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Accounting Finale

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Quiz on Accounting Finale , created by jessicamarie186 on 19/08/2015.
jessicamarie186
Quiz by jessicamarie186, updated more than 1 year ago
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Created by jessicamarie186 over 9 years ago
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Resource summary

Question 1

Question
What does FUTA Stand for
Answer
  • Federal Unemployment Tax Administration
  • State Unemployment Tax Administration

Question 2

Question
What is Step 8 of the accounting Process
Answer
  • Post Closing Entires
  • Preparing Finical Statement

Question 3

Question
Which heading is correct for Income Statement
Answer
  • Finical Document, Company Name, Dates
  • Finical Document, Company Name, Date

Question 4

Question
What is Step three of the finical Statement
Answer
  • Analyze
  • Post to general Ledger

Question 5

Question
Which one is DR
Answer
  • Assest, W/D, Expense
  • Liability, Capital, Revenue

Question 6

Question
If you a credit transaction you have a debit transaction
Answer
  • True
  • False

Question 7

Question
If you have a debit transaction you have a debit transaction
Answer
  • True
  • False

Question 8

Question
What is posting to the general Ledger
Answer
  • Putting Transaction in the correct account
  • we use T-Chart and Show the balance using a footing

Question 9

Question
Prepaid is an asset
Answer
  • True
  • False

Question 10

Question
What is a Adjustment Balance
Answer
  • Beginning Balance-Ending Balance
  • Ending Balance- Beginning Balance

Question 11

Question
Are wages payable Debit or Credit?
Answer
  • Debit
  • Credit

Question 12

Question
Are Wages Expenses Debit or Credit?
Answer
  • Credit
  • Debit

Question 13

Question
Depreciation is when equipment gained value
Answer
  • True
  • False

Question 14

Question
What do you do when you are done with adjustments
Answer
  • Extend Worksheet
  • Create balance sheet

Question 15

Question
What are Adjusting Entires
Answer
  • Supplies/ Inventory
  • Wages Payable
  • Prepaid Expense
  • Depreciation

Question 16

Question
Is step Nine of the account Process
Answer
  • Post- Closing Trial Balance
  • Closing the books/ post closing entires

Question 17

Question
Defien Accural Accounting
Answer
  • 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

Question 18

Question
The difference between capital and cash is capital you invest
Answer
  • True
  • False

Question 19

Question
In the account T-Chart Debits are on the left?
Answer
  • True
  • False

Question 20

Question
Step three of the accounting formula is Posting to the General Ledger
Answer
  • True
  • False

Question 21

Question
What is the percentage of SS
Answer
  • 6.2%
  • 1.45%

Question 22

Question
What is the percentage of MDCR
Answer
  • 6.2%
  • 1.45%

Question 23

Question
Petty chas is an imp rest account its always changing
Answer
  • True
  • False

Question 24

Question
Bank Rec is to make sure the bank matches your books
Answer
  • True
  • False

Question 25

Question
Closed accounts
Answer
  • revenue
  • W/D
  • Expense
  • Credit
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