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FBLA Accounting 1
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Avg score: 74% • Most missed: “person or business that has cash on deposit in a bank”
FBLA Accounting 1
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25 Questions

1. Any method of depreciation which records greater depreciation expense in the early years and less depreciation expense in the later years.

2. The number assigned to an account.

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

4. An accounting form on which a business records information about each plant asset.

5. A business owned by one person.

6. where the individual payroll record for each employee is recorded

7. An accounting form on which a business records information about each plant asset.

8. A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.

9. Information for each transaction recorded in a journal

10. A check that a bank refuses to pay.

11. those steps the business takes to protect cash and other assets

12. a decrease in owner's equity resulting from the operation of a business

13. a bank form on which the currency and checks to be deposited are listed (deposit ticket)

14. The side of the account that is increased.

15. amount paid for each piece produced in a factory or manufacturing plant

16. balance must equal the total of all the account balances in the subsidiary ledger

17. The spreading of the cost of an intangible asset over its useful life.

18. An asset that does not have physical substance.

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

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

21. The difference between total revenue and total expenses when total revenue is greater

22. A columnar accounting form used to summarize the general ledger information needed to prepare financial statements

23. set out the time allowed for payment (total amount of sale/amount of time)

24. the items of merchandise the business has in stock

25. A journal amount column that is not headed with an account title.

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