Accounting 2024 Final

Question 1

_____ are individuals who are willing to take the risk of starting a business.

Accepted Answer

Sole Proprietors

Question 2

Customers who use the department store credit card to make purchases are classified as _____ by the department store

Accepted Answer

accounts receivable

Question 3

We sold inventory on account with terms 2/10, n/30. What account is credited when we record the sale happening?

Accepted Answer

Inventory

Question 4

Assets which are purchased for long-term use and are not likely to be converted quickly into cash are called what?

Accepted Answer

Fixed

Question 5

When we record depreciation on the worksheet, what account is debited?

Accepted Answer

Wages Payable

Question 6

When a company sells a product on account, which account is debited?

Accepted Answer

Accounts Receivable

Question 7

_____ is the journal used to record all of the checks, cash payments, and outlays of cash during an accounting period.

Accepted Answer

Bank statement

Question 8

What is the SIMPLE Compounding Equation?

Accepted Answer

P(1+rt)

Question 9

Prior to the adjusting process, accrued expenses have:

Accepted Answer

been incurred, not paid, and not recorded

Question 10

Which of the following is not a financial statement?

Accepted Answer

Aging of Accounts Receivable

Question 11

When we record depreciation on the worksheet, what account is debited?

Accepted Answer

Depreciation Expense

Question 12

Calculated depreciation on the building at $10,000 for the year. What account is credited to record the depreciation?

Accepted Answer

Accumulated Depreciation

Question 13

The amount that an employee receives in their paycheck is called _____ pay.

Accepted Answer

Net

Questions 13