In a limited partnership, the limited partners

only contribute money or property

Accrual accounting means:

Accounting is recorded when the transaction occurs.

the amount of product producers offer at different prices

What is Better Business Bureau?

Providing information on local companies to consumers.

provide a set of standards for how accounting figures and statements such as income statements, balance sheets, prepare

Generally accepted accounting principles

Why are Ledgers so important........

because documents such as income statements and balance sheets are produced

What is double-entry accounting?

The recording of debit and credit parts of a transaction

General Agreement on Tariffs and Trade

Basic Rights, every citizen has under the laws of government

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

What is the motherboard?

the circuit connecting everything

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Praxis II Business Education Content Knowledge (Accounting)

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Answers

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

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