Accounting 2 Midterm
True
A company cannot report a gain or loss when buying or selling its own stock. True False
Stock Dividends is debited for $19,040
A company originally issued 16,000 shares of $8 par value common stock at $7 per share. The board of directors declares a 17% stock dividend when the market price of the stock is $11 a share. Which of the following is included in the entry to record the declaration of a stock dividend? A. Stock Dividends is credited for $29,920. B. Stock Dividends is debited for $19,040 C. Paid−In Capital in Excess of Par—Common is credited for $19,040. D. Stock Dividends is debited for $29,920.
Cash Dividends is debited for $26,000
A corporation declares a dividend of $2.00 per share on 13,000 shares of common stock. Which of the following is included in the entry to record the declaration? A. Paid−In Capital in Excess of Par—Common is credited for $26,000 .B. Cash Dividends is debited for $26,000 C. Dividends Payable—Common is debited for $26,000. D. Cash Dividends is credited for $26,000.
The situation should be described in a note to the financial statements.
A corporation has been sued for product failures allegedly resulting in injuries to the individuals bringing the lawsuit. The company's lawyers believe it is more than remote, but less than probable, that the lawsuit will result in an actual liability. Which of the following actions should be taken by the company's management? A. The liability should be estimated and recorded as an expense. B. The possible liability should be ignored. C. The situation should be described in a note to the financial statements. D. Management should consider resigning.
Can be discarded, sold, or exchanged for another plant asset
A fully depreciated plant asset ________ A. is no longer reported on the balance sheet B. can no longer be used in the business C. is removed from the accounting records D. can be discarded, sold, or exchanged for another plant asset
The possible liability should not be shown in the financial statements.
A restaurant is being sued because a customer claims to have found a bug in her chili. The company's lawyers believe there is only a remote possibility that the lawsuit will result in an actual liability. Which of the following actions should be taken by the company's management? A. The situation should be described in a note to the financial statements. B. The possible liability should not be shown in the financial statements. C. The liability should be estimated and accrued as an expense. D. An expense must be matched to the period in which the incident occurred
accounts payable
Amounts owed for products or services purchased on account are called ________. A. unearned revenue B. accounts payable C. warranty payable D. accrued expense
A credit to FICA—OASDI Taxes Payable for $1,109.80
Angie Pereira and Ferro Schwartz are employees of Free Star, Inc. In February 2025, Angie's gross pay was $6,000, and Ferro's gross pay was $11,900. All earnings are subject to FICA—OASDI Tax of 6.2% and FICA—Medicare Tax of 1.45%. Which of the following would be included in the entry to record the salaries expense for February? A. a credit to Salaries Expense for $1,109.80 B. a debit to Salaries Payable to employees for $1,109.80 C. a debit to FICA—Medicare Taxes Payable for $1,109.80 D. a credit to FICA—OASDI Taxes Payable for $1,109.80
the principal plus interest
At the maturity of a note payable, a borrower will pay ________. A. the principal amount only B. the principal plus interest C. the interest amount only D. the principal minus interest
payroll register
A ________ is a schedule that summarizes the earnings, withholdings, and net pay for each employee. A. cash ledger B. bin card C. payroll register D. bank reconciliation statement
Net income will be overstated.
A company's accountant capitalized a payment that should have been recorded as a revenue expenditure. How will this error affect the company's financial statements? A. Net income will be overstated. B. Assets will be understated C. Revenues will be understated. D. Liabilities will be understated.
