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Bookkeeper
Questions 1-175
| Question | Answer |
|---|---|
| An entry on the right side of an account. | Credit |
| Will increase an asset account. | Debit |
| Will decrease the balance in Accounts Payable. | Debit |
| A general journal entry will have this listed first. | Debit |
| The normal balance for Rent Expense. | Debit |
| To decrease Accounts Receivable. | Credit |
| The expected balance in Prepaid Insurance. | Debit |
| A negative Cash balance will have this account balance. | Credit |
| Will increase the account Inventory. | Debit |
| The expected balance in the account Petty Cash. | Debit |
| The usual entry for an expense. | Debit |
| Will increase a liability account. | Credit |
| An entry on the left side of an account. | Debit |
| A revenue account's normal balance. | Credit |
| The expected balance in Allowance for Doubtful Accounts. | Credit |
| The balance you would expect in Unearned Revenues. | Credit |
| The entry to Account Payable for a purchase on credit. | Credit |
| A general journal entry will have this account indented. | Credit |
| The expected balance in Purchase Discounts | Credit |
| The expected balance for Land | Debit |
| The expected balance in Sales Discounts. | Debit |
| The expected balance in Accumulated Depreciation. | Credit |
| The entry to J. Smith, Drawing when a withdrawal occurs. | Debit |
| The expected balance in the account Supplies. | Debit |
| A profitable corporation's balance in retained earnings. | Credit |
| The entry to increased J. Smith, Capital. | Credit |
| The expected balance in Depreciation Expense. | Debit |
| The entry to Machinery and Equipment when a machine is scrapped. | Credit |
| The entry to Accumulated Depreciation to remove an amount associated with a machine that was scrapped. | Debit |
| The entry to reduce the balance in Supplies. | Credit |
| The entry to Accounts Receivable when an account is collected. | Credit |
| The entry to close the account J. Smith, Drawing at the end of the accounting year. | Credit |
| The entry to close the account Sales at the end of the year. | Debit |
| The entry to increase the balance in Prepaid Insurance | Debit |
| The entry to Cash when recording a bank service charge. | Credit |
| The entry to Payroll With-holdings Payable when remitting payroll taxes. | Debit |
| The entry to increase Sales Taxes Payable | Credit |
| The usual entry to Sales or Service Revenues | Credit |
| The entry to Cash Short and Over when the replenishment of Petty Cash indicates a shortage. | Debit |
| The Cash account is credited when the petty cash fund is replenished. | True |
| Accumulated Depreciation is a contra asset account. | True |
| Payroll withholdings are current liabilities. | True |
| Recording an entry in the general journal is referred to as posting. | False |
| Both assets and expenses will normally have debit balances. | True |
| Both liabilities and revenues will normally have credit balances. | True |
| Liabilities are claims against the company's assets. | True |
| Under the accrual-basis of accounting, the amount collected from accounts receivable should be reported. | False |
| Recording 1000 of Rent Expense as Property Tax Expense will cause the trial balance to be out of balance. | False |
| A withdrawal by a sole proprietor is reported on the income statement. | False |
| The trial balance will be out of balance if a journal entry is recorded twice. | False |
| Sales taxes collected bu not yet remitted should be reported as a current liability. | True |
| An error in counting the ending inventor will cause the net income to be incorrect. | True |
| An hourly employee's take-home pay is referred to as gross wages. | False |
| If a company has a loan payable, it is reasonable to expect a debit balance in the account Interest Expense. | True |
| Unexpired insurance premiums should be deferred to an asset account until they expire. | True |
| When replenishing the petty cash fund, differences are recorded in the income statement account Cash Short and Over. | True |
| Retained Earnings is part of stockholder's equity. | True |
| The periodic inventory system means that the balance in the account Inventory will change after each purchase of goods. | False |
| The end of year balances in asset accounts will become the following year's beginning balances. | True |
| The end of year balances in revenue accounts will become the following year's beginning balances. | False |
| Advertising Expense is part of the cost of goods sold. | False |
| Dividends are distributions of a corporation's profits to it stockholders. | True |
| The dollar amount in the Inventory account is the sales value of the items on hand. | False |
| Under the periodic inventory system, the cost of merchandise purchased is debit to a purchases account instead of the inventory account. | True |
