Accounting Semester 1: Exam

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Capital

Account used to close net income at the end of a fiscal period

Purchases

Account used to record buying or merchandise

Miscellaneous Expense

Account used to record expenses that do not fit into any other account

Accounts Receivable

Account used to record money that is due TO you

Advertising Expense

Account used to record purchase of commercial or a billboard to promote

Sales

Account used to record revenue of a business

Sales Tax Payable

Account used to record the tax paid by the customers for goods purchased

Which of the following accounts is NOT an asset? (Accounts Payable, Accounts Receivable, Prepaid Insurance)

Accounts Payable

Which of the following accounts is a liability account? (Wages Expenses, Supplies, Accounts Payable)

Accounts Payable

Which of the following accounts is an asset account? (Accounts Receivable, Sales, J. Smith/Capital)

Accounts Receivable

Resources owned by a company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as ___

Assets

The financial statement that reports the assets, liabilities, and stockholder's (owner's) equity at a specific date is the ___

Balance Sheet

Which financial statement does NOT cover a period of time? (Balance Sheet, Income Sheet)

Balance Sheet

Which account is NOT closed at the end of the accounting year? (Drawing, Cash, Sales)

Cash

Which of the following is a permanent account? (Cash, Sales, Wages Expense)

Cash

The listing of all of the accounts available for use in a company's accounting system is known as the ___ __ ___

Chart of Accounts

+ Capital Stock

Credit

+ Empl Inc Tax Payable

Credit

+ Mary Smith, Capital

Credit

+ Notes Payable

Credit

+ Purchase Discount

Credit

+ Sales Tax Payable

Credit

+ Service Revenue

Credit

A ___ entry is entered on the right side of the account

Credit

A typical entry in the account Sales will be a ___

Credit

What will usually cause the liability account Accounts Payable to increase?

Credit

Which term is associated with "right-side"?

Credit

When a check is written, the company's Cash account should be ___

Credited

When a company pays a bill, the account Cash will be ___

Creditied

Entries to revenues accounts such as Service Revenues are usually ___

Credits

Items recorded in the general journal are in order by ___ (Account Number, Date, Type of Transaction)

Date

+ Accounts Receivable

Debit

+ Cash

Debit

+ Mary Smith, Drawing

Debit

+ Petty Cash

Debit

+ Prepaid Insurance

Debit

+ Sales Returns & Allowances

Debit

+ Supplies

Debit

+ Supplies Expense

Debit

A ___ entry is entered on the left side of the account

Debit

A typical entry in the account Wages Expense will be a ___

Debit

What will usually cause an asset account to increase?

Debit

Which term is associated with "left-side"?

Debit

When cash is received, the company's Cash account should be ___

Debited

Entries to expenses such as Rent Expense are usually ___

Debits

When cash is received, the account Cash will be ___

Debitted

Which amount should be added to the balance per bank in a bank reconciliation? (Bank Service Charge, Deposits in Transit, Outstanding Checks)

Deposits in Transit

Which one of the following payroll taxes is withheld from an employee's pay but is not matched by the employer? (Federal Income Tax, Medicare Tax, Social Security Tax)

Federal Income Tax

Which one of the following is not withheld from an employee's wages or salary? (Federal Income Tax, Federal Unemployment Tax, FICA Tax)

Federal Unemployment Tax

A company's ___ ledger contains all of the accounts such as Rent, Expense, Supplies, and Interest Payable

General

The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the ___

Income Statement

A debit will cause the balance in a liability account to ___

Increase

Which of the following accounts is a temporary account? (Prepaid Insurance, Interest Expense, J. Smith/Capital)

Interest Expense

Which of the following accounts is a balance sheet account? (Interest Receivable, Sales, Interest Expense)

Interest Receivable

Which one of the following taxes applies to every dollar of every employee's wages or salary? (Federal Unemployment Tax, Medicare Tax, Social Security Tax)

Medicare Tax

Which account is closed at the end of the accounting year? (Petty Cash, Miscellaneous Expense, Prepaid Insurance)

Miscellaneous Expense

Revenues minus expenses equals ____

Net Income

Which amount should be deducted from the balance per bank when preparing a bank reconciliation? (Bank Service Charge, Deposits in Transit, Outstanding Checks)

Outstanding Checks

Assets minus liabilities equals ___ ___

Owner's Equity

The basic accounting equation is Assets = Liabilities + ___ ___

Owner's Equity

Liabilities often have the word ___ in their account title

Payable

Accounting entries involve a minimum of how many accounts?

Two


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