9. Indicate which entry records disbursements for a cash basis bookkeeping system. Cash Expense Cash Accounts Payable Expense Cash Accounts Payable 10. What is double entry bookkeeping? A self-balancing set of books requiring each transaction to be posted to two different accounts Recording one transaction in two journals by using carbon paper, Maintaining two sets of books. Double-checking each entry to ensure accuracy. Recording transactions in a ledger, then posting the total of these to the general journal. 11. Indicate which entry records purchases on the accrual basis of accounting. Expense Accounts Payable Expense Cash Expense Accounts Payable Expense todata nerations Mob Posting D0201 General Accounting Test Y&C.doc + Cleveland, OH 0. 561201035 12. Which entry records sales on account: Sales Accounts Receivable Sales Cash Sales Accounts Receivable Sales 13. A balance sheet gives the financial condition of a business for: 1. A one-month period. A period of time depending on the months elapsed in the current year. A one-year period - after the books have been closed. Any given day which is shown in the balance sheet. None of the above. 14. What is a trial balance? Testing an account to determine if it is in balance. A detailed listing of general ledger account balances. A detailed listing of accounts receivable balances. Preliminary total of customer charges before billing. A grand total of the docket register. Cleveland, OH 44101-6686 501035 15. Check the three payroll taxes most frequently paid on New York employees Industrial insurance Union trust funds FICA State welfare & ald fund Property taxes (real & personal) Federal unemployment State unemployment Business and occupational taxes Workers benefit fund 16. What is the accrual basis of accounting? Recording income when earned and expenses when cash is disbursed Recording income when cash is received and expenses when incurred. Recording income when earned and expenses when incurred regardless of the period in which the cash is received or disbursed. w Recording income as cash is received and expense as cash is dispersed. None of the above. 18. What types of payroll tax returns are typically filed at the end of the fourth quarter? The same returns that are filed during the first second, and third quarters The same returns that are filed during the first second, and third quarters plus W-2s, 1099, 940, 943, and Form 944. W-2s, 1099s, and Form 940 only. No returns are necessary at the end of fourth quarter. The same returns that are filed during the first second, and third quarters plus W-2s, 1099s, Form 940, and Form 913
