stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Grade 11 Accounting Review Flashcards | StudBud
Explore
/
Grade 11 Accounting Review
Grade 11 Accounting Review
25 terms
·
StudBud Administration
·
1,253 plays
BAF3M Accounting Review
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
A creditor's account is always found in the
A/P ledger
All of the above
A/R ledger
General Ledger
2
Closing entries are done every month.
True
False
3
A person who owes your company money is called a
liability
creditor
debtor
I.O.U.
4
A contra account for sales is ...
Sales Returns and Allowance
Net Income
Discount Earned
Expenses
5
A person or business to whom money is owed is a creditor.
False
True
6
When inventory is tracked every day, the method being used is ...
bad
smart
periodic
perpetual
7
An account that does not get closed at the end of a fiscal year is called a _________ account.
Asset
Permanent/Real
Forever
Liability
8
What accounts are impacted when making adjustments for supplies used at the end of the year?
Supplies & Accumulated Depreciation - Supplies
Supplies Expense & Accounts Receivable
Supplies Expense & Accounts Payable
Supplies & Supplies Expense
9
The terms n/30 mean
30% discount
Balance is due after 30 days
balance is due within 30 days
Balance is due within 20 days
10
Which is
not
a method to depreciate fixed assets?
Straight-Line
Declining Balance
Single-Double Balance
11
An account that is closed at the end of each accounting period is called a
nominal account
real account
asset account
expense account
12
Merchandise Inventory is an asset in both a service and a merchandise business.
False
True
13
The total of the A/P sub-ledger accounts must agree with the
A/P control account
Bank account
A/R control account
General Ledger
14
The book of original entry is called the
General Journal
Trial Balance
General Ledger
Asset
15
Accounting is the best!
True
False
16
On a classified balance sheet, truck is an example of a _____________ asset.
fixed
debit
long-term
current
17
On a balance sheet, assets are listed in order of ....
cool factor
nominal value
alphabetical order
liquidity
18
Cost of Goods Sold is taken away from Sales to find Net Income.
False
True
19
When a business uses a subsidiary ledger, it means double posting for Accounts Payable.
False
True
20
A liability account always has a normal _____________ balance.
credit
negative
debit
positive
21
A current liability is due to be paid back in less than a year.
False
True
22
With a net loss, the income statement credit column would be higher than the debit column.
False
True
23
Accounting entries for prepaid insurance are called closing entries.
False
True
24
The Net Book Value of an asset is its
purchase cost less accumulated depreciation
purchase cost less depreciation expense
purchase cost plus accumulated deprecaition
purchase cost
25
Adjustments on a worksheet should have numbers for later reference.
True
False
