Which term is associated with "left" or "left-side"?
Debit or Credit?
Debit
100
When using an electronic accounting system, what is no longer needed?
Worksheet
100
The type of accounting that is reported in statements that are useful for those who are internal to the organization, such as managers, is called
Managerial Account
100
The combination of the Social Security tax and the Medicare tax is referred to by the acronym
FICA
200
What is the Accounting Equation
Assets = Liabilities + Owners' Equity
200
The entry should include a _____ when the creditor qualifies for a discount
Credit to Purchases Account
200
The acronym for the common rules and standards that companies must follow when preparing its external financial statements is
GAAP
200
The 2014 rate for the Social Security tax (excluding the Medicare tax) that is withheld from employees' salaries and wages up to a specified annual amount is
6.2%
300
Purchases Journal is posted as a (debit/credit) to the accounts payable account
Credit
300
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the
Income Statement
300
How do you record a retired bond on the company's financial statements?
Debit the "bond payable" liability account, on the balance sheet, and credit a "cash" account, for the amount that was expended
300
The pay earned by hourly-paid employees is usually referred to as
wages
400
what are financial obligations or debts, which represent negative future cash flows for the enterprise.
Liabilities
400
The receipt of a payment from a customer on account, when no discount is taken, requires an entry which includes a debit to
asset and credit to a receivable
400
Financial accounting is focused on the __________ financial statements of a company.
A.Internal
B.External
B. External
400
The pay earned by managers who are paid semi-monthly is referred to as
salary
500
What does the sum of the accounts in the Accounts Payable Ledger equal to?
total amount of the Accounts Payable account
500
The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the
Balance Sheet
500
True or False?
Financial statements report the fair market value of a company.
False
500
A tax paid by the employer that is 0.6% of each employee’s first $7,000 of annual salary or wages is __________ tax.