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Questions and Answers of
College Accounting
A credit sale of $250 plus a 6% sales tax would require a debit to Accounts Receivable of(a) $15. (c) $30.(b) $280. (d) $265.
When $25 of merchandise is returned for a credit on account, what is the amount of the credit to Accounts Receivable, assuming a 6% sales tax rate?(a) $1.50 (c) $26.50(b) $25.00 (d) $31.00
When $300, plus sales tax of 6%, is received for an amount previously owed, Cash is debited for what amount?(a) $18 (c) $300(b) $318 (d) $282
When credit sales are $325 plus sales tax of 5%, and there is a bank credit card fee of 3%, what is the debit to Bank Credit Card Expense?(a) $16.25 (c) $341.25(b) $10.24 (d) $331.01
Cash receipts shoulda) be posted to customer accounts daily.b) be posted to customer accounts weekly.c) be posted to customer accounts at the end of the month.d) not be posted.
In the purchasing process, the purchase invoice is the first document prepared. True/False
A sales invoice prepared by the seller is called a purchase invoice by the buyer. True/False
A trade discount is a reduction from the list or catalog price offered to different classes of customers. True/False
Purchases Returns and Allowances is debited when merchandise is returned for credit. True/False
FOB shipping point means that transportation charges are paid by the seller. True/False
A purchase of merchandise for $300 with a trade discount of 10% would require a debit to Purchases of(a) $330. (c) $297.(b) $300. (d) $270.
In the income statement, Freight-In is(a) added to purchases. (c) added to sales.(b) subtracted from purchases. (d) subtracted from cost of goods sold.
The difference between net sales and cost of goods sold is called(a) gross profit. (c) goods available for sale.(b) net purchases. (d) the bottom line.
The difference between merchandise available for sale and the end-of-period merchandise inventory is called(a) gross profit. (c) net sales.(b) net purchases. (d) cost of goods sold.
A purchase invoice for \($1,200\) with credit terms 2/10, n/30, and a return of \($300\) received by the seller prior to payment, is paid within the discount period. A check should be sent for(a)
What steps are used to post purchases returns and allowances from the general journal to the general ledger and accounts payable ledger?
Expenses are listed on the income statement as they appear in the chart of accounts or in descending order (by dollar amount). True/False
Additional investments of capital during the month are not reported on the statement of owner’s equity. True/False
The income statement cannot be prepared using the work sheet alone. True/False
A classified balance sheet groups similar items together such as current assets. True/False
Temporary accounts are closed at the end of each accounting period. True/False
Which of these types of accounts is considered a “permanent” account?
Which of these accounts is considered a “temporary” account?
Which of these is the first step in the closing process?
The is prepared after closing entries are posted to prove the equality of debit and credit balances.
Steps that begin with analyzing source documents and conclude with the post-closing trial balance are called the(a) closing process. (c) adjusting entries.(b) accounting cycle. (d) posting process.
The primary purpose of a bank reconciliation is to detect and correct errors made by the bank in its records. True/False
NSF checks are subtracted from the bank's ending balance on the bank reconciliation. True/False
The bank service charge requires a journal entry to record its effects on the cash account. True/False
Unrecorded ATM withdrawals are added to the checkbook balance on the bank reconciliation. True/False
The petty cash record is a journal of original entry (entries are posted from it to the general ledger accounts). True/False
To establish a petty cash fund, which account is debited?(a) Cash (c) Miscellaneous Expense(b) Petty Cash (d) Revenue
When the cash short and over account has a debit balance at the end of the month, it is considered(a) an expense, (c) revenue.(b) an asset. (d) a liability.
Which of these could be added to the ending checkbook balance?(a) service charges (c) checkbook errors(b) NSF check (d) outstanding checks
Which of these is subtracted from the ending checkbook balance?(a) deposits in transit (c) note collection(b) service charges (d) bank errors
Which of these is added to the ending bank statement balance?(a) outstanding checks (c) checkbook errors(b) service charges (d) deposits in transit.
The balance in the checking account of Violette Enterprises as of October 31 is \($4,765.00.\) The bank statement shows an ending balance of \($4,235.00.\) The following information is discovered by
An independent contractor is one who works under the control and direction of an employer. True/False
Government laws and regulations regarding payroll are more complex for employees than for independent contractors. True/False
Compensation for skilled or unskilled labor expressed in terms of hours, weeks, or units is called salary. True/False
An employee’s total earnings is called gross pay. True/False
A payroll register is a multi-column form used to assemble the data required at the end of each payroll period. True/False
Jack Smith is married, has a spouse who is not employed, has five dependent children, and does not anticipate large itemized deductions. How many withholding allowances is Smith entitled to?(a) 5(b)
A separate record of each employee’s earnings is called a(n)(a) payroll register. (c) W-4.(b) employee earnings record. (d) earnings statement.
Nancy Summers worked 44 hours during the past week. She is entitled to 1% times her regular pay for all hours worked in excess of 40 during the week. Her regular rate of pay is $12.00. Social
2% and Medicare tax is withheld at the rate of
45%; federal income tax withheld is $68; and $5 of union dues are withheld. Her net pay for the week is(a) $440.89.(b) $472.00.(c) $552.00.(d) $436.78.
Social Security Tax Payable and Medicare Tax Payable are classified as(a) liabilities. (c) Owner’s equity.(b) assets. (d) expenses.
