What is the motherboard?

the circuit connecting everything

Debts are recorded in the debit column as debits

These makes assets and expense accounts go up.

price of everything RISES,the amount of ppl w/ job decreases

What is double-entry accounting?

The recording of debit and credit parts of a transaction

What is the purpose of accounting?

To provide info in financial statements, for decision making

The number of people able/willing to work but unable to find a paying job

issues GAAP through pronouncements.

(FASB, Financial Accounting Standards Board

In a limited partnership, the limited partners

only contribute money or property

covers economic activity measurement, timing disclosures, and details on how financial statements are prepared and pres

Generally Accepted Accounting Principles

Fair treatment in a judicial court

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Praxis II Business Education Content Knowledge (Accounting)

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Answers

1
the transactions are counted when the money is actually received or the expenses are paid out.
Cash Accounting
Cash Accounts
Accrual Acounts
Debit Acounts
2
What is the GATT?
General Agreement on Trade and Tariffs
General Agreement on Tariffs and Trade
Government Association of Traders
General Agreement on Trade and Tankers
3
What is the Federal Reserve System?
A local bank
a decentralized bank
A central bank
A state bank
4
Another Name for Fiscal Period is called......
Yearly Period
An Accounting Period
Accounting Year
First Period
5
Balance Sheet
True
False
6
What does APR stand for
Annual percentage rate
Annual payable rate
Amount payable rate
Amount percentage rate
7
All of the ______ are placed on the left while the _____go on the right.
Credit , Revenue
Assets, Revenue
Debit, Credits
Credits, Assets
8
can be for something specific, such as sales or purchases, or transactions may go into the general journal.
General Ledger
Ledger
Dome Ledger
Journal
9
Something that has or produces value and is owned
Asset
Owner's Equity
Revenue
Liquity
10
Accounts payable are for goods bought on credit
False
True
11
Liquidity is
liquid assets, cash
Debt
A Foreclosure
A mortgage
12
Debits _______________ equal credits.
always
never
rarely
sometimes
13
An accounting device used to analyze transactions
A- Account
B- Account
T- Account
Accounting- Account
14
Define Supply
the amount of product producers offer at different prices
how many of a particular good is in the market
how much of something people are willing to buy
the amount of product buyers are able to buy at diff prices
15
a tangible asset that is generally used to generate profit and will not be turned into cash within the year.
Intangible
Asset
Revenue
Fixed Asset
16
The Accounts Payable account is classified as a _______ account.
Owner's Equity
Asset
Liability
Revenue
17
The company will make adjusting entries as necessary
Accounting Cycle 5
Accounting Cycle 3
Accounting Cycle 1
Accounting Cycle 6
18
What is the motherboard?
the circuit connecting everything
A spaceship
none of the above
the circuit connecting only some ports
19
The transactions are posted by moving them from the journals to the ledgers.
Accounting Cycle 3
Accounting Cycle 1
Accounting Cycle 2
Accounting Cycle 4
20
In technology terms what is RAM?
Central Processing Unit
Random Access Memory
An animal with horns
A Hard drive
21
What account is this in the picture?
T Account
Cash Account
Debit Account
Account Balance
22
With double-entry bookkeeping,
Four Column are used
Three Column are used
Multiple Column are used
Two Column are used
23
A Proof of the equality of debits and credits in a general ledger is called a...
Accounting Equasion
Trial Balance
Reconciliation
Balance Sheet
24
A cash flow statement is a major accounting document that outlines the influx and outflow of cash from a company.
False
True
25
RAM stands for..
ready access memory
ROM access memory
random access memory
read access memory
26
refers to the actual cash that is going in and out of a business such as revenues or expenses due to business activities
Transitioning
Revenue
Cash Flow
Liqudity
27
Debts are recorded in the debit column as debits
These makes assets and expense accounts go up.
These makes liabilities, and revenue go up.
These makes Liabilities, Revenue, and Expense
These makes Expense, Asset, and Liability
