WorksheetsAccounting Final
Total questions: 24
Worksheet time: 12mins
Which one of the following is NOT a form of business?
Corporations
Partnership
CPA firm
Sole Proprietorship
What is accounting primarily concerned with?
Telling the results
Deciding the meaning and importance of information in various reports.
A system of gathering financial information about a business and reporting this information to users.
Looking at events that have taken place and thinking about how they affect business.
Any accounting period of twelve months' duration is usually referred to as what?
physical year
operational year
fiscal year
calendar year
Jason purchased office equipment for $4,800 on account. This transaction would:
increase one asset and decrease another asset
increase assets and increase owner's equity
increase assets and increase liabilities
decrease assets and decrease liabilities
A T account has which of the following three major parts?
a title, a current date, and a balance
a debit side, a credit side, and a balance
a title, a debit side, and a credit side
a title, a debit side, and a total column
A debit:
decreases assets
increases liabilities
is on the left side
increases owner's equity
A chronological record of financial transactions expressed as debits and credits to accounts is provided by the:
Journal
balance sheet
ledger
income statement
What is a journal commonly referred to as in the context of accounting records?
book of original entry
ledger
account
cross-reference
If the book value of an asset is $12,500 and the accumulated depreciation is $3,500, what was the original cost of the asset?
$16,000
$9,500
$7,500
$9,000
What type of account is used with a related account to bring about a decrease in the net amount of the two account balances?
adjusting account
expense account
ledger
cross-reference
The journal entry to close expense accounts typically involves:
Debiting Income Summary and crediting the expense accounts
Debiting the expense accounts and crediting Income Summary
Debiting the expense accounts and crediting the drawing account
Debiting the expense accounts and crediting the owner's capital account
After closing the accounts and posting the journal entries, which of the following accounts is likely to still have a balance?
Supplies
Miscellaneous Expense
Payroll Taxes Expense
Professional Expense
When a bank issues a credit memo to a depositor, indicating interest has been credited, the corresponding accounting entry should be:
Debiting Interest Earned and crediting Cash
Debiting Cash and crediting Interest Expense
Debiting Interest Expense and crediting Cash
None of the above
What is the correct journal entry for a bank service charge if the bank statement balance is $1,000, the balance per books is $1,205, a bank service charge is $5, a deposit in transit totals $500, and outstanding checks total $300?
debiting Accounts payable and crediting Cash
debiting Miscellaneous Expense and crediting Cash
debiting Cash and crediting owner's Capital
debiting Cash and crediting Miscellaneous Expense
According to the Fair Labor Standards Act, what is the minimum rate to be paid to employees for all hours worked over 40 hours per week?
two and one-half times the regular rate
two times the regular rate
one and one-half times the regular rate
same rate as the regular rate
Which document is a key source of information for computing employer payroll taxes?
end-of-period balance sheet
employees' check stub
payroll register
annual financial report
To journalize the employer's payroll taxes, which of the following accounts should NOT be credited?
Medicare Tax Payable
FUTA Tax Payable
Social Security Tax Payable
Payroll Taxes Expense
Cameron Tiller's total regular earnings for the week ended March 15, if he worked 9 hours each day from Monday through Friday, 6 hours on Saturday, and 4 hours on Sunday at a rate of $12 per hour, would be:
$110
$480
$216
$430
When merchandise is sold on account for $90 with a retail sales tax of $5.40, what total amount should be added to Accounts Receivable?
$94.60
$5.40
$93.60
$90.00
A schedule of accounts receivable is prepared to:
keep track of all the company's customers
verify that the sum of the accounts receivable ledger balances equals the Accounts Receivable balance
prove that the general ledger and accounts receivable ledger were posted at the same time
send to all customers at the end of the month
After the posting of the accounts payable ledger is completed, the total of the accounts payable ledger balances should equal the balance of which of the following general ledger accounts?
Purchases
Accounts Receivable
Accounts Payable
Purchases Returns and Allowances
The account to which transportation charges on incoming merchandise are generally entered is:
Delivery-In
Freight-In
Shipping-In
For the merchant, bank credit card sales are treated in a manner similar to which of the following?
Sales on account
Installment sales
Cash sales
Layaway sales
When purchasing merchandise for resale on account, in which journal should the transaction be recorded?
Cash receipts journal
Sales journal
Cash payments journal
Purchases journal
