Accounts Payable - State Competency Review

Controls can either be preventative, deterring fraud/mistakes, or detective, identifying issues after they happen.

Keeping accounting systems which contain confidential information safe and secure at all times.

Which accounts are included on a Balance Sheet?

Accounts Payable Ledger Numbers begin with a 1 and are sorted alphabetically by the vendor name.

Accounting method where revenues and expenses are reported in the period when they are received or paid out.

What financial statement show the financial condition of your company on that day?

The ________ is responsible for the cost of shipping with the terms FOB Shipping Point.

Freight-in is considered to be part of the cost of the merchandise and should be included in inventory cost.

The _______ is responsible for the cost of shipping when the terms of the sale are FOB Destination Point.

What is the Fundamental Accounting Equation?

On June 1, $1,000 of goods are purchased, terms of 2/10, n/30. How much will the buyer pay if paying by June 9?

Revenues are reported on the income statement in the period in which the cash is earned and expenses are purchased

The transaction for Dividends Declared is:

According to the Chart of Accounts numbering system, the 5000 division consist of which accounts?

Double Entry Accounting means every transaction has at least one debit and one credit

What two taxes are paid by both the employee and the employer?

Calculate your overtime rate (you worked 46.25 hours, $10 per hour).

Form that must be completed to verify the identity and employment authorization of individuals hired in the US.

A liability account:

When you reversed two digits in a number. You wrote $540 when the amount is $450.

On June 1, $1,000 of goods are purchased with credit terms of 2/10, n/30. What is the amount due if paid on June 9?

Transport Out/Freight Out - delivery expense to be paid by the seller with terms of FOB ______________.

Which financial statement shows the results of the operation over a period of time (month or year)?

A set of rules that encompass the details, complexities, and legalities of business and corporate accounting.

The national professional organization for CPA's and enforces compliance with the profession's ethical standards.

Transport In/Freight In - the shipping cost to be paid by the buyer of merchandise when the terms are FOB ____________.

When posting from the special journals to general ledgers, which journal do you post first?

On June 1, $1,000 of goods are purchased with credit terms of 2/10, n/30. What is the discount if paying by June 9?

Which accounts are included on an Income Statement?

Liabilities that can usually be paid off within one year

The process of determining the name, subject, or some other caption under which the documents are to be filed.

The posting order for special journals is sales, purchase, general journal, accts receivable, accts payable

What is the source document for all cash payments?

According to the Chart of Accounts numbering system, the 3000 division consist of which accounts?

An Employee's Withholding Allowance Certificate that tells the employer the amount of tax to withhold.

Shipping terms of the sale are FOB Destination Point. What does FOB stand for?

Journalize payment of payroll: Debit ___________ for the total earnings and Credit Cash and the tax Payables.

Calculate your total earnings (you worked 46.25 hours, $10 per hour).

A Trial Balance will not balance, when a Credit was posted as a Debit or vice versa).

All of the following accounts are classified as liabilities, except:

Purchase Returns and Allowance and Purchase Discount have Credit Balances and are classified as

What is the source document for purchases on account?

Debts or obligations of a company.

A wage and tax statement that reports employees' annual wages and the amount of taxes withheld from their paychecks.

What is the source document for Electronic Funds Transfers (EFT) or debit card transactions?