Arts PNBE Comput/Accoun

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3% discount if paid in 15 days, with full payment due 30 days from date of invoice

The accounting expression "3/15, n/30" means a: Answer

Assets = Liabilities + Capital

The basic accounting equation is: Answer

CPU

The computer part that performs all the controlling, calculating, and processing functions is the: Answer

Balance

The difference between the total debits and the total credits in an account is the: Answer

Balance Sheet

The financial statement that shows the financial position of a company on a particular date: Answer

4.8

The following information is taken from the financial statement of Joan's Video Shop: Total current assets $48,000 Property, plant, and equipment 5,000 Current liabilities 12,000 Long-term liabilities 3,000 Owner's equity 38,000 Beginning inventory 30,000 Ending inventory 32,000 Cost of goods sold 150,000 Net income 40,000 The inventory turnover of Joan's Video is:

Debit side

The left side of a standard account is called the: Answer

Liability

The legal obligation of a business to pay a debt is called a(n): Answer

sole proprietorship

The most rudimentary form of business organization among small businesses is the Answer

owns the business

The owner of a sole proprietorship Answer

CPU

The portion of the computer that controls the functions of the system and is composed of the 3 sub-units called the control unit, arithmetic unit, and memory unit is the: Answer

Depreciation accounting

The process of allocating the cost of plant and equipment to the periods expected to benefit from the use of these assets is called:

Proving the cash

The process of determining whether the amount of cash, both on hand and in bank, is the same as amount entered in the accounting records is called: Answer

Credit column

The right-hand amount column of a standard two-column ledger account form is called the: Answer

Accounting cycle

The steps involved in handling all of the transactions and events completed during an accounting period, beginning with placing the data in a book of original entry and ending with a post-closing trial balance, are referred to collectively as the: Answer

Disks

The terms hard and floppy describe types of: Answer

Assets

The things of value owned by a business are called: Answer

Liabilities and owner's equity

The two main classifications of claims against a firm's assets are: Answer

General ledger

The type of ledger that contains all of the accounts shown on the trial balance is known as a(n): Answer

Formal organization

The use of written policies, budgets, and job descriptions is most closely associated with which of the following stages of growth? Answer

Human relations

Theory X and Y are associated with what school of management? Answer

Format the diskette

To erase and prepare a diskette for use in a computer requires the operator to: Answer

Hardware

What general term describes the physical equipment of a computer system, such as its video screen, keyboard, and storage devices? Answer

Clip art

What is a picture that is saved to a diskette and can be pasted into a document? Answer

Producing written documents

What is the PRIMARY function of word-processing software? Answer

To read from or write information to a floppy disk

What is the function of a disk drive? Answer

$6.67

What is the interest on a $1,000 note for 1 month at an 8% annual interest rate? Answer

$22.50

What is the interest on a $1,000 note for 3 months at a 9% annual interest rate? Answer

Credited

When a net profit is closed to capital, the capital account is: Answer

Not affected

When cash is spent in the acquisition of an asset, the net worth of the business is: Answer

Central processing unit

Which is not a peripheral? Answer

Market analysis

Which is the most crucial part of a new business plan? Answer

Liability

Which of the following accounts normally has a credit balance? Answer

1, 2, and 4 only

Which of the following are input devices for a computer? 1-Mouse 2-Keyboard 3-Printer 4-Modem Answer

A voluntary association of two or more persons to carry on, as co-owners, a business for profit

Which of the following best defines a partnership? Answer

Sending information to a host computer

Which of the following best describes uploading information? Answer

The corporation itself

Which of the following entities is liable for a corporation's debts? Answer

Formulating policies

Which of the following illustrates the management function of planning? Answer

Monitor/display

Which of the following is a computer output device? Answer

Memory Chip

Which of the following is a part of the CPU of a computer? Answer

Journal, ledger, trial balance, financial statements

Which of the following is the correct sequence of accounting procedures? Answer

Partnership

Which of the following legal forms of an organization allows owners to contribute no capital but still play a part in managing the business and share in its profits? Answer

2, 3, 4, 1

Which of the following lists the proper order of accounting procedures? 1-Financial Statements 2-Journal 3-Ledger 4-Trial Balance Answer

E-mail

Which one of the following is the computer equivalent of a FAX? Answer

Baud rate

Which term refers to the speed at which information is telecomputed? Answer

Allows sophisticated search strategies

Compared with a traditional card catalog, which of the following is an advantage of an electronic card catalog? Answer

Allows the user almost instant access to customer balances

Computer software for accounts receivable: Answer

Occupational Safety and Health Act

Employers are required by the following law to provide a workplace free from harmful hazards: Answer

