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UIL Accounting - District

Total questions: 58

Worksheet time: 29mins

Name
Class
Date
1.

What is the accounting equation?

a)

Assets + Liabilities = Owner's Equity

b)

Assets = Liabilities - Owner's Equity

c)

Assets + Owner's Equity = Liabilities

d)

Assets = Liabilities + Owner's Equity

2.

What type of business makes products?

a)

Service

b)

Merchandising

c)

Manufacturing

3.

What type of business sells products?

a)

Service

b)

Merchandising

c)

Manufacturing

4.

What type of business performs services?

a)

Service

b)

Merchandising

c)

Manufacturing

5.

What amount shows for the capital account on the trial balance?

a)

Beginning balance plus investments

b)

Ending balance for the year

c)

Post-closing balance

d)

Beginning balance only

6.

What amount shows for the capital account on the balance sheet?

a)

Beginning balance plus investments

b)

Ending balance for the year

c)

Post-closing balance

d)

Beginning balance only

7.

What amount shows for the capital account on the post-closing trial balance?

a)

Beginning balance plus investments

b)

Ending balance for the year

c)

Post-closing balance

d)

Beginning balance only

8.

How is gross pay calculated?

a)

Hours x Hourly Pay - Taxes

b)

Hours x Hourly Pay

c)

Hours x Hourly Pay + Taxes

9.

How is net pay calculated?

a)

Hours x Hourly Pay - Taxes

b)

Hours x Hourly Pay

c)

Hours x Hourly Pay + Taxes

10.

What taxes do employees pay?

a)

Social Security

b)

Medicare

c)

Federal/State Income Tax

d)

Federal Unemployment Tax

e)

State Unemployment Tax

11.

What taxes do employers pay?

a)

Social Security

b)

Medicare

c)

Federal/State Income Tax

d)

Federal Unemployment Tax

e)

State Unemployment Tax

12.

What does Salary Expense represent?

a)

Gross Pay of the Employee(s)

b)

Net Pay of the Employee(s)

c)

Employer Taxes

d)

Employee Taxes

13.

What does Payroll Tax Expense represent?

a)

Gross Pay of the Employee(s)

b)

Net Pay of the Employee(s)

c)

Employer Payroll Taxes

d)

Employee Payroll Taxes

14.

Formula for Cost of Delivered Merchandise

a)

Purchases + Transportation In

b)

Purchases + Transportation In - Purchases Discounts - Purchases Returns

c)

Beginning Inventory + Net Purchases

d)

Beginning Inventory - Ending Inventory

15.

Formula for Net Purchases

a)

Purchases + Transportation In

b)

Purchases + Transportation In - Purchases Discounts - Purchases Returns

c)

Beginning Inventory + Net Purchases

d)

Beginning Inventory - Ending Inventory

16.

Formula for Cost of Merchandise Available for Sales

a)

Purchases + Transportation In

b)

Purchases + Transportation In - Purchases Discounts - Purchases Returns

c)

Beginning Inventory + Net Purchases

d)

Beginning Inventory - Ending Inventory

17.

Formula for Cost of Merchandise Sold

a)

Purchases + Transportation In

b)

Purchases + Transportation In - Purchases Discounts - Purchases Returns

c)

Beginning Inventory + Net Purchases - Ending Inventory

d)

Cost of Merchandise Available for Sale - Ending Inventory

18.

Formula for Net Sales

a)

Sales - Sales Discounts + Sales Returns

b)

Sales - Sales Discounts - Sales Returns

c)

Sales + Sales Discounts - Sales Returns

d)

Cost of Merchandise Available for Sale - Ending Inventory

19.

Formula for Gross Profit

a)

Net Sales - Cost of Merchandise Available for Sale

b)

Purchases + Transportation In - Purchases Discounts - Purchases Returns

c)

Net Sales - Cost of Merchandise Sold

d)

Cost of Merchandise Available for Sale - Ending Inventory

20.

Formula for Net Income

a)

Revenue - Expenses

b)

Purchases + Transportation In - Purchases Discounts - Purchases Returns

c)

Net Sales - Cost of Merchandise Sold

d)

Gross Profit - Expenses

21.

How is the Checkbook Balance updated during Bank Reconcilation?

a)

Subtract Not Sufficient Fund Checks

b)

Subtract Service Fees

c)

Add outstanding deposits

d)

Subtract outstanding checks

22.

