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STUDY 1
STUDY 2
STUDY 3
STUDY 4
STUDY 5
100
The account used to summarize the owners equity in a business
What is Capital
100
A check that the bank refuses to pay
What is Dishonored Check
100
A financial statement showing the revenue and expenses for a fiscal period
What is Income Statement
100
If the component percentage for gross profit on sales is 35.3% then?
35.3 cents out of every dollar of sales is gross profit
200
An amount of cash kept on hand and used for making small payment
What is Petty Cash
200
A decrease in owners equity resulting from the operation of a business
What is An Expense
200
The first digit in the account number 120 means that the account is in the
Asset Division
200
An increase in owners equity resulting from the operation from a business is
What is Revenue
200
What does EFT mean
What is Electronic Funds Transfer
300
The amount of federal income tax withheld from each employees earning is based on
What is Employee marital status and number of withholding allowances
300
A deposit slip is needed when
Money is placed in a bank account
300
How are the employee regular earnings calculated
Regular hours time regular rate
300
One factor to consider when determining if an action is ethical is
Whether it violates company policy
300
What is the Accounting Equation?
Assets = Liabilities + Owners Equity
400
Assets taken out of a business for the owners personal use
What is Withdrawals
400
The difference between total revenue and total expenses when total revenue is greater
What is Net Income
400
How are the payroll taxes for an employer classified before the payment is made
What is Liability
400
On the worksheet, the balance of an asset account is extended to the
What is Balance sheet debit column
400
What is the occupation of a person who plans, summarizes, analyzes, and interprets data?
What is an Accountant
500
A business that purchases and sells goods
What is Merchandising Business
500
A financial statement showing the balance of assets, liabilities and owner's equity on a specific date
What is Balance Sheet
500
If $100 is used to establish the petty cash account, which of the following would be the correct journal entries
Debit petty cash $100; Credit cash $100
500
On which type of bank account can payments be ordered by a depositor?
What is Checking Account
500
What kind of sale is conducted when cash is received at the time of the transactions?
What is Cash Sale