2 and 4 only

Examples of vertical market software would be: 1-Microsoft Office 2-The Funeral Director's Assistant 3-Microsoft PowerPoint 4-Funeral Directors Management System (FDMS 2000) Answer

Social Security

FICA refers to what taxes? Answer

Graphing and clip art

For a social studies report, Fred needs to illustrate the products of North Carolina with pictures and comparison graphs. He would most likely use what software programs? Answer

Employee's withholding allowance certificate

Form W-4 is a(n): Answer

Net sales

Gross sales minus sales returns and allowances and minus discounts on sales, yields: Answer

Default values

If the operator does not assign values in computer operations, the computer automatically can assign: Answer

Net profit

If the total of expenses is smaller than the total of revenues, the difference is termed: Answe

a partner can legally bind all members of the firm.

In a partnership, each partner has agency power, which means that Answer

Equal to his/her responsibility

Management theory holds that an employee's authority should be: Answer

Interest

Money paid for the use of money is called: Answer

Laser printers

Output devices that fuse dry ink to paper with pressure and heat are: Answer

government, usually through a secretary of state

Permission to incorporate a business comes from the Answer

Disks

Telecomputing involves the transmission of all of the following except which one? Answer

Liquid

Assets that are easily converted into cash are termed: Answer

Postclosing trial balance

A trial balance of the general ledger accounts taken after the temporary owner's equity accounts have been closed is referred to as: Answer

Type a biography

A word processor would most likely be used to do which of the following? Answer

96 million characters

96 megabytes would be roughly equivalent to: Answer

Creditor

A business or individual to whom a debt is owed is a: Answer

Motherboard

A circuit board that contains most of the electronic components of the system unit is called the:

prepared by an attorney

A corporate charter should be Answer

is chartered under state laws

A corporation Answer

Accounts payable

A debit to the purchases account would have a corresponding credit in which of the following accounts? Answer

the lack of limits on personal liability

A disadvantage of a sole proprietorship is Answer

Backup

A duplicate of an original program or data made as a precaution against loss or damage of the original is called: Answer

Subtracting the cost of supplies on hand from the balance in the supplies account

A funeral home determines the amount of supplies used by which of the following methods?

44%

A funeral home has $90,000 of accounts receivable. $50,000 of that is current, $10,000 is in the 30 to 60 day column, $20,000 is in the 60 to 90 day column, and $10,000 is over 90 days. What percent of the accounts receivable is past due? Answer

33%

A funeral home shows the following balances: sales = $1,000,000 sales discounts = $100,000 cost of goods sold = $600,000 The gross profit percentage is: Answer

is capable of legally contracting

A key characteristic of a partnership is that each partner Answer

Quick asset ratio

A liquidity ratio that measures the ability of a firm to meet its current debt on short notice is called the: Answer

Floppy Disk

A plastic disc on which data can be stored magnetically is called a: Answer

Lotus 1-2-3

A popular software package that uses electronic spreadsheets for entry of numbers is: Answer

Sacrifice salaries and dividends when necessary

A primary benefit of the strength of family businesses is the willingness of family members to:

assumes all losses of the business

A sole proprietor Answer

Introductory functional stage

A son or daughter begins to act as a part-time employee in the family business during the: Answer

cannot be a nonresident alien

A stockholder in a Subchapter S corporation Answer

Accounts payable

A transaction in which caskets are bought on account from a supplier should be recorded as a credit to: Answer

Goods available for sale

Adding the beginning merchandise inventory to the purchases for the period yields: Answer

A collection of country-music CD's

All of the following are examples of electronic databases except which one? Answer

Computer

An electronic device that can accept data, perform instructions on the data, and deliver the results of the processed data is called (a):

Creative challenge

An example of a non-financial incentive for employees is: Answer

Income

An increase in proprietorship as a result of a business transaction is considered: Answer

An asset

Anything of value owned is considered: Answer

Software

Before selecting a computer for use in a funeral home, you should determine the correct: Answer

Goods available for sale

Beginning inventory plus purchases for the period yields: Answer

Cost of producing that revenue

Break-even analysis is a method of showing the relationship between sales revenue and: Answer

From _______ to _______

Bryan has created a 10-page story but wants to print only the first two pages. Which printer command should he select?

Unearned

Income received in advance is: Answer

product and development efforts.

Large manufacturers have been known to form strategic alliances with small manufacturers in order to benefit from the smaller firms' Answer

great promise

Looking to the future, strategic alliances represent _____ for small entrepreneurial firms. Answer

Supercomputers, mainframes, minicomputers, microcomputers

Size is commonly used to classify computer systems into basic categories: Answer

Shareware

Software programs that allow you to legally copy them, and/or give them away at no cost are known as what software type? Answer


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