28
Define: Stagflation
price of everything stays the same
price of everything RISES,the amount of ppl w/ job decreases
price of everything decreases,the amount of ppl w/ job rises
The amount of ppl w/ job stays the same
29
What is double-entry accounting?
Having two columns in which to post your transaction
Making sure that you have double checked your numbers
The recording of debit and credit parts of a transaction
Recording the entry in two places
30
What is the purpose of accounting?
To provide info in financial statements, for decision making
To provide info for credit card statements in a business
To keep information in a double-entry journal
A & B
31
An income statement and balance sheet should be made at the ...
when a business closes for the day
beginning of a fiscal period
end of a fiscal period
middle of a fiscal period
32
Define unemployment
The number of people not actively looking for a job, but are able to work
The number of people able/willing to work but unable to find a paying job
The number of people unable to find a paying job
33
Every transaction has a debit and a credit.
True
False
34
In accounting, every _______ must equal ________.
Change; Addition
Debit; Credit
Revenue; Expense
Addition; Subtraction
35
issues GAAP through pronouncements.
Financial Accounting Statistic Board
US Security and Exchange Commission
(FASB
Financial Accounting Standards Board
36
What is a business' source of income?
receipts
sales
all of the above
investment income
37
What is a financial plan?
Goals you want to accomplish
management funds
A budget
38
Which of these is an intangible asset?
Patent
Delivery van
Computer
Cash
39
On an income statement, what does the trading account show?
Gross profit
Net profit
Retained profit
Dividends
40
A Bit Stands for
Binary Data
Binary Digit
None of the above
Binary Deci
41
Refers to how easily an asset can be bought or sold on the market at the same price.
Liquidity
Variable Asset
Revenue
Cash
42
Debit make assets and expense accounts go up and income, liability, and equity accounts go down
False
True
43
When a transaction occurs, it is first put into a _____
Dome Ledger
General Ledger
Journal
Ledger
44
Closing entries are made as the balances of accounts that are temporary go to owner’s equity.
Account Cycle 10
Account Cycle 8
Account Cycle 9
Account Cycle 9
45
What could the Federal Reserve do to help the economy grow?
Lower taxes
Sell more bonds
Lower the discount rate
Raise the reserve requirement
46
In a limited partnership, the limited partners
have an active voice in the management
have unlimited liability
only contribute money or property
are equal to the general partner
47
covers economic activity measurement, timing disclosures, and details on how financial statements are prepared and pres
US Securities and Exchange Commissions
Financial Accounting Standard Board
Generally Accepted Accounting Principles
FASB
48
Technology Round: The abreviation LED stands for?
Light Emitting Diode
Light Expanding Diagram
Light Encrusted Diode
Light Emitting Diagram
49
There is an after-closing trial balance.
Account Cycle 8
Account Cycle 9
Account Cycle 10
Account Cycle 11
50
An example of a fixed asset
Stock
Van
Shares
Staff
51
What is Due Process?
The thing that happens when you go down a dark alley
Fair treatment in a judicial court
The small intestine
The large intestine
52
What does an Income and Expense Statement tell you about?
The Past
NOW
Pizza Time
The Future
53
Accrual accounting means:
Accounting is recorded when cash is received.
Accounting is recorded when the transaction occurs.
Accounting is mean
54
What is the fundamental accounting equation
Equity-Liability= Asset
liabilities- asset= Owners Equity
Asset= Liability + Owner's Equity
Revenue+ Equity= Asset
55
A very important financial document, required when income statements and comparative balance sheets are given.
Statements of Retained Earnings
Yearly Earnings
Financial Statement
Income Statement
56
The two types of ledgers include the.........
Dome & General Ledger
Subsidiary and Unsubsidiary Ledger
General & Subsidiary Ledger
Journal & Subsidiary Ledgers
57
to attain all the source documents that are associated with financial transactions, including receipts, checks, and bank
Accounting Cycle 4
Accounting Cycle 1
Accounting Cycle 3
Accounting Cycle 2
58