| When the amount of an asset's accumulated depreciation is equal to the cost of the asset, no depreciation expense will be recorded in the next accounting year even though the asset is in service. | True |
| If equipment used in the business is sold for more than its book value, a gain is recorded. | True |
| The cost of the land used for the site of a new warehouse should be depreciated. | False |
| When an asset has the same amount of depreciated expense each year, it is being depreciated under the straight-line method. | True |
| A cash withdrawal by a sole proprietor appears as a debit in the drawing account. | True |
| Checks received from customers, but not yet deposited should be considered as part of the company's cash. | True |
| Land, buildings,and equipment are often referred to as fixed assets. | True |
| The annual wage statement given to employees in January that shows the amounts earned and withheld in the previous year is the form W-4 | False |
| A debit to expense has the effect of reducing owner's (stockholders') equity. | True |
| Under the accrual- basis of accounting, receipts are revenues. | False |
| Each year's depreciation expense for financial accounting should agree with the depreciation expense used for income tax purposes. | False |
| Under the accrual-basis of accounting, the collection of accounts receivable will increase owner's equity. | False |
| The balance sheet is also known as the statement of financial position. | True |
| The book value of a company's equipment is generally the same as the equipment's fair market value. | False |
| A listing of account numbers and titles without account balances is the ______ of accounts. | Charts |
| The depreciation entry will be recorded in the _______ journal. | General |
| A _________ is referred to as the book of original entry. | journal |
| The accounts with activity and balances are contained in the general _______. | Ledger |
| A control account in the general ledger is supported by details in ________ ledger | Subsidiary |
| A small amount of currency and coins on hand that is used to pay small amounts is a ________ cash fund. | Petty |
| Making certain that the amounts in a company's general ledger's Cash account agrees with the amounts on the company's bank statement is known as a bank _________. | Reconciliation |
| Checks written but not yet clearing the bank are referred to as ________checks. | outstanding |
| _______ is the process of recording amounts from the general journal into the general ledger. | Posting |
| If an amount is recorded with two of its digits transposed, the amount of the difference is evenly divisible by the digit________. | Nine |
| Recognizing revenues when the money is received is the ________ -basis of accounting. | Cash |
| The accounting equation is: Assets = Liabilities + Owner's (Stockholders)_________. | Equity |
| In order to encourage customers to remit amounts owed, a company will send _______ showing the amounts owed. | Statements |
| A report that shows the accounts receivable sorted by the length of time invoices have been open is an _______ of accounts receivable. | Aging |
| The financial statement that reports revenues and expenses is the ______ statement | income |
| The financial statement that reports assets and liabilities is the _______ sheet. | Balance |
| Cash and other assets that will turn to cash within one year are ______ assets. | Current |
| When M. Ott withdraws cash form her sole proprietorship, the amount is debited to the account M. Ott,________. | Drawing |
| Generally, the amounts reported int the accounts Land, Buildings, and Equipment are the historical ________ and not the current market values. | costs |
| When depreciation is recorded, the account Depreciation _______ is debited | Expense |
| When depreciation is recorded, the account _______ Depreciation is credited. | Accumulated |
| When a credit sale is recorded, Accounts ________ is debited. | receivable |
| When a purchase is made on credit, Accounts _______ is credited. | Payable |
| A _______ discount is usually a percentage that is deducted from a catalog's list price. | trade |
| The unexpired cost of insurance premiums should be reported in the account ________ Insurance. | Prepaid |
| Prepaid expenses should appear on the balance sheet as ________. | assets |
| Money received in advance of being earned should be recorded in the asset account Cash and in the ________ account Unearned Revenues. | liability |
| The net of a plant asset's cost minus its accumulated depreciation is the asset's _______ value or carrying value. | Book |
| Entries made at the end of the accounting year so that all of the income statement accounts begin the following year with balances of zero are _______ entries. | closing |
| Entries to accrue expenses that have occurred during an accounting period but were not recorded through the normal paperwork are part of ________ entries. | adjusting |
