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NACPB - Pre Assess
Pre-Assessment Test
| Question | Answer |
|---|---|
| What board developed GAAP (Generally Accepted Accounting Principles)?? | FASB (Financial Accounting Standards Board) GASB (Governmental Accounting Standards Board) |
| What task is not done by a company's accountant?? | Create GAAP upon which the accounting system is based |
| What account is used to record amounts owed for goods or services purchased on credit?? | Accounts Payable |
| Do credits increase or decrease liabilities?? | Increase |
| What is a special type of owner's equity account that is set up to record withdrawals of assets ?? | Drawing Account |
| T-Account | Multiple debits may be used Debits are used to decrease liability and revenue accounts Credits are used to decrease asset accounts Credit must be recorded for every transaction |
| What must be done to fix an error before the entry is posted?? | Neatly cross out incorrect item Write correct data aboce it |
| Where is a transaction first recorded?? | Journal |
| What does the amount within an adjusting entry for supplies represent?? | Supplies used during the period |
| The unadjusted net income on an income statement was $22,600. After journalizing and posting the $850 adjusting entries for expired insurance during the year and $520 for supplies used during the year, the adjusted net income is: | $21,230 Equation: $22,600 - $850 - $520 = $21,230 |
| The balance of owner's capital account must equal which account on the balance sheet after closing entries are posted?? | Owner's equity account |
| Which type of accounts does the post-closing trial balance list?? | Permanent accounts |
| Account Debit Balance Credit Balance Cash 10,000 A/P 2,000 Capital 18,000 Drawing 1,000 What is the ending balance?? | $8,000 Equation: $18,000 - $9,000 (Net Loss) - $1,000 (Withdrawal) |
| What else is recorded at time of sale when goods are sold on credit?? | Sales tax |
| How is a return of merchandise recorded?? | Debit to Sales Returns and Allowances |
| Cost of Goods Sold follows the debit and credit rule of which account?? | Expense account |
| How are purchase returns and allowances are recorded in the general jounral?? | Debit to Accounts Payable Credit to Purchase Returns and Allowances |
| What purchasing form is used when a department needs merchandise | Purchase Requisition |
| What would cause a book balance of cash to not agree with the balance on the bank statement?? | Canceled Checks |
| Gross Earnings - Deductions = | Net Pay |
| Assuming a Medicare tax rate of 1.45% and monthly gross wages of $5,000, the amount recorded in Medicare Tax Payable for one quarter for the employee’s payroll deduction is?? | $217.50 Equation: Monthly Gross Wages * 1.45% (Medicare) = Monthly Medicare tax Monthly Medicare tax * # of months = Medicare tax payable |
| Gross Wages (W/E 06.21) = $1,850 Gross Wages YTD = $43,000 FIT = $136 Health Ins = $86 SS = 6.2% / Medicare = 1.45% / FUTA = .6% / SUTA = 4.2% Max $7,000 per year for FUTA & SUTA What journal entry is used to record payroll tax expense?? | Credit to Payroll Taxes Expense |
| Reg Hourly Pay = $24.50 OT = $36.75 W/E May 30th = 50 Hours Gross Wages YTD = $11,980 SS = 6.2% / Medicare = 1.45% / FUTA = .6% / SUTA = 4.2% Max $7,000 per year for FUTA & SUTA What is the employers payroll tax for W/E May 30th?? | $103.09 Equation: Reg Earnings + OT Earnings = Total Earnings Total Earnings * SS % = SS Tax Total Earnings * MC % = MC Tax |
| What is an Allowance for Doubtful Accounts considered to be?? | Contra Asset Account |
| In the Trial Balance, Unearned Revenue has a $8,300 credit balance and a debit of $600 in the adjustments section. What is the balance of Unearned Revenue in the Adjusted Trial Balance section?? | $7,700 Credit Equation: $$8,300 Credit - $600 Debit |
| Owner's Equity Beginning Balance = $81,000 Net Income = $32,000 Owner Withdrawal = $15,000 (no investments made) What is the owner's capital balance at the end of the period?? | $98,000 Equation: Beginning Capital Balance -+ Net Income - Owner Withdrawal |
| Account Debit Credit Discounts 200 Purchases 12,000 Salaries 7,500 What is the correct closing entry?? | Account Name Debit Credit Income Summary 19,700 Sales Discounts 200 Purchases 12,000 Salaries Expense 7,500 |
Created by:
Cookie2012
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