FREE AND STUDY GAMES ABOUT FBLA ACCOUNTING I

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FREE AND STUDY GAMES ABOUT FBLA ACCOUNTING I

EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -219 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: bank statement

Answer:

itemized record of all the transactions occurring in a depositor's account over a given period, usually a month

Question 2: FOB shipping point

Answer:

paid by supplier

Question 3: outstanding deposits

Answer:

deposits that have been made and recorded in the checkbook but do not appear on the bank statement

Question 4: Gain

Answer:

An increase in equity resulting from activity other than selling goods or services

Question 5: Salary

Answer:

fixed amount of money paid to an employee for each pay period

Question 6: special endorsement

Answer:

when it's written "pay to the order of" and the new check owner's name

Question 7: info for employee's FICA

Answer:

wage year to date earnings FICA rates

Question 8: normal balance

Answer:

The side of the account that is increased.

Question 9: outstanding checks

Answer:

checks that have been written but not deposited

Question 10: postdated check

Answer:

A check with a future date on it.

Question 11: sales journal

Answer:

special journal used to record only the sale of merchandise on account

Question 12: withholdings

Answer:

wage payroll period marital status and allowances

Question 13: Loss

Answer:

A decrease in equity resulting from activity other than selling goods or services

Question 14: FIFO

Answer:

during inflation _____ gives the highest net income (lowest cost of goods sold and highest merchandise available for sale)

Question 15: beginning balance

Answer:

merchandise inventory in the debit column of the trial balance

Question 16: merchandising business

Answer:

buys goods such as books, clothing or furniture and then sells those goods for profit

Question 17: revenue and decrease capital

Answer:

Performing carpet cleaning services on account would increase

Question 18: Intangible Asset

Answer:

An asset that does not have physical substance.

Question 19: external controls

Answer:

those controls provided outside the business (ex. verifying the accuracy of a signature)

Question 20: double-entry accounting

Answer:

The recording of debit and credit parts of a transaction

Question 21: on each journal page

Answer:

the year and month are written

Question 22: net pay

Answer:

amount of money left after all deductions are subtracted from gross earnings

Question 23: balance is written in the item column

Answer:

when opening a new page in the accounts receivable ledger

Question 24: temporary accounts

Answer:

Accounts used to accumulate information until it is transferred to the owner's capital account.

Question 25: accounting cycle

Answer:

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

Question 26: chart of accounts (COA)

Answer:

A list of accounts used by a business

Question 27: transaction

Answer:

A business activity that changes assets, liabilities, or owner's equity.

Question 28: closing entries

Answer:

journal entries used to prepare temporary accounts for a new fiscal period.