| The financial statement that explains how the cash and cash equivalents have changed is the statement of ________. | cash flows |
| Another word for lenders or supplier who have extended credit to a company is ________. | creditors |
| A cost that has been uses up, expired, or matched with revenues is an ________. | expense |
| Amounts spent to acquire property, plant, and equipment are referred to as ________ expenditures | capital |
| Sales minus the cost of good sold is ______ profit. | gross |
| Sales minus the total of sales returns, sales allowances, and sales discounts is ________ sales. | net |
| The amount of supplies used during the current accounting period should be reported in the account Supplies _________. | Expense. |
| If the amount of supplies on hand is significant, it should be reported as an ______. | Asset |
| An internal report that lists all general ledger accounts and their balances in order to verify that the total of the debit balances equals the total of the credit balances is a _________. | trial balance |
| ______ and owner's equity can be thought of as claims against a company's assets. | Liabilities |
| The balance sheet reports amounts as of a _____ in time. | point |
| The income statement reports amounts for a ______ of time. | period |
| Prior to approving a vendor's invoice for payment, the invoice, receiving ticket, and ________ order should be compared. | purchase |
| The account that is credited when replenishing the petty cash fund is the _______ account. | cash |
| The accounting year of July 1 through June 30 is referred to as a _______ year (as opposed to a calender year). | fiscal |
| A ______ lender has a lien or mortgage on a specific asset or assets. | Secured |
| FICA is the combination of Social Security tax and ________ tax. | Medicare |
| EFT is the acronym for electronic _______ transfer. | funds |
| Current assets minus current liabilities is ________ capital. | working |
| An asset account | Account Receivable |
| An account that is not a asset | Account Payable |
| A temporary account | Interest Revenue |
| A permanent account | Temporary Investments |
| A balance sheet account | Interest Receivable |
| A liability account | Unearned Revenues |
| An account that does not close at the end of the accounting year. | Cash |
| An account that is closed at the end of an accounting year. | Miscellaneous Expense |
| When the terms of a sale are FOB shipping point, the freight cost is the responsibility of the | buyer |
| When the terms of sale are FOB destination, the freight cost is the responsibility of the | seller |
| Which amount should be added to the balance per bank in a bank reconciliation? | deposits in transit |
| Which amount should be deducted from the balance per bank when preparing a bank reconciliation? | outstanding checks |
| Which amount should be added to the balance per books when preparing a bank reconciliation? | interest received on the bank account |
| Which one of the following payroll taxes is withheld from an employee's pay but is not matched by the employer? | federal income tax |
| Which one of the following taxes applies to every dollar of every employee's wages or salary ? | Medicare tax |
| Which financial statement does not cover a period of time ? | balance sheet |
| Which one of the following is a non operating expense. | interest Expense |
| When a long-term asset is sold for more than its carrying amount, which of the following is the best way to report the transaction? | Gain on Sale of Asset |
| Sales minus the cost of goods sold is | gross profit |
| Commissions earned by a company's sales staff is part of the company's | Selling expenses |
| Freight- in is part of | cost of goods sold |
| Items recorded in the general journal are in order by | date |
| A manufacturer's factory overhead is | a product cost |
| Entries at the of and accounting period to accrue revenues and expenses or to defer revenues and expenses are | adjusting entries |
| The chart of accounts usually begins with this group of accounts | assets |
| Reporting expenses with the corresponding revenues is associated with which of the following accounting principles? | matching |
| Which of the following is not included in a manufacturer's inventory? | office supplies |
| Losses due to accounts receivable not being collected are reported as | bad debts expense |
| An invoice for An invoice for $500 has credit terms of 2/10 , n/30. If the invoice is paid within the discount period, the amount to be remitted is $_____. | 490 500-[2% x 500] |
| An invoice has credit terms of 1/10, n/30. The invoice is for $1000 but $100 of merchandise was returned within two days. The amount to be remitted with the discount period is $______. | 891 900 -[1%x 900] |
Created by:
ida39
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