The general equation is starting retained earnings + net income – stockholder dividends = final retained earnings.
False
True
59
An example of a Statement of Retained Earnings
True
False
60
A list of accounts used by a business is a chart of accounts.
True
False
61
Why are Ledgers so important........
because documents such as income statements and invoices are produced.
because it records important financial decisions such as ins and outs.
because documents such as income statements and balance sheets are produced
because it is a diary of reciepts and tax information recorded.
62
Where is Accounts Payable located at?
Capital
Liability
Asset
Owner's Equity
63
CPU stands for what
control post unit.
compiled processing of units
central processing unit
coordinated processing unit
64
What is the purpose of Accounting?
To create more job opportunities and boost the economy
To create an easy high school course
To provide useful financial information for decision making
To apply mathematics in real world situations
65
The ___________describes the steps taken in the accounting process.
Accounting of Processing Numbers
Fiscal Cycle
Revolving Accounting Cycle
Accounting Cycle
66
May be transformed to cash sooner and will include the inventory of the actual product.
Variable Asset
Asset
Fixed Asset
GAAP
67
In double entry accounting, each credit transaction must be balanced by a -- transaction.
double
credit
debit
single
68
Shows company profitability for a period of time. Including revenues, gains, expenses, and losses.
Revenue
Invoice
Income Statement
Equity
69
provide a set of standards for how accounting figures and statements such as income statements, balance sheets, prepare
Generally accepted accounting principles
General Acceptance Tarrif and Trades
GAAPS
GATT
70
the transactions are counted when the orders are made or delivered, even if no cash has actually exchanged hands.
Cash Flow
Cash Accounting
Accrual Accounting
Journal Entry
71
The two major types of accounting systems are
Cash and Journal Entry Accounting
Accrual Accounting and Cash Flow System
Cash and Accrual Accounting
Asset and Cash Flow Accounting
72
refers to how things lose value as time goes on
intangible Asset
Depreciate
Cash Flow
Depreciation
73
What is this an image of?
Power Source
Disc Drive
RAM
Graphics Card
74
Technology Round: USB stands for......
Useful Serial Bus
Universal Studio Bit
Universal Serial Bus
Useful Softwear Bit
75
The Financial Accounting Standards Board:
is the exam CPAs have to pass
Is an inexpensive new type of building material
responsible for evaluating, setting, or modifying GAAP
oversees medical procedures
76
Define Civil Rights
Complex rights that are for a small group of people.
Basic Rights, every citizen has under the laws of government
Rights that are paid for by the wealthy
Rights that do not matter; poor people only
77
Define Federalism
A way for Congress to decide on bills
The division of powers in different governments
A way to plan the budget of the President
Power is divided between government and constitiuents
78
These transactions are analyzed to see how the accounts will be affected.
Accounting Cycle 6
Accounting Cycle 7
Accounting Cycle 3
Accounting Cycle 2
79
One of the major financial documents, It is a snapshot showcasing the company financial situation.
Invoice
T- Account
Balance Sheet
Journal
80
What is Better Business Bureau?
A place you can go to to find out all sorts of business information.
None of the Above
Providing information on local companies to consumers.
Distribute goods and services to consumers.
81
Prepare a trial balance with the adjustments in them.
Accounting Cycle 9
Accounting Cycle 2
Accounting Cycle 5
Accounting Cycle 8
82
asset is not tangible—it’s not physical.
Tangible Asset
Physical Asset
Intangible Asset
Variable Asset
83
An asset is
Owners money
Debt
Accounting Equation
Anything of Value
84
Debit means
right side
inside
blind side
left side
85
Transactions are put in based on
At the end of the year
when they occur
After two transactions
None of the Above
86
What is not a characteristic of an assets?
Resource controlled at present time
Future Economic Benefit
Future Sacrifice
Past transaction
87
Credits make liability, income, and equity accounts go up and asset and expense accounts go down
True
False

Praxis II Business Education Content Knowledge (Accounting) Flashcards | StudBud