If a plumber makes $10 an hour and works 39 hours a week, he would have this as his gross earnings.
What is $390?
100
Cash in Bank and Accounts receivables are both in this part of the Accounting Equation.
What are Assets?
100
What FIFO stands for.
What is First In First Out?
100
The three methods of paying employees are salary, hourly wage and this type.
What is commission (or salary plus commission)?
100
Various amounts subtracted from an employees gross earnings.
What are deductions?
200
If a store employee makes $10 an hour and works 45 hours in a week, this is her gross earnings.
What is $475?
200
This is a report of the balance of all asset, liability, and owner's equity accounts at the end of an accounting period.
What is a Balance Sheet?
200
What LIFO stands for.
What is Last In First Out?
200
How to calculate overtime rate of pay.
What is 1.5 times hourly rate?
200
It's what FICA stands for.
What is Federal Insurance Contributions Act?
300
If a person's gross earnings are $100 for a week, this is their Social Security deduction.
What is $6.20?
300
The bottom total of an income statement.
What is net income/(loss)?
300
The two main types of inventory systems.
What Perpetual and Periodic Inventory Systems?
300
Social Security Tax and Medicare Tax together make up this deduction.
What is FICA?
300
Electronic Cash Registers that keep track of inventory.
What are Point of Sale Terminals?
400
If a person's gross earnings are $1000, this is her FICA deduction.
What is $7.65?
400
It's what GAAP stands for.
What is Generally Accepted Accounting Principles?
400
The value of the beginning inventory plus the value of the ending inventory divided by 2.
What is the Average Inventory?
400
The two main types of deduction.
What are deductions required by law and voluntary deductions?
400
An inventory costing method in which the exact cost of each item is determined and assigned to an item.
What is Specific Identification Method?
500
Ann had $45,000 in inventory at the beginning of the year. She ordered $70,000 of inventory throughout the year. At the end of the year, she had $40,000 worth of inventory. This is her Cost of Merchandise sold?
What is $75,000?
500
A situation where the owner of a business is responsible to pay the business debts out of person funds; it's a disadvantage of sole proprietorship.
What is unlimited liability?
500
The number of times you sell your inventory in a given period of time.
What is the Inventory Turnover?
500
If Jane works for $200 per week plus 15% commissions and her sales for the week are $1000, this is her gross earnings for the week.
What is $350?
500
LIFO assumes that these items are the first to be purchased.