Par drops to $5.50; total shares stay at 48,000
Ballpark has 48,000 shares of $11 par common stock outstanding. Ballpark announces a stock split of 4−for−1. What is the effect of the split? A. par drops to $5.50; total shares stay at 48,000 B. par stays at $11.00; total shares increase to 12,000 C. par drops to $2.75; total shares increase to 192,000 D. par goes to $44.00; total shares increase to
if they acquire another company at an amount higher than the market value of its net assets
Businesses record goodwill ____________________________ A. if they acquire another company at an amount higher than the market value of its net assets B. when they continue the business of an acquired company C. when they enjoy an outstanding reputation and loyalty with customers D. if their market value has increased significantly in the recent years
Warranty Expense 18,330 Estimated Warranty Payable 18,330
Classic Sales Corporation offers warranties on all their electronic goods. Warranty expense is estimated at 3% of sales revenue. In 2024, the company had $611,000.00 of sales. In the same year, it paid out $9,000.00 of warranty payments. Which of the following is the entry needed to record the estimated warranty expense? A. Warranty Expense 9,000 Estimated Warranty Payable 9,000 B. Warranty Expense 18,330 Estimated Warranty Payable 18,330 C. Warranty Expense 18,330 Sales Revenue 18,330 D. Estimated Warranty Payable 9,000Cash 9,000
passed dividends on cumulative preferred stock
Dividends in arrears are ________. A. a liability on the balance sheet B. passed dividends on common stock C. passed dividends on cumulative preferred stock D. passed dividends on noncumulative preferred stock
Deducted to arrive at an employee's net pay
Federal income taxes are ________. A. deducted to arrive at an employee's gross pay B. added to arrive at an employee's net pay C. deducted to arrive at an employee's net pay D. not borne by the employee
Salaries and Wages Payable 65,500 Cash 65,500
For the month of September, Seawide Sales, Inc. recorded gross pay of $70,750. The net pay for the month amounted to $65,500. The salaries are paid on October 5. Which of the following is the journal entry for the payment of salaries? A. Salaries and Wages Expense 65,500 Cash 65,500 B. Salaries and Wages Payable 70,750 Cash 70,750 C. Salaries and Wages Payable 65,500 Cash 65,500 D. Cash 70,750 Salaries and Wages Expense 70,750
modification for new use
Freeman Company owns a delivery truck. Which of the following costs, associated with the truck, will be capitalized and depreciated? A. normal engine repair B. replacement of tires C. modification for new use D. oil change and lubrication
The Treasury Stock account would decrease by $23,800.
If Tolan resold 1,700 shares of treasury stock for $17.5 per share, which of the following statements would be true? A. The Retained Earnings account would increase by $29,750. B. The Treasury Stock account would decrease by $47,600. C. The Paid−In Capital in Excess of Par—Common account would increase by $1,700. D. The Treasury Stock account would decrease by $23,800.
record an impairment loss
In 2024, a company purchased a small business for $250,000. The market value of the small business's assets was $400,000, and the market value of the liabilities was $200,000. The company recorded goodwill of $50,000 at the time of acquisition. At the end of 2025, it measured goodwill and found it had a remaining fair value of only $20,000. At year−end 2025, the company will ________. A. record an impairment loss B. record a gain in goodwill C. record accumulated depletion D. record a loss on sale of assets
FICA
It is mandatory for both the employer and employee to pay ________. A. federal unemployment tax B. FICA C. employee income tax D. SUTA
Estimated Warranty Payable 18,000 Merchandise Inventory 18,000
Masterpiece Sales Corporation offers warranties on all their electronic goods. Warranty expense is estimated at 4% of sales revenue. In 2025, the company had $608,000.00 in sales. In the same year, Masterpiece Sales replaced defective goods with goods that had a cost of $18,000.00. Which of the following is the entry needed to record the replacement of the defective goods? A. Estimated Warranty Payable 18,000 Merchandise Inventory 18,000 B. Warranty Expense 24,320 Merchandise Inventory 24,320 C. Warranty Expense 24,320 Estimated Warranty Payable 24,320 D. Warranty Expense 18,000 Estimated Warranty Payable 18,000
Nice will record neither a gain nor a loss.
Nice International originally issued 104,000 shares of common stock at a price of $23 per share. A year later, it distributed a 10% stock dividend to shareholders. At the time of the stock dividend, the share price had increased to $29 per share. Which of the following statements is true? A. Nice will record a loss of $62,400. B. Nice will record a gain of $62,400. C. Nice will record sales revenues of $239,200. D. Nice will record neither a gain nor a loss.
Debit Unearned Revenue $6,267, and credit Service Revenue $6,267.
On April 1, 2025, Orbit Services received $9,400 in advance of performing the services from a customer for three months of service — April, May and June. What would be the journal entry to adjust the accounts at the end of May? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.) A. Debit Unearned Revenue $6,267, and credit Service Revenue $6,267. B. Debit Service Revenue $3,133, and credit Unearned Revenue $3,133. C. Debit Service Revenue $6,267, and credit Accounts Receivable $6,267. D. Debit Unearned Revenue $9,400, and credit Service Revenue $9,400.
Debit Cash $3,500, and credit Unearned Revenue $3,500.
