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Quiz on Accounting Finale , created by jessicamarie186 on 19/08/2015.

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Accounting Finale

Accounting Finale

Question 1 of 25

1

What does FUTA Stand for

Select one of the following:

  • Federal Unemployment Tax Administration

  • State Unemployment Tax Administration

Explanation

Question 2 of 25

1

What is Step 8 of the accounting Process

Select one of the following:

  • Post Closing Entires

  • Preparing Finical Statement

Explanation

Question 3 of 25

1

Which heading is correct for Income Statement

Select one of the following:

  • Finical Document, Company Name, Dates

  • Finical Document, Company Name, Date

Explanation

Question 4 of 25

1

What is Step three of the finical Statement

Select one of the following:

  • Analyze

  • Post to general Ledger

Explanation

Question 5 of 25

1

Which one is DR

Select one of the following:

  • Assest, W/D, Expense

  • Liability, Capital, Revenue

Explanation

Question 6 of 25

1

If you a credit transaction you have a debit transaction

Select one of the following:

  • True
  • False

Explanation

Question 7 of 25

1

If you have a debit transaction you have a debit transaction

Select one of the following:

  • True
  • False

Explanation

Question 8 of 25

1

What is posting to the general Ledger

Select one or more of the following:

  • Putting Transaction in the correct account

  • we use T-Chart and Show the balance using a footing

Explanation

Question 9 of 25

1

Prepaid is an asset

Select one of the following:

  • True
  • False

Explanation

Question 10 of 25

1

What is a Adjustment Balance

Select one of the following:

  • Beginning Balance-Ending Balance

  • Ending Balance- Beginning Balance

Explanation

Question 11 of 25

1

Are wages payable Debit or Credit?

Select one or more of the following:

  • Debit

  • Credit

Explanation

Question 12 of 25

1

Are Wages Expenses Debit or Credit?

Select one or more of the following:

  • Credit

  • Debit

Explanation

Question 13 of 25

1

Depreciation is when equipment gained value

Select one of the following:

  • True
  • False

Explanation

Question 14 of 25

1

What do you do when you are done with adjustments

Select one of the following:

  • Extend Worksheet

  • Create balance sheet

Explanation

Question 15 of 25

1

What are Adjusting Entires

Select one or more of the following:

  • Supplies/ Inventory

  • Wages Payable

  • Prepaid Expense

  • Depreciation

Explanation

Question 16 of 25

1

Is step Nine of the account Process

Select one of the following:

  • Post- Closing Trial Balance

  • Closing the books/ post closing entires

Explanation

Question 17 of 25

1

Defien Accural Accounting

Select one or more of the following:

  • Has a right to something at the time wither received or payed it is a revenue or expense

  • Has a right to something at the time wither received or Payed it is a Credit

Explanation

Question 18 of 25

1

The difference between capital and cash is capital you invest

Select one of the following:

  • True
  • False

Explanation

Question 19 of 25

1

In the account T-Chart Debits are on the left?

Select one of the following:

  • True
  • False

Explanation

Question 20 of 25

1

Step three of the accounting formula is Posting to the General Ledger

Select one of the following:

  • True
  • False

Explanation

Question 21 of 25

1

What is the percentage of SS

Select one of the following:

  • 6.2%

  • 1.45%

Explanation

Question 22 of 25

1

What is the percentage of MDCR

Select one of the following:

  • 6.2%

  • 1.45%

Explanation

Question 23 of 25

1

Petty chas is an imp rest account its always changing

Select one of the following:

  • True
  • False

Explanation

Question 24 of 25

1

Bank Rec is to make sure the bank matches your books

Select one of the following:

  • True
  • False

Explanation

Question 25 of 25

1

Closed accounts

Select one or more of the following:

  • revenue

  • W/D

  • Expense

  • Credit

Explanation

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