You become this as a first step towards a career in accounting
What is a CPA (Certified Public Accountant)
100
This is the normal balance for Accounts Payable
What is a credit
100
Place where all bookkeeping entries are recorded using debits and credits
What is the General Journal
100
A printed form on which detailed records are kept of the amounts of money paid to auxiliarie
What is a Payroll record
100
The total assets of an entity, minus its total liabilities, which represents the capital theoretically available for distribution to shareholders.
What is the Definition of Owner's Equity
200
Keeping record of these is a good way to control cash
What are Checks and Balances
200
This is the normal balance for an expense
What is a debit
200
The process when you transfer balances from the general journal to the general ledger
What is Posting
200
This tax includes two separate taxes. One is social security tax and the other is Medicare tax. Different rates apply for each of these taxes
What is the FICA tax
200
An owner of shares in a company
What is a shareholder
300
This is a financial statement that shows how changes in the balance sheet and income affect cash.
What is a Statement of Cash Flows
300
This is a type of asset that arises on a balance sheet as a result of a business making payments for goods and services to be received in the near future
What is a prepaid expense
300
A statement of all debits and credits within an accounting period.
What is a general ledger trial balance
300
A report listing and summarizing the compensation paid and deductions taken from each employee’s wages for the payroll period.
What is a Payroll Register
300
An easier method for conducting the accounting process as opposed to hand-written records
What is computerized accounting
400
What the current job market for Accountants is doing
What is Growing
400
What you do if an asset expiration does not clearly associate with revenues, that expiration becomes an expense of the period in which the firms consumes the benefits of that asset.
What is Expense Recognition
400
How often you are supposed to record transactions in the general journal
What is All the time
400
What the current Medicare AND Social Security Tax rates are in CT
What is 1.45% (Medicare) and 6.2% (Social Security)
400
A non-physical asset having a useful life greater than one year. An example would be a patent.
What is an intangible asset
500
This is the percentage of students fresh out of college nationwide who get jobs in their Accounting field of study
What is 82%
500
Determine the ending balance of accounts payable based on the following transactions:
1. Bought $3,000 worth of supplies on account
2. Paid a creditor $2,000 of what it was owed
3. Purchased new equipment for $4,000 on credit
What is $5,000.00
500
Another type of trial balance prepared to verify that the total dollar amount of debits in the general ledger equals the credits after the closing entries have all been made.
What is a Post-Closing Trial Balance
500
a) The normal balance for the account: Employee's Federal Income Tax Expense
b) The normal balance for the account: Federal Income Tax Payable
a) What is a debit
b) What is a credit
500
An accelerated depreciation method that counts twice as much of the asset’s book value each year as an expense compared to straight-line depreciation. The formula is:
Depreciation for a period=2*straight line depreciation percent*[(book value at beginning of period-salvage value)-accumulated depreciation)].
What is the Double-Declining Balance Depreciation Method