Mortuary NBE Study Questions- Accounting & Small Business Management

The process of ledger recording of information is called

A partnership is limited to 2 individuals who both participate in the profits of the bus according to some agreement

The sole owner of a business is the

The time an owner allows for the payment of a sale is a/an

A decrease in net worth because of excess of costs and expenses over income is called

A CR entry on an expense account indicates the account has been

A book entry of a particular type of transaction is a/an

The purchase journal is used for

A CR side entry on a revenue account indicates the account has been

The total of sales of funeral services would be shown on the

A partnership is not a legal entity for most purposes.

A check that has been issued but has not yet been paid is a/an

The proprietorship of a business may be decreased by

The selling price is determined by the cost of an item with an amount added to it. That amount added is called

A ledger is a book of

An incoming partner is liable for partnership debts contracted before his entry into the business

The records of a business are first written in a book called the

Debt memorandums originate with the buyer, while credit memorandums originate with the seller

The profit and loss statement may be called

A credit balance to show what is owed us normally shown as a(n)

Accounting information is used only by the owners of a business.

After all adjusting and clearing entries are posted, the accounting cycle has been completed.

According to GAAP, a business is accounted for as a separate entity, separate and distinct from its owners.

A temporary owners equity account used to record the earning of revenue.

A book for recording the buying of goods on credit is called a

A customers written promise to pay a sum of money to the business at a future date is called

Which of the following is not a current asset?