What does FUTA Stand for
Federal Unemployment Tax Administration
State Unemployment Tax Administration
What is Step 8 of the accounting Process
Post Closing Entires
Preparing Finical Statement
Which heading is correct for Income Statement
Finical Document, Company Name, Dates
Finical Document, Company Name, Date
What is Step three of the finical Statement
Analyze
Post to general Ledger
Which one is DR
Assest, W/D, Expense
Liability, Capital, Revenue
If you a credit transaction you have a debit transaction
If you have a debit transaction you have a debit transaction
What is posting to the general Ledger
Putting Transaction in the correct account
we use T-Chart and Show the balance using a footing
Prepaid is an asset
What is a Adjustment Balance
Beginning Balance-Ending Balance
Ending Balance- Beginning Balance
Are wages payable Debit or Credit?
Debit
Credit
Are Wages Expenses Debit or Credit?
Depreciation is when equipment gained value
What do you do when you are done with adjustments
Extend Worksheet
Create balance sheet
What are Adjusting Entires
Supplies/ Inventory
Wages Payable
Prepaid Expense
Depreciation
Is step Nine of the account Process
Post- Closing Trial Balance
Closing the books/ post closing entires
Defien Accural Accounting
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
The difference between capital and cash is capital you invest
In the account T-Chart Debits are on the left?
Step three of the accounting formula is Posting to the General Ledger
What is the percentage of SS
6.2%
1.45%
What is the percentage of MDCR
Petty chas is an imp rest account its always changing
Bank Rec is to make sure the bank matches your books
Closed accounts
revenue
W/D
Expense