How is the Bank Statement updated during Bank Reconciliation?

a)

Subtract Not Sufficient Fund Checks

b)

Subtract Service Fees

c)

Add outstanding deposits

d)

Subtract outstanding checks

23.

What amount of Prepaid Insurance is shown on the Trial Balance?

a)

Beginning balance only

b)

Beginning balance plus purchased insurance

c)

Ending balance only

24.

What amount of Supplies is shown on the Trial Balance?

a)

Beginning balance only

b)

Beginning balance plus purchased supplies

c)

Ending balance only

25.

Increase side of Expenses

a)

Debit

b)

Credit

26.

Increase side of Assets

a)

Debit

b)

Credit

27.

Increase side of Liabilities

a)

Debit

b)

Credit

28.

Increase side of the Capital account

a)

Debit

b)

Credit

29.

Increase side of Revenue

a)

Debit

b)

Credit

30.

Increase side of Withdrawals

a)

Debit

b)

Credit

31.

Increase side of Purchases

a)

Debit

b)

Credit

32.

Increase side of Purchases Discounts

a)

Debit

b)

Credit

33.

Increase side of Sales Returns and Allowances

a)

Debit

b)

Credit

34.

What type of account is Cash in Bank

a)

Asset

b)

Liabilty

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

35.

What type of account is Merchandise Inventory?

a)

Asset

b)

Liabilty

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

36.

Increase side of Income Summary

a)

Debit

b)

Credit

c)

None

37.

What type of account is Petty Cash?

a)

Asset

b)

Liabilty

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

38.

What type of account is Supplies?

a)

Asset

b)

Liabilty

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

39.

What type of account is Prepaid Insurance?

a)

Asset

b)

Liabilty

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

40.

What type of account is Accounts Payable?

a)

Asset

b)

Liabilty

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

41.

What type of account is Accounts Receivable?

a)

Asset

b)

Liabilty

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

42.

What type of account is Sales Tax Payable?

a)

Asset

b)

Liabilty

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

43.

What type of account is Withdrawals?

a)

Asset

b)

Expenses

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

44.

What type of account is Carlos Galvan, Capital?

a)

Asset

b)

Expenses

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

45.

What type of account is Sales?

a)

Asset

b)

Expenses

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

46.

What type of account is Sales Discounts?

a)

Asset

b)

Expenses

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

47.

What type of account is Fees Earned?

a)

Asset

b)

Expenses

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

48.

What type of account is Purchases?

a)

Asset

b)

Expenses

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

49.

What type of account is Transportation In?

a)

Asset

b)

Expenses

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

50.

What type of account is Purchases Discounts?

a)

Asset

b)

Expenses

c)

Capital

d)

Revenue

e)

Cost of Merchandise Sold

51.

What type of account is Cost of Merchandise Sold?

a)

Asset

b)

Expenses

c)

Capital

d)

Cost of Merchandise Sold

e)

None

52.

What type of account is Insurance Expense?

a)

Asset

b)

Expenses

c)

Capital

d)

Cost of Merchandise Sold

e)

Revenue

53.

What type of account is Rent Expense?

a)

Asset

b)

Expenses

c)

Capital

d)

Cost of Merchandise Sold

e)

Revenue

54.

What is the first closing entry?

a)

DR Income Summary, CR Expenses/Purchases/Sales Returns/Transportation In

b)

DR Sales/Purchases Discounts, CR Income Summary

c)

DR Income Summary, CR Capital

d)

DR Capital, CR Withdrawals

55.

What is the second closing entry?

a)

DR Income Summary, CR Expenses/Purchases/Sales Returns/Transportation In

b)

DR Sales/Purchases Discounts, CR Income Summary

c)

DR Income Summary, CR Capital

d)

DR Capital, CR Withdrawals

56.

What is the third closing entry when there is a net income?

a)

DR Income Summary, CR Expenses/Purchases/Sales Returns/Transportation In

b)

DR Capital, CR Income Summary

c)

DR Income Summary, CR Capital

d)

DR Capital, CR Withdrawals

57.

What is the third closing entry when there is a net loss?

a)

DR Income Summary, CR Expenses/Purchases/Sales Returns/Transportation In

b)

DR Capital, CR Income Summary

c)

DR Income Summary, CR Capital

d)

DR Capital, CR Withdrawals

58.

What is the fourth closing entry?

a)

DR Income Summary, CR Expenses/Purchases/Sales Returns/Transportation In

b)

DR Capital, CR Income Summary

c)

DR Income Summary, CR Capital

d)

DR Capital, CR Withdrawals

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