Accounting Final Prep

A petty cash fund is always replenished

Credit terms of 2/10, n/30 mean that if the account is paid in

Total operating expenses as a percent of net sales is called the _______.

What type of Account is Petty Cash?

The procedure for transferring information from a journal entry to a ledger account is called

The process of recording business transactions in a journal.

Interest earned but not received yet is called _______.

A special Journal used only to record purchases of merchandise on account.

What type of accounts are on the post-closing trial balance?

The rate of return on sales is also known as the _____.

What happens when setting up a $200 petty cash fund?

If $500 is received on an account, what happens?

Closing entries are journalized and posted after

The payment of payroll taxes to the government is referred to as a

A post-closing trial balance is prepared to prove the equality of ? and ? in the General Ledger?

An Income Statement reports a business’s financial

Until the amounts withheld from employee salaries are paid by the employer, they are recorded as

The series of accounting activities included in recording financial information for a fiscal period.

When cash is received on an account, what accounts are affected?

Depreciation is a loss in the usfulness of a _____ _____ as a result of wear or obsolescence.

The normal balance side is always the _______ side.

Accumulated depreciation is the total amount of depreciation expense recorded since the purchase of a plant asset.

Income Summary is a(n)

In general, employers are required to pay state unemployment taxes

The entry to establish a $100.00 petty cash fund is

The Income Summary is debited when the Sales account is closed.

The total amount of depreciation expense that has been recorded since the purchase of a plant asset is called

Sales tax is calculated as the price of goods times the sales tax rate.

A return of merchandise to the vendor results in

When an owner invests cash in a business, the owner’s capital account is

The operating revenue remaining after cost of Merchandise sold has been deducted is called

An endorsement indicating a new owner of a check is called

What do withholding allowances of an employee affect?

The value assigned to a share of stock is the ____.

Since contra accounts are offsets to their related accounts, contra account normal balances are

The journal entry to close Income Summary when there is a net income is

Gross profit as a percent of net sales is called gross margin.

An endorsement consisting only of the endorser's signature is called a Blank Endorsement.

Money owed to an outsider is a

A Statement Stockholders' Equity reports the amount of dividends.

A company records a sale on account on March 9. May 2, the customer pays the account. The sale should be recorded in the

Proving cash is determining the amount of ______ agrees with the accounting records.

The amount of sales, less sales discounts, and sales returns and allowances, is called

The post-closing trial balance is prepared after _______.

Assest accounts are Cash, Supplies, Prepaid Insurance, and _________.

Supplies purchased for the business to use are recorded in what account?

What is the source document for paying state unemployment tax?

Purchases are calculated in the _____ section of the income statement

If there is an error in a journal entry, erase the entry and rerecord it.

A merchandising business income statement's 4 main sect.'s: Operating revenue, Cost of Merch. Sold, ???, & Other Revenue

Cash Short and Over is classified as a(n)

The source document for deposits made for payroll taxes is a check.

Earnings paid to an employee after payroll taxes and other deductions.

An analysis of changes over time is called _______.

Unemployment taxable earnings are the total earnings subject to

If an amount is recorded on the side of a T account opposite the normal balance side, the account balance is

Items owned by a business that have money value are known as

When the word “paid” occurs, it means a deduction of

When closing Income Summary when there is a net income, debit Income Summary and credit Owner's Capital.

Physical Inventory is always conducted at the end of the

Purchasing supplies on account results in a credit to ________ and the vendor's ________ account. (same answer for both)

Accounts Receivable increase on the which side?

Purchases are calculated in the _____ section of the income statement

When a business pays cash on account, a liability account is

Unemployement Taxable Earnings are earning subject to