On August 31 of the current year, Allright Services received $3,500 in advance of performing the service. Which journal entry is needed to record the receipt of cash? A. Debit Unearned Revenue $3,500, and credit Cash $3,500 .B. Debit Cash $3,500, and credit Service Revenue $3,500. C. Debit Cash $3,500, and credit Unearned Revenue $3,500. D. Debit Unearned Revenue $3,500, and credit Service Revenue $3,500.
Credit Common Stock—$8 Par Value for $80,000 and credit Paid−In Capital in Excess of Par—Common $410,000
On December 2, 2024, Eshares, Inc. purchases land. In payment for the land, Eshares, Inc. issues 10,000 shares of common stock with $8 par value. The land has been appraised at a market value of $490,000. Which of the following is included in the journal entry to record this transaction? A. credit Common Stock—$8 Par Value for $80,000 and credit Paid−In Capital in Excess of Par—Common $410,000 B. debit Common Stock—$8 Par Value for $80,000 and debit Paid−In Capital in Excess of Par—Common $410,000 C. credit Common Stock—$8 Par Value for $490,000 D. debit Cash $490,000
Debit Dividends Payable—Common $105,000, and credit Cash $105,000.
On November 1, 2024, Nada, Inc. declared a dividend of $5.25 per share on common stock. Nada, Inc. has 20,000 shares of common stock outstanding and no preferred stock. The date of record is November 15, and the payment date is November 30, 2024. Which of the following is the journal entry needed on November 30, 2024? A. Debit Cash Dividends $105,000, and credit Dividends Payable—Common $105,000. B. Debit Cash $105,000, and credit Dividends Payable—Common $105,000. C. Debit Cash Dividends $105,000, and credit Cash $105,000 .D. Debit Dividends Payable—Common $105,000, and credit Cash $105,000.
Debit Cash Dividends $89,250, and credit Dividends Payable—Common $89,250.
On November 1, 2024, Uno, Inc. declared a dividend of $4.25 per share. Uno, Inc. has 21,000 shares of common stock outstanding and no preferred stock. Which of the following is the journal entry needed to record the declaration of the dividend? A. Debit Cash $89,250, and credit Dividends Payable—Common $89,250. B. Debit Cash Dividends $89,250, and credit Dividends Payable—Common $89,250. C. Debit Cash Dividends $89,250, and credit Cash $89,250. D. Debit Dividends Payable—Common $89,250, and credit Retained Earnings $89,250.
No journal entry is made on the date of record.
On November 1, 2025, Juno, Inc. declared a dividend of $3.00 per share on common stock. Juno, Inc. has 10,000 shares of common stock outstanding and 20,000 shares of preferred stock. The date of record is November 15, and the payment date is November 30, 2025. Regarding the date of record, which of the following statements is true? A. The company transfers cash to a brokerage firm on the date of record. B. The liability must be recorded on the date of record .C. Cash is disbursed to shareholders on the date of record. D. No journal entry is made on the date of record.
Determines who owns the shares of stock
On the date of record for a dividend, the company ________ A. determines who owns the shares of stock B. issues new shares of stock C. records the dividend payable amount D. disburses dividend payments to stockholders
declaration date
On the ________, cash dividends become a liability of a corporation. A. declaration date B. payment date C. last day of the fiscal year D. date of record
are held by the stockholders
Outstanding stock represents shares of stock that ________. A. are held by the stockholders B. have been authorized by state law C. have been issued but may or may not be held by stockholders D. give the owners certain advantages
amounts received from stockholders in exchange for stock
Paid−incapital consists of ________. A. amounts received from customers B. amounts received from stockholders in exchange for stock C. earnings generated by the corporation D. amounts raised by issuing bonds or preferred stocks
receive a dividend preference over common stockholders
Preferred stockholders ________. A. are guaranteed to receive an annual dividend payment B. receive a set percentage of corporation net income C. receive a dividend preference over common stockholders D. are guaranteed that they will not have a loss on their investment
debit to Cash for $208,000 and a credit to Common Stock—No−Par Value for $208,000
Pumpkin Corporation issued 8,000 shares of common stock on January 1, 2024. The stock has no par value and was issued at $26 per share. The journal entry for this transaction includes a ________. A. debit to Cash for $208,000 and a credit to Paid−In Capital in Excess of Par—Common for $208,000 B. credit to Cash for $208,000 and a debit to Common Stock—No−Par Value for $208,000 C. debit to Cash for $208,000 and a credit to Common Stock—No−Par Value for $208,000 D. credit to Cash for $208,000, a debit to Paid−In Capital in Excess of Par—Common for $8,000, and a debit to Common Stock—No−Par Value for
Gross pay minus all deductions such as income tax withheld equals net pay.
