WorksheetsAccounting I Post-Test Study Guide
Total questions: 41
Worksheet time: 22mins
1. Most corporations pay dividends by writing checks to stockholders on the day after the dividends are declared.
True
False
Which of the following can a corporation do? Choose all that apply.
Own property
Incur liabilities
Enter into contracts in its own name
None of these
Which of the following accounts are temporary accounts? Choose all that apply.
Cash
Accounts Payable
Sales
Cash Short and Over Expense
Errors found in the process of totaling and proving a journal page do not need to be corrected until the end of a fiscal period.
True
False
Sales Taxes are stated as a percentage of
Accounts Receivable
Accounts Payable
Taxable Sales
Taxable Purchases
Which of the following accounts have a normal debit balance? Choose all that apply.
Salary Expense
Sales Tax Payable
Cash
Dividends Payable
What happens when cash is received on account?
Cash is increased and A/R is decreased
A/R is increased and Cash is increased
A/P is decreased and Cash is increased
None of these is correct.
A listing of customer accounts, account balances, and total amount due from all customers is called
Schedule of Accounts Payable
Schedule of Accounts Receivable
Post-Closing Trial Balance
Chart of Accounts
The balance of the controlling account Accounts Payable equals
the total of all customer account balances in the accounts receivable subsidiary ledger.
the total of all vendor account balances in the accounts payable subsidiary ledger.
the total of all account balances in the general ledger
none of these is correct
The money paid for employee services is
a salary
wages
payroll
earnings
The period covered by a salary payment is a pay period.
True
False
A separate checking account for payroll checks is
against GAAP
to make it easier to reconcile
to protect and control payroll payments.
not necessary
Employee total earnings are calculated as
regular hours plus overtime hours
total hours times regular rate
total hours times overtime rate
regular hours x regular rate plus overtime hours x overtime rate
Which report is prepared after adjusting and closing entries have been posted?
Balance Sheet
Income Statement
Post-Closing Income Statement
Post-Closing Trial Balance
How is an account with a normal credit balance closed?
Debit the account and credit Cash
Debit the account and credit Income Summary
Debit Cash and credit the account
Debit Income summary and credit the account
All temporary accounts begin each fiscal period with which of the following?
debit balance
credit balance
zero balance
balance reflecting income from the previous period
Which types of journal entries are needed to change general ledger account balances at the end of the fiscal period? Choose all that apply.
Correcting entries
Closing entries
Adjusting entries
Journal entries
A company with revenue of $200,000 and total expenses of $50,000 has a component percentage for net income of..?
25%
75%
45%
100%
Which accounts are used to declare a dividend?
Dividends and Cash
Dividends Payable and Cash
Retained Earnings and Dividends Payable
Dividends and Dividends Payable
To close the expense accounts
debit the expense accounts, credit Income Summary
debit the expense accounts, credit Capital
debit Income Summary, credit the expense accounts
debit Income Summary, credit the capital accounts
On a worksheet, Sales is extended to the
income statement debit column
income statement credit column
balance sheet debit column
balance sheet credit column
Recording expense in the fiscal period in which the expenses contribute to earning revenue is an application of the accounting concept
Accounting Period Cycle
Full Disclosure
Matching Expenses with Revenue
Historical Cost
Preparing a worksheet at the end of each fiscal period is an application of the accounting concept
Accounting Period Cycle
Full Disclosure
Matching Expenses with Revenue
Historical Cost
How are employees paid by Direct Deposit?
payroll checks
payroll registers
EFT (electronic funds transfer)
payroll cards
The withholding allowances of an employee might affect
social security tax withheld
Medicare tax withheld
federal unemployment tax withheld
federal income tax withheld
What are the advantages of using a point-of-sale terminal? Choose all that apply.
enables management to prepare a report of merchandise inventory to be recorded
report sales by time of day to assist management to effectively schedule employees
uses UPC to increase efficiency and accuracy of entering sales
is required for a business to accept and process credit cards
The accumulated earnings column on the employee earnings record
shows Net Pay for the year
shows Net Pay for one quarter
is the total earnings since the first of the year
is the gross earnings for one quarter
The entry to journalize a purchase of merchandise on account is
debit Accounts Payable; credit Merchandise
debit Accounts Payable; credit Purchases
debit Purchases; credit Accounts Payable
debit Purchases; credit Merchandise
The entry to journalize a Sale of merchandise on account.
debit Merchandise and credit Sales
debit Sales and credit Accounts Receivable
debit Accounts Receivable and credit Sales
debit Sales and credit Inventory
Which journal is used to journalize only cash payment transactions?
Sales Journal
Purchases Journal
Cash Receipts Journal
Cash Payments Journal
Which journal is used to record Purchases of merchandise on account?
Cash Payments Journal
Cash Receipts Journal
Purchases Journal
Sales Journal
Which journal is used to record cash Purchases?
Purchases Journal
Cash Payments Journal
Cash Receipts Journal
Sales Journal
Which journal is used to record cash sales?
Sales Journal
Cash Receipts Journal
General Journal
None of these.
Which of the following accounts are used to record the replenishment of the petty cash fund? Choose all that apply.
Cash
Appropriate expense and other asset accounts
Petty Cash
Cash Short and Over
Company A purchased $360.00 of merchandise from Company B on June 1. Company B offers a 2% discount if the invoice is paid within 10 days of purchase. On July 11, Company A writes a check to Company B for how much?
$7.20
$360.00
$367.20
$352.80
A form prepared by the customer showing the price deduction taken by the customer for a return or an allowance is called a
credit memorandum
sales discount invoice
debit memorandum
purchases discount invoice
A form prepared by the vendor showing the amount deducted for returns and allowances.
credit memorandum
sales discount invoice
debit memorandum
purchases discount invoice
A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account is
an accounts receivable ledger
an accounts payable ledger
a general ledger
none of these
A subsidiary ledger containing only accounts for customers who purchase items on account is
an accounts receivable ledger
an accounts payable ledger
a general ledger
none of these
An account in a general ledger that summarizes all accounts in a subsidiary ledger is
an expense account
a contra account
a capital account
a controlling account
A listing of vendor accounts, account balances, and total amount due to all vendors is called
Schedule of Accounts Payable
Schedule of Accounts Receivable
Post-Closing Trial Balance
Chart of Accounts
