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FBLA Accounting I test 4
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FBLA Accounting I test 4
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25 Questions

1. The sections of an income statement are ____.
2. To start a business, the owner invested $8,000.00, bought $1,500.00 of supplies, insurance coverage of $500.00, and bought an additional $300.00 of supplies on account. Total assets are ____.
3. The recording of debit and credit parts of a transaction is ____.
4. Book value of a plant asset is original cost ____.
5. Accounts receivable that cannot be collected are ____.
6. To close the income summary account when there is a net income, ____.
7. To record the payment of federal unemployment tax, the account debited is ____.
8. A business prepares a summary of financial information at least once each fiscal period because financial information ____.
9. When a business buys supplies on account, assets ____.
10. Recording revenue from transactions at the time goods or services are sold is an application of the accounting concept ____.
11. A sale for which cash will be received at a later date is a ____.
12. To record the total federal tax payment for employee income tax, social security tax and Medicare tax, the account credited is ____.
13. When total revenue is greater than total expenses, the difference is a ____.
14. A cash payments journal is used to journalize ____.
15. The source document for paying state unemployment tax is ____.
16. Each entry in the purchases journal is ____.
17. When cash is paid for rent, Rent Expense is ____.
18. An account number in the journal's Post. Ref. column shows ____.
19. The journal entry to record the sale of office equipment for more than the book value is debit Cash and ____.
20. After adjusting and closing entries are posted, each general ledger account shows a ____.
21. When using the perpetual inventory method, ____.
22. Decreases in an asset account are shown on a T account's ____.
23. When a work sheet is completed, net income will appear in the ____.
24. The normal balance side of any expense account is ____.
25. The useful life of a plant asset is affected by ____.

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