Regarding gross and net pay, which of the following statements is correct? A. Employers are required to deposit net pay into the employee's bank account. B. Net pay represents the total salaries and wages expense to the employer. C. Gross pay minus all deductions such as income tax withheld equals net pay. D. For most businesses, gross pay equals net pay.
If any impairment occurs, the company records a loss in the period in which the intangible asset was acquired.
Regarding impairment of intangible assets, which of the following statements is incorrect? A. Intangible assets are impaired when there has been a permanent decline in the value of the asset. B. Impairment occurs when the fair value of an intangible asset is less than the book value. C. Intangible assets with an indefinite life are tested for impairment annually. D. If any impairment occurs, the company records a loss in the period in which the intangible asset was acquired.
Debit Stock Dividends $302,400, credit Common Stock Dividend Distributable $18,900 and credit Paid−In Capital in Excess of Par—Common $283,500
Risingstar Corporation currently has 126,000 shares outstanding of $1 par value common stock. The stock was originally issued for $14 per share. On March 15, the board of directors declares a 15% stock dividend when the stock is selling for $16 per share. Which of the following is the correct journal entry to record this transaction? (Do not round intermediate calculations.) A. debit Paid−In Capital in Excess of Par—Common $302,400 and credit Retained Earnings $302,400 B. debit Stock Dividends $302,400, credit Common Stock Dividend Distributable $18,900 and credit Paid−In Capital in Excess of Par—Common $283,500 C. debit Common Stock Dividend Distributable $18,900, debit Paid−In Capital in Excess of Par—Common for $283,500 and credit Retained Earnings $302,400 D. debit Stock Dividends $302,400 and credit Common Stock Dividend Distributable B
board of directors of the company
Stock dividends are declared by the ________. A. board of directors of the company B. stockholders of the company C. chief executive officer of the company D. chief financial officer of the company
affects only stockholders' equity accounts
The distribution of a stock dividend ________. A. affects only stockholders' equity accounts B. decreases assets and increase liabilities C. decreases both assets and liabilities D. increases both dividends payable and cash
debit to Dividends Payable for $24,375
The entry to record the payment of a previously declared dividend of $1.25 per share on 19,500 shares of common stock includes a ________. A. debit to Cash Dividends for $24,375 B. debit to Cash $24,375 C. debit to Dividends Payable for $24,375 D. credit to Cash Dividends for $24,375
Residual value
The expected value of an asset at the end of its useful life is known as ________ A. residual value B. market value C. book value D. carrying value
in the same period that the company records the revenue related to that warranty
The matching principle requires businesses to report Warranty Expense ________. A. in the long−term assets section of the balance sheet B. in the period after the related revenue is recorded C. in the period prior to which the company records the revenue related to that warranty D. in the same period that the company records the revenue related to that warranty
the amount assigned by a company to a share of its stock
The par value of stock is ________. A. the current selling price of stock B. the highest price for which a share can sell C. the price paid if the corporation purchases its own stock back D. the amount assigned by a company to a share of its stock
decreases assets and stockholders' equity
The purchase of treasury stock ________. A. decreases assets and stockholders' equity B. increases assets and stockholders' equity C. decreases assets and increases stockholders' equity D. increases assets and decreases stockholders' equity
Internally generated equity that is earned by profitable operations that is not distributed to stockholders
The retained earnings of a corporation is ________. A. externally generated equity that is acquired from banks and other creditors B. internally generated equity that is received from employee stock purchases C. internally generated equity that is earned by profitable operations that is not distributed to stockholders D. externally generated equity that is contributed by shareholders
paid−in capital and retained earnings
The two basic sources of stockholders' equity are ________. A. common stock and preferred stock B. paid−in capital and retained earnings C. common stock and bonds D. no−par and stated value stock
Copyright
The type of intangible asset related to the exclusive right to reproduce and sell a book or intellectual property is a ________. A. Franchise B. Patent C. Copyright D. Trademark
a contra equity account
Treasury stock is ________. A. an asset account B. a contra equity account C. a liability account D. a contra asset account
Decreases the number of shares outstanding
Treasury stock ________. A. increases the number of shares outstanding B. increases the number of shares issued C. decreases the number of shares outstanding D. decreases the number of shares issued
