WorksheetsAccounting Spring Final Exam REVIEW
Total questions: 30
Worksheet time: 15mins
Name
Class
Date
1.
The purchases account is increased by a credit and decreased by a debit.
a)
True
b)
False
2.
Purchases Discount is increased by a credit entry.
a)
True
b)
False
3.
Purchases Returns and Allowances is a contra account to Cost of Merchandise.
a)
True
b)
False
4.
The amount of sales tax collected is an asset of the business until paid to the state government.
a)
True
b)
False
5.
A terminal summary reports total cash and credit card sales of a point-of-sale terminal.
a)
True
b)
False
6.
Regardless of when merchandise is sold, revenue should be recorded when cash is received.
a)
True
b)
False
7.
Total earnings are sometimes referred to as net pay or net earnings.
a)
True
b)
False
8.
The purchases account is classified as
a)
a. an expense account.
b)
b. an asset account.
c)
c. a liability account.
d)
d. a cost account.
9.
When merchandise is sold on account and sales tax is also collected,
a)
a. Accounts Receivable is credited for the total sale and sales tax.
b)
b. the accounts receivable account balance is increased.
c)
c. Sales is debited for the price of the goods.
d)
d. the sales tax is not reported.
10.
Sales discounts are recorded in a
a)
a. sales journal.
b)
b. cash receipts journal.
c)
c. general journal.
d)
d. batch report.
11.
Sales Returns and Allowances is
a)
a. an expense account.
b)
b. a revenue account.
c)
c. a contra expense account
d)
d. a contra revenue account.
12.
The amount of sales tax on a sale is calculated as the price of goods
a)
a. plus the sales tax rate.
b)
b. times the sales tax rate.
c)
c. minus the sales tax rate.
d)
d. divided by the sales tax rate.
13.
Which of the following columns from the Payroll Register is recorded in the journal for payment of payroll?
a)
a. Regular Earnings, Federal Income Tax, Social Security, Medicare Tax, and Net Pay.
b)
b. Total Earnings, Federal Income Tax, Social Security, Medicare Tax, and Net Pay.
c)
c. Regular Earnings, Total Earnings, Medicare Tax, and Net Pay
d)
d. Total Earnings, Federal Income Tax, Social Security, Medicare Tax, and Total Deductions.
14.
The unemployment tax is applied to
a)
a. the first $7,000 of net pay per year.
b)
b. the employers net income.
c)
c. the first $7,000 of total earnings per pay period.
d)
d. the first $7,000 of accumulated earnings per year.
15.
The source document for paying state unemployment tax is
a)
a. a check
b)
b. a receipt
c)
c. a memorandum
d)
d. none of these
16.
An organization with the legal rights of a person and which may be owned by many persons.
a)
Capital Stock
b)
Corporation
c)
Purchase Invoice
d)
Retail merchandising business
e)
Special journal
17.
Total shares of ownership in a corporation.
a)
Capital Stock
b)
Corporation
c)
Purchase Invoice
d)
Retail merchandising business
e)
Special journal
18.
A computer used to collect, store, and report all the information of a sales transaction.
a)
cash receipts journal
b)
point-of-sale terminal
c)
sales journal
19.
A special journal used to record only cash receipt transactions.
a)
cash receipts journal
b)
point-of-sale terminal
c)
sales journal
20.
A special journal used to record only sales of merchandise on account.
a)
cash receipts journal
b)
point-of-sale terminal
c)
sales journal
21.
A ledger that is summarized in a single general ledger account.
a)
subsidiary ledger
b)
accounts payable ledger
c)
accounts receivable ledger
d)
controlling account
e)
schedule of accounts payable
22.
A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
a)
accounts payable ledger
b)
accounts receivable ledger
c)
controlling account
d)
schedule of accounts payable
e)
schedule of accounts receivable
23.
An account in a general ledger that summarizes all accounts in a subsidiary ledger.
a)
controlling account
b)
accounts payable ledger
c)
accounts receivable ledger
d)
schedule of accounts payable
e)
schedule of accounts receivable
24.
A listing of customer accounts, account balances, and total amount due from all customers.
a)
schedule of accounts receivable
b)
accounts payable ledger
c)
accounts receivable ledger
d)
controlling account
e)
schedule of accounts payable
25.
The money paid for employee services.
a)
salary
b)
employee earnings record
c)
Medicare tax
d)
payroll
e)
payroll register
26.
The total pay due for a pay period before deductions.
a)
total earnings
b)
employee earnings record
c)
Medicare tax
d)
payroll
e)
payroll register
27.
A deduction from total earnings for each person legally supported by a taxpayer, including the employee.
a)
withholding allowance
b)
employee earnings record
c)
Medicare tax
d)
payroll
e)
payroll register
28.
A federal tax paid for hospital insurance.
a)
Medicare tax
b)
employee earnings record
c)
payroll
d)
payroll register
e)
payroll taxes
29.
A business form used to record payroll information.
a)
payroll register
b)
employee earnings record
c)
Medicare tax
d)
payroll
e)
payroll taxes
30.
A business form used to record details affecting payments made to an employee.
a)
employee earnings record
b)
Medicare tax
c)
payroll
d)
payroll register
e)
payroll taxes
100 %
