account
If $50 of merchandise is returned from an original invoice of $500, how much should be paid?
$50
$450
$500
$550
How is net pay calculated?
regular earnings + overtime earnings
total earnings + total deductions
total earnings - total deductions
regular earnings - overtime earnings
What does 2/10, n/30 mean on a sales invoice?
2/10 discount if paid in 30 days
10% discount if paid in 2 days
2% discount if paid in 10 days
2% discount if paid in 30 days
A 2/10, n/30 invoice for $500 dated March 2 is paid on March 9. How much should be paid?
$10
$490
$500
$510
A ledger that is summarized in a single general ledger account:
a general ledger
a subsidiary ledger
a journal ledger
a special ledger
A listing of vendor accounts, account balances, and total amount due to all vendors:
Trial Balance
Schedule of Accounts Payable
Schedule of Accounts Receivable
Balance Sheet
How are employee regular earnings calculated?
regular hours divided by regular rate
total hours plus overtime rate
overtime hours times overtime rate
regular hours times regular rate
The form provided by an employer to an employee to report annual earnings and withholdings:
Form W-2
Form W-4
Form 941
Form 1040
Bank statement bal $5,500; outstanding checks $600; outstanding deposits $400. Adjusted bal is?
$4900
$5300
$5700
$6500
If the bal on check stub is $1500, what is new bal after deposit of $500 and check for $165?
$835
$1165
$1835
$2165
Which of the following is true when merchandise is sold on account and sales tax is collected?
Accts Receivable is debited for the total sale & sales tax
Accts Receivable is credited for the total sale & sales tax
Sales is debited for the total sale and sales tax
Sales and Sales Tax Payable are both debited
Why should a business post purchases on acct transactions to accts payable ledger frequently?
to avoid errors in posting
to ensure that the business pays bills on time
to ensure customers pay on time
to follow generally accepted tax procedures
Replenished petty cash: supplies $72; advertising $40; miscellaneous $33. Amount to replenish?
$65
$72
$112
$145
How is an expense account affected when cash is paid for the expense?
increased by a debit
increased by a credit
decreased by a debit
decreased by a credit