oil change and lubrication
Westin Delivery Service owns a delivery truck. Which of the following costs, associated with the truck, will be treated as revenue expenditure? A. oil change and lubrication B. modification for new use C. addition to storage capacity D. major engine overhaul
Interest Payable is credited
When a business records accrued interest expense on a note payable, ________. A.Interest Payable is credited B. Cash is debited C. Note Payable is credited D. Interest Expense is credited
remains unchanged
When the corporation declares a stock dividend, a stockholder's percentage ownership in the stock of the corporation ________. A. will increase B. can increase or decrease C. will decrease D. remains unchanged
Sales Tax Payable
Which of the following accounts is credited by the seller when tax is collected on retail sales? A. Payroll Tax B. Sales Tax Payable C. Unearned Revenue D. Accounts Payable
Cash dividend declared
Which of the following actions will decrease the amount of Total Stockholders' Equity? A. stock split B. repayment of bond principal C. stock dividend declared D. cash dividend declared
the units−of−production method
Which of the following depreciation methods allocates a varying amount of depreciation to expense each year based on an asset's usage? A. the annuity method B. the straight−line method C. the units−of−production method D. the double−declining−balance method
The double−declining−balance method
Which of the following depreciation methods always allocates a higher amount of depreciation in earlier years than in later years? A. the double−declining−balance method B. the straight−line method C. the units−of−production method D. the first−in, first−out method
It is used in the operations of a business.
Which of the following is a characteristic of a plant asset, such as a building? A. It will have a negligible value at the end of its useful life. B. It is available for sale to customers in the ordinary course of business. C. It is used in the operations of a business. D. It has a short useful life.
To decrease the market price at which the stock is trading
Which of the following is a reason for a company to announce a stock split? A. to reward investors B. to increase total stockholders' equity C. to provide the shareholders with something of value, when the company cannot afford a cash dividend D. to decrease the market price at which the stock is trading
Neither a stock split nor a stock dividend will affect total assets or total liabilities.
Which of the following is a true statement regarding the effect of a stock split and stock dividend on total assets or liabilities? A. A stock split will increase total assets, but a stock dividend will not. B. Both a stock split and a stock dividend will increase total liabilities. C. Both a stock split and a stock dividend will decrease total assets. D. Neither a stock split nor a stock dividend will affect total assets or total liabilities.
Stockholders receive their proportionate share of any assets remaining after the corporation pays its debts and liquidates.
Which of the following is a true statement? A. Stockholders are guaranteed annual dividends. B. Stockholders may authorize a business contract on behalf of the corporation. C. Stockholders may vote only if they physically attend the annual stockholders' meeting. D. Stockholders receive their proportionate share of any assets remaining after the corporation pays its debts and liquidates.
limited liability of stockholders
Which of the following is an advantage of the corporate form of business? A. less degree of government regulation B. separation of ownership and management C. limited liability of stockholders D. low start−up costs
depletion
Which of the following is an expense that results from the usage of a natural resource? A. amortization B. depreciation C. depletion D. obsolescence
Cash is debited for $330,000.
Which of the following is included in the entry to record the issuance of 15,000 shares of $7 par value common stock at $22 per share for cash? A. Paid−In Capital in Excess of Par—Common is debited for $225,000. B. Common Stock is credited for $330,000 .C. Cash is debited for $330,000. D. Common Stock is debited for $105,000.
Treasury Stock—Common is debited for $420,000.
Which of the following is included in the entry to record the corporation's purchase of 40,000 shares of its common stock for $10.5 per share? A. Paid−In Capital from Treasury Stock Transactions is credited for $25,000. B. Treasury Stock—Common is debited for $420,000. C. Common Stock—$5 Par Value is credited for $200,000. D. Retained Earnings is debited for $420,000.
federal unemployment tax
Which of the following is paid by the employer only? A. employee income tax B. OASDI tax C. federal unemployment tax D. Medicare tax
Bonuses
Which of the following is pay over and above base salary, usually paid for exceptional performance? A. bonuses B. FICA C. wages D. benefits
federal income tax
Which of the following is required to be deducted from employees' paychecks? A. FUTA B. SUTA C. charitable contributions D. federal income tax
A patent must be capitalized and amortized over 20 years or less.
