UIL Accounting Test

Vertical analysis can result from comparing each item on

A balance sheet with the amount of total assets on the balance sheet

Social responsibility Is

A concern for the impact of our actions on society as a whole

To check the equality of the ledger accounts after posting has been completed

A trial balance is prepared

What is depreciation

An expense that is incurred during an accounting period

When must each employer furnish each employee with an annual statement of earnings and withholdings

By January 31 of the following year

All of the following are items that cause a difference between the bank balance and the book balance except

Cancelled checks

Confirming or adapting ones actions to another's wishes, to a rule, or to necessity is known as

Compliance

In a bank reconciliation, a $400 NSF check is

Deducted from the checkbook balance

Which one of the following is a disadvantage of the corporate form of business ownership

Double taxation

Which type of account is income summary

Equity

Items reported on a corporation income statement that are not reported on a partnership income statement include

Federal income tax

Information for the worksheet is gathered from the

General Ledger Accounts

The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time such as the month or year is called a

Income statement

Describe the effect of the following journal entry on working capital, debit accumulated depreciation, equipment, 1000; credit equipment, 1000

Net income increases

A business owned by two or more people

Partnership

All of the following are financial statements of a sole proprietorship except

Statement of owners equity

A working paper used to summarize the general ledger information needed to prepare financial statements is called

The worksheet

The owners capital account is found in the

Trial balance credit column, adjusted trial balance credit column, and balance sheet credit column of a worksheet

Where does the authority for the functions and responsibilities of information management originate

United States Code and public law

A lost check with a bank endorsement can be cashed by

anyone who has the check

When a journal entry is posted to the general ledger, the date recorded in the general ledger account is

the date of the journal entry