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WorksheetsREVIEW ACCOUNTING II SEMESTER 1 FINAL 2019
Total questions: 70
Worksheet time: 44mins
Name
Class
Date
1.
Which of the following accounts is a temporary account?
a)
cash
b)
accounts payable
c)
revenue
d)
capital
2.
Income Summary is a temporary account.
a)
True
b)
False
3.
Which account should be closed first?
a)
Revenue
b)
Expenses
c)
Income Summary
d)
Withdrawals
4.
The fourth step is to close which of the following accounts?
a)
capital
b)
withdrawals
c)
revenue
d)
expenses
5.
Another word for permanent is "nominal"?
a)
True
b)
False
6.
Which of the following accounts should be set to zero at the end of an accounting period?
a)
expenses
b)
capital
c)
accounts payable
d)
equipment
7.
Which financial statement should be prepared first?
a)
balance sheet
b)
income statement
c)
statement of owner's equity
8.
At the end of a fiscal period, the balances of temporary accounts are summarized and transferred to the owner’s capital account.
a)
True
b)
False
9.
Temporary accounts must start each fiscal period with a zero balance.
a)
True
b)
False
10.
Journal entries used to prepare temporary accounts for a new fiscal period are closing entries.
a)
True
b)
False
11.
The drawing account is a permanent account.
a)
True
b)
False
12.
A post-closing trial balance verifies the equality of debits and credits in a general ledger the closing entries are posted.
a)
True
b)
False
13.
The right side of a T account is the
a)
a. debit side.
b)
b. credit side.
c)
c. normal balance side.
d)
d. equity side.
14.
The formula for calculating net income is: total revenue minus total expenses equals net income.
a)
True
b)
False
15.
Temporary accounts include the following:
a)
Revenue (Sales)
b)
Expenses
c)
Income Summary
d)
All of These
16.
The journal entry to close the revenue accounts is ________________.
a)
Debit Sales, Credit Income Summary
b)
Debit Income Summary, Credit Sales
c)
Debit Sales, Credit Capital
d)
None of These
17.
The journal entry to close the Income Summary account with a net income is
a)
Debit Income Summary, Credit Capital
b)
Debit Capital, Credit Income Summary
c)
Debit Revenue, Credit Capital
d)
None of These
18.
The Drawing account is a permanent account.
a)
True
b)
False
19.
Permanent accounts are also referred to as temporary accounts.
a)
True
b)
False
20.
Preparing a worksheet at the end of the fiscal period to summarize the general ledger information needed to prepare financial statements is an application of the accounting concept Accounting Period Cycle.
a)
True
b)
False
21.
At the end of a fiscal period, the balances of temporary accounts are summarized and transferred to the owner's capital account.
a)
True
b)
False
22.
Journal entries used to prepare temporary accounts for a new fiscal period are closing entries.
a)
True
b)
False
23.
Accounts used to accumulate information from one fiscal period to the next are
a)
expense accounts
b)
revenue accounts
c)
permanent accounts
d)
temporary accounts
24.
After the adjusting entry for Supplies has been posted, Supplies Expense has an up-to-date balance, which is the
a)
same as the beginning balance for Supplies
b)
same as the ending balance for Supplies
c)
value of supplies bought during the fiscal period
d)
value of supplies used during the fiscal period
25.
The journal entry to adjust Supplies is
a)
debit Supplies; credit Supplies Expense
b)
debit Supplies Expense; credit Supplies
c)
debit Income Summary; credit Supplies
d)
debit Supplies Expense; credit Income Summary
26.
Temporary accounts begin each new fiscal period with a
a)
debit balance
b)
credit balance
c)
zero balance
d)
balance equal to the net income
27.
When the total expenses are greater than the total revenue,
a)
the income summary account has a credit balance
b)
the income summary account has a debit balance
c)
debits equal credits
d)
none of these
28.
The journal entry to close Income Summary when there is a net income is
a)
debit Income Summary; credit owner's capital
b)
debit Sales; credit Income Summary
c)
debit owner's capital; credi Sales
d)
debit owner's capital; credit Income Summary
29.
Which accounting concept applies when a worksheet is prepared at the end of each fiscal cycle to summarize the general ledger information needed to prepare financial statements
a)
Adequate Disclosure
b)
Business Entity
c)
Consistent Reporting
d)
Accounting Period Cycle
30.
Income Summary is
a)
an asset account
b)
a permanent account
c)
a liability account
d)
a temporary account
31.
After the closing entries are posted, the owner's capital account balance should be the same as
a)
show in the worksheet's Income Statement Debit column
b)
Shown in the worksheet's Balance Sheet Debit column
c)
Show in the worksheet's Balance Sheet Credit column
d)
Shown on the balance sheet for the fiscal period
32.
Which type of check endorsement begins with "For deposit only to account No. 123456........."?
a)
blank
b)
special/full
c)
transfer
d)
restrictive
33.
When writing a check, it is a good idea to use
a)
pencil
b)
erasable pen
c)
blue or black ink pen
d)
red pen
34.
Another name for an overdraft fee is non-sufficient funds.
a)
true
b)
false
35.