Which of the following is the correct accounting treatment for a patent? A. A patent must be capitalized and amortized over 20 years or less. B. A patent must be depreciated or impaired, but not amortized. C. A patent must be shown as a current asset on the balance sheet. D. A patent must be expensed, not capitalized, in the period in which it is purchased.
The liability should be estimated and recorded.
Which of the following is the proper treatment for a contingency that is probable but the exact amount of which is not known? The amount can be estimated. A. The liability should be estimated and recorded. B. The liability should be reported in the notes to the financial statements. C. The liability should be ignored. D. The liability should be doubled following conservatism.
It is a potential liability that depends on a future event.
Which of the following is true of a contingent liability? A. It is a potential liability that depends on a future event. B. It is a liability resulting from a lawsuit settled in court. C. It is an actual liability that depends on a past event. D. It is an actual liability that is difficult to estimate.
The earnings of a corporation may be subject to double taxation.
Which of the following is true of a corporation? A. The stockholders of a corporation have unlimited liability for the corporation's debt. B. A corporation cannot be privately held. C. A corporation has a limited life. D. The earnings of a corporation may be subject to double taxation.
Dividends are a distribution of cash, stock, or other property to stockholders
Which of the following is true of dividends? A. Dividends are a distribution of cash, stock, or other property to stockholders. B. Dividend payments increase stockholders' equity. C. Dividend payments decrease paid−in capital. D. Dividends increase assets and decrease total stockholders' equity of a corporation.
Goodwill is not amortized
Which of the following is true of goodwill? A. Goodwill is not amortized. B. Both created and acquired goodwill must be recorded in the books. C. Goodwill must be capitalized when acquired and amortized over seven years or less D. Goodwill must be expensed when acquired.
The asset's remaining depreciable book value will be spread over the asset's new useful life.
Which of the following is true when the estimate of an asset's useful life is changed? A. The asset's remaining depreciable book value will be spread over the asset's new useful life. B. The depreciation expense in the prior years is restated C. Prior years' financial statements must be restated. D. The new estimate is ignored until the last year of the asset's life.
patents, copyrights, trademarks
Which of the following items should be amortized? A. natural resources B. tangible property, plant, and equipment, other than land C. goodwill D. patents, copyrights, trademarks
The balance in Common Stock remains the same.
Which of the following occurs when a 2−for−1 stock split is declared? A. The balance in Common Stock remains the same. B. The balance in Common Stock is reduced to half the original amount. C. The balance in Common Stock doubles. D. The balance in Paid−in Capital in Excess of Par—Common doubles.
Stockholders' equity decreases.
Which of the following occurs when a cash dividend is declared? A. Liabilities decrease. B. Assets increase C. Liabilities remain unchanged D. Stockholders' equity decreases.
The number of outstanding shares increases to 60,000.
Which of the following occurs when the board of directors declares a 3−for−1 stock split on 20,000 outstanding shares of $22 par common stock? A. The par value of the stock remains the same .B. The number of outstanding shares remains at 20,000. C. The number of outstanding shares increases to 60,000. D. The par value of the stock increases to $44 per share.
Matching principle
Which of the following requires businesses to record depreciation? A. going concern principle B. matching principle C. revenue recognition principle D. cost principle
Cost to clear the land of old buildings
Which of the following should be included in the cost of land? A. cost of installing signage B. cost of installing fences C. cost to clear the land of old buildings D. cost to build sidewalks on the land
FICA—OASDI taxes
Which of the following taxes has a ceiling on the amount of annual earnings subject to tax? A. federal income tax B. FICA—OASDI taxes C. FICA—Medicare taxes D. sales tax
A debit to Sales Tax Payable
Which of the following would be included in the journal entry to record the payment of sales tax payable? A. a credit to Sales Tax Payable B. a credit to Sales Tax Expense C. a debit to Sales Tax Payable D. a debit to Sales Tax Expense
Commission
________ is pay stated as a percentage of a sale amount. A. Bonus B. Commission C. Salary D. Wage
Wage
________ is a pay amount stated at an hourly rate. A. Wage B. Commission C. Salary D. Bonus
