Merchandise Inventory
How do you get your balance up to date?
Adjust
Taxes that are the employers sole responsibility are considered to be a/an....
expense of the business
The title of the controlling account for the accounts payable ledger is....
Accounts Payable
What does 2/10 mean?
2% discount paid in 10 days
What is a check?
A written order to the bank that tells it to take a stated amount of your money out of your account and pay to another
What are the two Merchandise Inventory Accounts?
Merchandise Inventory (CR) and Income Summary (DR)
What two taxes are under the umbrella of FICA?
Social Security and Medicare
The Capital Statement of Owners Equity ending balance is found....
on the Balance Sheet
what does n/30 mean?
Pay net Balance due in 30 days
What are the tree types of endorsements?
1. Restricted
2. Special
3. Blank
What do you use instead of an expense account for Merchandise Inventory?
Income Summary
What form is used calculate the amount of allowances someone has?
W-4
One of the main purposes in preparing a balance sheet is to...
show the financial condition of a business on a specific date
How much interest will you pay for 60 days if you borrow $5000 at 10%
$40
What is the safest type of endorsement?
Restricted
What are the three methods of calculating inventory and what do they mean?
FIFO - price of merchandise purchased first
LIFO - price of merchandise purchased last
Weighted Average - using the average cost of beginning inventory plus merchandise purchased during a fiscal period
What does FUTA and SUTA stand for?
Federal Unemployment Tax Act
State Unemployment Tax Act
One feature of computerized accounting system is that a _______ is unnecessary.
Worksheet
What do you divide your interest for a year by to calculate the number of interest per day?
360
What is a Credit Memo?
Company giving you credit for returned merchandise
Order the three inventory methods from lowest to highest in value
What is a W-2?
A tax form that reports an employee's annual wages and the amount of taxes withheld from their paycheck
How are debits and credits used differently in an Automated Accounting System?
They are used the same way
You borrow $7500 at 5% - how much interest will you pay for 90 days?
$93.75
How do you file a deposit slip?
List the amount of money you want to deposit, subtotal, subtract any amount you want back, total, sign