WorksheetsECTOR"S Updated EOPA Question 2023 Part 1
Total questions: 20
Worksheet time: 10mins
. Dana's diamond jewelers had $6000 In Visa sales during the day. Dana is charged a 4% discount rate on visa deposits. The entry to record the visa sale is
debit cash $6000, credit sales $5760, credit credit card expense $240
debit cash $5760 credit sales $5760
debit cash $6000 credit sales $6000
debit cash $5760, debit credit card expense, $240 credit sales $6000
The balance according to the bank statement is $32,965. Outstanding checks total $21,792. Deposits in transit total $8,210. What is the adjusted bank balance?
2963
19,383
46,547
62,967
Checks outstanding are
subtracted from bank balance
added to bank balance
added to the checkbook balance
subtracted from the check book balance
Sales forecast can help a retailer
accurately plan for the upcoming holiday season
maintain accurate purchasing record
determine the cost of goods sold
effectively train employees
in automated accounting, an audit is
is always stored on electronic media
checks the accuracy of processed information
is generated on a yearly basis
corrects the data
A deposit in transit on a bank statement is
added to the checkbook balance
added to the bank balance
subtracted from the bank balance
subtracted from the cash account
During a sales presentation, a customer raises an issue regarding a particular concern or objection with a product. The employee should
immediately decide how to talk to the customer out of being concerned
acknowledge the customers concern and probe for understanding
disregard the objection and continue with the presentation
present another product
A deposit that is made by electronic transfer is called an]
ATM
EFT
EOM
DEBT
In order for an employee to be able to troubleshoot customer service issues, the employees must first
explain the company policy to the company
listen to the customer
agree with the customer
request a written complaint from the customer
When client asks an employee a question that the employee does not know the answer to, the employee should
indicate to the client that they question does not pertain to the matter at hand
ignore the question and continue with the meeting
tell the client that he/she find the answer and get back to client
try to answer the question, relying on experience and common sense
The term net 30 days on a purchase invoice means
the goods will be shipped in 30 days with no discount
the bill must be paid within 30 days of invoice date with no discount
a 30 percent discount is received of the bill is paid within 30 days
a 3 percent discount is received of the bill is paid within 30 days
One of the main purpose in preparing a balance sheet is to
open the accounts for the new fiscal period
close the assets, liabilities and owners equity accounts
show the assets equal liabilities and owners equity on a specific date
prove the accuracy of the debits and credits on a specific date
Converting from a manual accounting to a computerized accounting system could
eliminate the need for financial statements
eliminate double-entry accounting
change basic accounting principles
reduce the number of employees needed
In the United States, the offering, buying and selling of stock is regulated by which of the following agencies
financial accounting standards board
internal revenue service
bond trustee commission
securities and exchange commission
The largest source of federal receipts is
social security contributions
the personal income tax
the corporate income tax
inheritance taxes
Which form of business organization is looked upon as being an artificial entity, separate from its owners?
sole proprietorship
partnership
corporation
cooperative
According to federal laws, employees must be provided with w-2 forms no later than
January 31st
April 15th
April 1st
January 1st
The US government encourages competition in the economy because competition
helps control America's resources
means scarcity of resources
helps lead to a recession
helps to increase the standard of living
A Business owner wants to purchase an espresso machine for a new coffee shop. The espresso machine costs $5000. If a cup of espresso coffee retail at $3.00 and the costs the owner $1.00, how many cups of coffee must be sold in order to pay for the expresso machine?
1687
2500
5000
1250
A local test market produced the data in the chart below for a certain product. At what price should the product be marketed in order to maximize earnings?
$1.00
$2.00
$3.00
$4.00
