Definitions and such
Tax
Problems
True or maybe false
Hodgepodge
100

A classified balance sheet will have liabilities divided into which two subsections.

What are current liabilities and long-term liabilities?
100
Marital status is determined as of the ____ day of the year.
What is last?
100
A business has assets of $100,000 and stockholder's equity of $35,000. Therefore, the liabilities of the business is?
What is $65,000?
100
GAAP stands for Generally Accepted Accounting Practices.
What is false? (principles)
100

A day-by-day listing of transactions of a business.

What is a general journal?
200
An information system that provides reports to users regarding economic activities and conditions of a business.
What is accounting?
200
Which form is completed by the employee that verifies employment eligibility?
What is the I-9?
200
A company purchased equipment costing $15,000. They paid $1,000 right away and agreed to pay the balance net 30. The journal entry to record the purchase of this equipment would include:
What is a debit to Equipment for $15,000; a credit to Cash for $1,000; and a credit to Accounts Payable for $14,000?
200
Current liabilities are those liabilities that will be paid in more than one year.
What is false? (paid in less than one year)
200
The correct order to close entries at the end of an accounting period is in this order.
What are: revenues; expenses; income summary; dividends
300
A temporary Capital account.
What is an income summary account?
300
True or False? The taxpayer's total itemized deductions is one of the factors in determining whether an individual is required to file an income tax return.
What is false?
300
The balance in the prepaid advertising account at the end of the accounting period is $20,000 which represents five months of advertising paid on June 1. The adjusting entry required on June 30 is?
What is $4,000?
300
Unearned insurance, representing insurance for the next six months would be reported on the balance sheet as an asset.
What is false? (liability)
300
What is the normal balance of a dividend account?
What is a debit?
400
Temporary accounts begin each fiscal year/period with a ____?
What is a zero balance?
400
True or False? The Fair Labor Standards Act (FLSA) forbids discrimination in hiring.
What is false?
400
From the list of accounts below, determine the total of the credits.

A/R  2,400

A/P  2,000

Prepaid Insurance  5,000

Cash  $2,700

Capital Stock  12,000

Dividends  1,500

Fees Earned  4,200

Land  3,000

Salaries Expense  $1,900

Retained Earnings 7,400

What is $25,600
400
The process of transferring the debits and credits from the journal to the ledger is called posting?
What is true?
400
What is the normal balance of a capital stock account?
What is a credit?
500
The review of financial statements to assess their fairness and adherence to GAAP is?
What is compliance?
500
Pre-hire questions pertaining to religion, gender, national origin, or age are allowed if?
What is, if these factors are bonafide occupational qualifications for the job?
500
A piece of machinery has a value of $65,000 and is for sale for $75,000. The machinery is acquired by a business for $5,000 in cash and a note for $55,000 net 30.


The amount that the buyer should use in the accounting records to record this acquisition is?

What is $60,000?
500
GAAP requires that companies use the accrual basis of accounting.
What is true?
500
What is the normal balance of a retained earnings account?
What is a credit?
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