Outstaning checks are checks written by the account owner but have yet to be processed by the bank.
a)
True
b)
False
36.
Taking more money out of your account than is available is called?
a)
Overdraw
b)
Deposit
c)
Withdraw
d)
Balance
37.
What is the name of a legal document that functions like cash?
a)
Check
b)
ATM
c)
Deposit slip
d)
PIN
38.
What is a direct deposit?
a)
Electronic cash.
b)
Point of sale transactions.
c)
Earnings automatically deposited in your bank account from a job or government agency.
39.
What is a deposit that does NOT appear on the bank statement called?
a)
outstanding deposit
b)
bad deposit
c)
good deposit
d)
cleared deposit
40.
Writing only your name on the back of a check is called which type of endorsement?
a)
Blank Endorsement
b)
Special Endorsement
c)
Restrictive Endorsement
d)
Plain Endorsement
41.
The amount of money in your account
a)
DEPOSIT
b)
BENJAMINS
c)
BALANCE
d)
DOLLARS
42.
Total earnings are sometimes referred to as net pay.
a)
True
b)
False
43.
When an employee’s earnings exceed the tax base, no more social security tax is deducted.
a)
True
b)
False
44.
The amount of income tax withheld from each employee’s total earnings is determined solely from the number of withholding allowances.
a)
True
b)
False
45.
A single person will have more income tax withheld than a married employee.
a)
True
b)
False
46.
Social security tax is paid by both employees and employers.
a)
True
b)
False
47.
Employee regular earnings are calculated as.
a)
a. regular hours times regular rate.
b)
b. total hours divided by regular rate
c)
c. total hours plus overtime rate.
d)
d. overtime hours minus overtime rate.
48.
A business form used to record details affecting payments made to an employee is a(n)
a)
a. employee earnings record.
b)
b. payroll journal
c)
c. employee accounts payable record
d)
d. tax withholding form.
49.
The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register’s
a)
a. Gross Pay column.
b)
b. Total Earnings column.
c)
c. Net Pay column.
d)
d. Total Deductions column.
50.
Federal income tax is withheld from employee earnings
a)
a. only in those states electing to do so.
b)
b. in states without a state income tax.
c)
c. only in states where a state income tax is levied.
d)
d. in all 50 states.
51.
The withholding allowances of an employee affect
a)
a. social security tax withheld.
b)
b. federal income tax withheld
c)
c. federal unemployment tax owed.
d)
d. state unemployment tax owed.
52.
An employees earnings after all taxes and optional deductions are taken out is called
a)
Gross pay
b)
Net Pay
c)
Total Earnings
d)
Total deductions
53.
The document that records all employees total earnings as well as total deductions is the
a)
Payroll Register
b)
Employee Earnings Record
c)
Payroll Tax Record
d)
Gross Pay Calculator
54.
Federal Income Tax is withheld from employee earnings in all 50 states.
a)
True
b)
False
55.
Which account is debited when a business records it employee payroll?
a)
Salaries Expense
b)
Payroll Tax Expense
c)
Cash
d)
Salaries Payable
56.
True or False.. State Income Tax is collected in all 50 states.
a)
True
b)
False
57.
The form employees fill out before they start to declare how many allowance they want is the
a)
W-2
b)
W-4
c)
1099
d)
1040EZ
58.
Paying an employee a set amount each pay period is called a
a)
Piece Rate
b)
Hourly Wage
c)
Salary
d)
Commission
59.
Paying an employee based on how many hours they worked is called paying
a)
Piece Rate
b)
Hourly Wage
c)
Salary
d)
Commission
60.
Paying an employee based on a percentage of sales is called paying
a)
Piece Rate
b)
Hourly Wage
c)
Salary
d)
Commission
61.
How many hours can an hourly worker work in a week before receiving overtime pay?
a)
20
b)
40
c)
60
d)
80
62.
What is the formula for calculating Overtime Pay?
a)
Regular pay x 2
b)
Regular pay x 1.5
c)
Regular pay x 3
d)
Regular pay / 2
63.
Reflects the amounts that are automatically deposited into the bank accounts specified by the employee
a)
Deductions
b)
Wages
c)
Direct deposit
d)
Gross pay
64.
Monetary subtractions from the employee's gross pay
a)
Salary
b)
Wages
c)
Deductions
d)
Gross pay
65.
Pay based on the amount of money an employee earns per hour
a)
Wages
b)
Salary
c)
Gross pay
d)
Net pay
66.
How many hours of vacation has this employee used for this pay period?
a)
62
b)
0
c)
08
d)
18
67.
What are the employee's total deductions this pay period?
a)
1844.01
b)
307.34
c)
1280.00
d)
972.67
68.
What is this employee's gross pay?
a)
$872.53
b)
$7680
c)
$1,280
d)
$972.67
69.
FICA is
a)
social security tax
b)
a deduction for people 65 or older
c)
not a tax
d)
not deducted from your paycheck
70.
A business form used to record details affecting payments made to an employee is called an
a)
employee earnings record
b)
employee payroll form
c)
employee earnings memo
d)
employee payroll report
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