What is the normal balance side of an asset account?
100
At the end of the month
What is the period of time when a petty cash fund should be replenished?
100
Component Percentage
What is the percentage relationship between one financial statement item and the total that includes that item?
100
Net Pay
What is the actual amount an employee receives after all payroll deductions have been taken out of their earnings?
200
increase and a decrease
What is the effect when two asset accounts are changed in a transaction?
200
Supplies
What is the account debited when cash is paid for supplies?
200
Petty Cash Slip
What is a form showing proof of a petty cash payment?
200
Income Statement
What is the name of the financial statement that reports information over a period of time, indicating the financial progress of a business in earning a net income or a net loss?
200
Accumulated Earnings
What is the amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings?
300
Owner's Equity
What is the amount remaining after the value of all liabilities is subracted from the value of all assets?
300
A Check
What is the source document used when supplies bought on account is paid?
300
Journal
What is the document where voided checks should be recorded?
300
an amount that has not been extended
What is the error when a pair of worksheet columns do not balance and the difference between the totals is an amount that appears elsewhere in the worksheet?
300
the total earnings since the first of the year
What is Accumulated Earnings column of the employee earnings record?
400
Accounting Equation
What is and must remain in balance after each transaction?
400
debit Cash, credit Capital
What is the entry to record receipt of cash from the owner as an investment?
400
Check stub
What is the name of the item where the adjusted balance must be the same as the adjusted bank statement balance?
400
net income divided by total sales equals net income compenent percentage
What is the formula for calculating the net income component percentage?
400
6.2% and 1.45%
What is the Social Security Tax Rate and the Medicare Tax Rate?
500
Business Entity
What is the accounting concept that applies recording and reporting a business's financial information that is separate from the owner's financial information?
500
decreased
What is the account balance affect, if an amount is recorded on the side of a T account opposite the normal balance side?
500
Bank Statement
What is a statement that reports deposits, withdrawals, transactions, and bank balances?
500
Matching Expenses with Revenue
What is the accounting concept that applies when expenses are reported in the same fiscal period that they produce revenue?
500
1040EZ Income Tax Return
What is the tax form used for individuals who are single with no dependents and married joint filers with no dependants.