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Acctg. I TEKS Review
| Question | Answer |
|---|---|
| Worksheet | An 8-column accounting form used to summarize the general ledger information needed to prepare financial statements is a |
| A net income or a net loss | An income statement reports whether a company has |
| Revenue is less than total expenses | Net loss is the difference that results when |
| Total assets equal total liabilities plus stockholders’ equity | A balance sheet is assumed to be correct when |
| A sale | Increases the revenue of a business |
| Dividends would be classified as | A stockholders’ equity account |
| The merchandise inventory amount extended to a work sheet’s balance sheet debit column represents the value of | Ending merchandise inventory |
| The adjusting entry for Supplies includes a credit to | Supplies |
| In preparing a post-closing trial balance, an accountant lists | Only those accounts that have a balance |
| FICA tax is paid by | Both employer and employees |
| Allowance for Uncollectible Accounts is | A contra asset account |
| From which columns of the work sheet is the information obtained to close the sales account? | Income statement |
| What account is credited when sales tax is collected from a cash customer? | Sales Tax Payable |
| Journal entries made to bring general ledger accounts up to date are called | Adjusting entries |
| Amounts needed to complete a trial balance on the worksheet are obtained from the | General Ledger |
| The entry to journalize a cash receipt for a sales transaction, plus sales tax, is a debit to Cash and a credit to: | Sales and Sales Tax Payable |
| If a sale on account to Maria Chin is incorrectly posted to the account of Amanda Chang, the correcting entry would be | Debit Maria Chin; credit Amanda Chang |
| The price a business pays for goods it purchases and intends to sell is ____. | Cost of merchandise |
| A liability account that summarizes the amounts owed to all vendors is titled ____. | Accounts Payable |
| A journal used to record only one kind of transaction ____. | is a special journal |
| If a customer buys $300.00 worth of merchandise and the sales tax is 8%, the total bill the customer must pay is ____. | $324.00 |
| The total amount due from all charge customers is summarized in a general ledger account titled ____. | Accounts Receivable |
| The ledger that contains all accounts needed to prepare financial statements is the ____. | general ledger |
| An account in a general ledger that summarizes all accounts in a subsidiary ledger is ____. | a controlling account |
| Employee regular earnings are calculated as ____. | regular hours times regular rate |
| A deduction from total earnings of each person legally supported by a taxpayer is a ____. | withholding allowance |
| Individual payroll checks are usually written on ____. | a special payroll checking account |
| Until payment is made, payroll taxes for an employer are ____. | a liability |
| The report that shows total year's earnings and amounts withheld for taxes for an employee is prepared on Form ____. | W-2 |
| In a corporation, what is the name of the single owner’s equity account used for the investment of all owners? | Capital Stock |
| The entry to journalize the adjustment for merchandise inventory when beginning Merchandise Inventory is $125,000.00 and ending Merchandise Inventory is $115,000.00 is ____. | debit Income Summary, $10,000.00; credit Merchandise Inventory, $10,000.00 |
| The two accounts used to adjust the uncollectible accounts are ____. | Uncollectible Accounts Expense and Allowance for Uncollectible Accounts |
| Using straight-line depreciation, what is the amount of Depreciation Expense recorded in year 1? Original price: $7,500 Salvage Value: $1,000 Estimated Useful Life: 5 years | $1,300 |
| Preparing financial statements that provide information about a business's financial condition, changes in this financial condition, and the progress of operations is an application of the accounting concept ____. | Adequate Disclosure |
| The revenue remaining after cost of merchandise sold has been deducted is ____. | gross profit on sales |
| Acceptable component percentages should be determined ____. | based on industry standards and comparisons with prior fiscal periods |
| A financial statement that summarizes the changes in a corporation's ownership for a fiscal period is ____. | a statement of stockholders' equity |
| A financial statement that reports a corporation's assets, liabilities, and stockholders' equity on a specific date is ____. | a balance sheet |
| Liabilities owed for more than a year are called ____. | long-term liabilities |
| The relationship between the market value per share and earnings per share of a stock is called the ____. | price-earnings ratio |
| The amount of net income after federal income tax belonging to a single share of stock is called ____. | earnings per share |
| All accounts listed on an Income Statement are____. | Temporary accounts |
| All accounts listed on a Balance Sheet are____. | Permanent accounts |
Created by:
MsLWaddy
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