For each of the following transactions, list the account to be debited and the account to be credited in the general journal.1. Invested cash in the business, $5,000.2. Paid office rent, $500.3.
Set up T accounts for each of the general ledger accounts needed for Exercise 4-2A and post debits and credits to the accounts. Foot the accounts and enter the balances. Prove that total debits equal
The matching principle in accounting requires the matching of debits and credits. True/False
Adjusting entries are required at the end of the accounting period because of mistakes in the journal and ledger. True/False
As part of the adjustment of supplies, an expense account is debited and Supplies is credited for the amount of supplies used during the accounting period. True/False
Depreciable cost is the difference between the original cost of the asset and its accumulated depreciation. True/False
The purpose of depreciation is to record the asset’s market value in the accounting records. True/False
The purpose of depreciation is to(a) spread the cost of an asset over its useful life.(b) show the current market value of an asset.(c) set up a reserve fund to purchase a new asset.(d) expense the
Depreciable cost is the(a) difference between original cost and accumulated depreciation.(b) difference in actual cost and true market value.(c) difference between original cost and estimated salvage
Book value is the(a) difference between market value and estimated value.(b) difference between market value and historical cost.(c) difference between original cost and salvage value.(d) difference
The adjustment for wages earned but not yet paid is(a) debit Wages Payable and credit Wages Expense.(b) debit Wages Expense and credit Cash.(c) debit Wages Expense and credit Wages Payable.(d) debit
The first step in preparing a work sheet is to(a) prepare the trial balance.(b) prepare the adjustments.(c) prepare the adjusted trial balance.(d) extend the amounts from the Adjusted Trial Balance
What is a contra-asset?
What is an asset's depreciable cost?
Source documents serve as historical evidence of business transactions. True/False
No entries are made in the Posting Reference column at the time of journalizing. True/False
When entering the credit item in a general journal, it should be listed after all debits and indented. True/False
The chart of accounts lists capital accounts first, followed by liabilities, assets, expenses, and revenue. True/False
When an incorrect entry has been journalized and posted to the wrong account, a correcting entry should be made. True/False
The process of copying debits and credits from the journal to the ledger is called(a) journalizing.(b) posting.(c) cross-referencing.(d) sliding.
To purchase an asset such as office equipment on account, you would credit which account?(a) Cash(b) Accounts Receivable(c) Accounts Payable(d) Capital
When fees are earned but will be paid later, which account is debited?(a) Cash(b) Accounts Receivable(c) Accounts Payable(d) Capital
When the correct numbers are used but are in the wrong order, the error is called a(a) transposition.(b) slide.(c) ruling.(d) correcting entry.
A revenue account will begin with the number in the chart of accounts.(a) 1(b) 2 (c) 3(d) 4
Refer to the trial balance of Harold’s Home Repair in Problem 3-13A to determine the following information. Use the format provided below. 1. a. Total revenue for the month b. Total expenses for
Complete the following questions using either “debit” or “credit”: (a) The asset account Prepaid Insurance is increased with a (b) The owner's drawing account is increased with a (c) The
Complete the following questions using either “debit” or “credit”: (a) The cash account is increased with a (b) The owner's capital account is increased with a (c) The delivery equipment
The following accounts have normal balances. Prepare a trial balance for Juanita’s Delivery Service as of September 30, 20--. Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment
Based on Problem 2-9B, prepare a balance sheet for David Segal as of October 31, 20--.Data from in Problem 2-9BDavid Segal started a business. During the first month (October 20--), the following
Foot and balance a T account.
Describe the effects of debits and credits on specific types of accounts.
Use T accounts to analyze transactions.
Prepare a trial balance and explain its purposes and linkages with the financial statements.
Celia Pints opened We-Buy, You-Pay Shopping Services. For a fee that is based on the amount of research and shopping time required, Pints and her associates will shop for almost anything from
To debit an account is to enter an amount on the left side of the account. True/False
Liability accounts normally have debit balances. True/False
Increases in owner’s equity are entered as credits. True/False
Revenue accounts normally have debit balances. True/False
To credit an account is to enter an amount on the right side of the account. True/False
A debit to an asset account will decrease it. True/False
A common example of an asset isa) Professional Fees.b) Rent Expense.c) Accounts Receivable.d) Accounts Payable.
To record the payment of rent expense, an accountant would(a) debit Cash; credit Rent Expense.(b) debit Rent Expense; debit Cash.(c) debit Rent Expense; credit Cash.(d) credit Rent Expense; credit
The accounting equation may be expressed as(a) Assets = Liabilities - Owner’s Equity.(b) Assets = Liabilities + Owner’s Equity.(c) Liabilities = Owner’s Equity — Assets.(d) all of the above.
Liability, owner’s equity, and revenue accounts normally havea) debit balances.b) large balances.c) negative balances.d) credit balances.
An investment of cash by the owner willa) increase assets and owner’s equity.b) increase assets and liabilities.c) increase liabilities and owner’s equity.d) increase owner’s equity; decrease
Describe the purpose of accounting.
Describe the accounting process.
Define GAAP and describe the process used by FASB to develop these principles.
Define three types of business ownership structures.
Classify different types of businesses by activities.
Identify career opportunities in accounting.
Define the accounting elements.
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