Business Accounting Final

Accounts Payable had a normal starting balance of $900. there were debit postings of $100 and credit postings of $450 during the month. The ending balance is:

$1250 credit

Jack's Online Service on April 30 has the following transactions:

$28,710

A receiving report includes:

All of the above

which form contains information about gross earnings and is given to the employee by January 31?

From W-2

what type of an account is Wages and Salaries Payable?

Liability

the financial statement that shows business results in terms of Revenue and Expenses is:

None of the above

there are two parts to FICA:

OASDI and Medicare

A form used in business to place an order for the buying of goods from a seller is:

Purchase order

Mid-West tutoring had the following payroll information on January 31:

a debit to wages and salaries expenses in the amount of $4,300

An accounting tool used to record increases and decreases in individual assets, liabilities, capital, revenue, expenses, and owners drawing is a(n):

account

the time period for which a statement of owners equity is prepared is a(n):

accounting period

closing entries are prepared:

all of the above are correct

Cash- Payroll Checking is a(n):

asset

The increase or decrease in Cash is reported on the:

balance sheet

the length of time the customer is allowed to repay the bill is the:

credit period

A $100 petty cash fund has cash of $20 and valid receipts for $40. The entry to replenish the fund would include a:

credit to Cash for $80

A deposit received by the bank will:

debit the cash account on the company's books

a payment for $51 is incorrectly recorded on the checkbook stub as $15. the $36 error should be shown on the bank reconciliation as:

deducted from the balance per books.

the time frame when customers are allowed to pay their bills and still be eligible for a discount is the:

discount period

wages and salaries expenses is:

equal to gross pay

NOT recording the prepaid rent expense used causes:

expenses to be too low

The term F.O.B. means

free on board

which report would an employer review if they wanted to check how much an employee has earned to date?

individual employee earnings record a Payroll register

accounts in which the balances are carried over from one accounting period to the next are called:

real accounts

Revenue is traditionally recognized in the accounting records when

services are rendered

an adjustment for prepaid rent expenses would indicate:

the amount expired

merchandise sold on credit was returned for credit and recorded with a debit to sales returns and allowances and a credit to accounts payable. this error will cause:

the assets to be overstated

Under the Fair Labor Standards Act, for any hours that an employee works over 40 during a work week:

the employee is paid time and a half

An example of an internal control is NOT:

the use of unnumbered checks

To compute federal income tax to be withheld:

use gross earnings, number of allowances, and marital status

when the term F.O.B. shipping point is used, title passes:

when goods are shipped