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WorksheetsAccounting Final Exam
Total questions: 25
Worksheet time: 13mins
The account Accounts Receivable is an example of a(n) ____.
asset
liability
owner's equity
capital
A business transaction that involves a purchase on account is considered to be a(n) ____.
cash transaction
credit transaction
investment by the owner
expense transaction
The purchase of a desk on account will increase Office Furniture and will also increase ____.
Cash in Bank
Accounts Payable
Accounts Receivable
Marie Krabish, Capital
Which of the following accounts is not closed at the end of the accounting period?
Revenue
Income Summary
Maintenance Expense
John Smith, Capital
Transferring the expense account balances to the Income Summary account is the ____.
first closing entry
second closing entry
third closing entry
fourth closing entry
The balance of the revenue account is transferred to the ____.
debit side of the cash in the Bank Account
credit side of the owner's capital account
credit side of the Income Summary account
debit side of the owner's withdrawals account
Closing entries are used to transfer the net income or net loss for the accounting period to the ____.
Cash in Bank
Expense Account
Revenue Account
Capital Account
At the start of a fiscal period, the merchandise a business has on hand is called the ____.
beginning inventory
ending inventory
adjustment
physical inventory
A(n) ____ is taken to actually count by hand the items in stock.
Beginning Inventory
Ending Inventory
Physical Inventory
adjustment
The amount of money actually received by the employee after all deductions are subtracted is called the ____.
Gross Pay
Net Pay
overtime rate
accumulated earnings
A(n) ____ is paid to the employee as a percentage of the employee's sales.
time card
salary
wage
commission
The amount deducted from gross earnings for federal income tax each pay period depends on the total earnings, marital status, and the number of ____ an employee claims on Form W-4.
payroll
exemptions
deduction
wage
____ are the year-to-date gross earnings of an employee.
Net Pay
Direct Deposit
Accumulate Earnings
wage
A list of employees in a business and the earnings due to each employee for a specific period of time is a(n) ____.
payroll
salary
wage
net pay
Revenue and expense accounts are listed in the Trial Balance section of the work sheet and in the ____ of the work sheet.
Balance Sheet
Worksheet
Income Statement
Post Closing Trial Balance
If the total of the credit column of the Income Statement section is less than the debit column, there is a(n) ____ for the period.
Net Income
Net Loss
Credit
Debit
This has three parts that answers the questions who, what, and when
worksheet
Income Statement Section
heading
Matching Principle
____ means drawing a line under a column of amounts.
Ruling
Heading
Extending
Matching Principle
A chronological (by day) record of accounting events is maintained in the:
general journal
general ledger
trial balance
T-Accounts
A fiscal year is an accounting period
that begins on January 1 and ends on December 31
of an length other than 12 months
of 12 months which begins in the month the business chooses
that may be for any designated length of time
The most common time period covered by an accounting report is one ____.
quarter
year
month
week
The amount of money earned after the costs of operating a business are paid is ____.
revenue
profit
expense
capital
Accounting is often call the "language of business" because ____.
it is easy to understand
all business owners have a good understanding of accounting principles
it is fundamental to the communication of financial information
accountants in many companies share financial information
If the creditor's financial claim to property totals $1,000 and the owner's financial claim to property totals $11,000, the property value is ____.
$10,000
$11,000
$12,000
$1,000
This form lists the marital status and number of exemptions claimed by the employee.
W-3
W-4
Form 1040
Form 1041
