Home > FBLA > Quizzes > FBLA Accounting I Test
FBLA Accounting I Test
Fast practice, instant feedback. Timer auto-submits when time’s up.
Avg score: 46% • Most missed: “The following depreciation calculation is not an accelerated method:”
FBLA Accounting I Test
Time left 00:00
25 Questions

1. The entry to record receipt of cash from the owner as an investment is:
2. Which one of the following is a potential disadvantage for being classified as a corporation:
3. Which one of the following types of business ownerships is characterized by the positive aspects of being able to make all business decisions without consulting others, being able to set your own working hours, and being your own boss?
4. If the bank statement balance and the checkbook balance are different, it is because of
5. Sara earns $10 per hour. One week, she worked 42 hours. Her gross earnings for this pay week are
6. The business entity concept means that
7. A working paper used to summarize the general ledger information needed to prepare financial statements is called a
8. When a journal entry is posted to the general ledger, the date recorded in the general ledger account is
9. Onxy Manufacturing Inc. purchases a new machine for $80,000 that will be depreciated using the units of production method. As bookkeeper you find that the useful life of this machine is 720,000 units and the salvage value is $8,000. The first year 105,000 units are completed on this machine. What is the depreciation value for year one?
10. Which of the following describes the classification and normal balance of J. Schuyler, Drawing?
11. Under the perpetual inventory system, all purchases of merchandise are debited to the account entitled
12. Those who lend money or deliver goods and service before being paid are called:
13. When you calculate depreciation on an asset used in your business, the cost of the asset means the total cost, including shipping and installation if the asset is equipment. Find the depreciable value of an oven in your father's bakery which costs $28,000 but still has $1,000 value at the end of its life, if it has a useful life in the bakery of 5 years.
14. The original cost of a plant asset minus accumulated depreciation is called the
15. The worksheet at the end of September has $4,000 in the Balance Sheet credit column for Accumulated Depreciation. The worksheet at the end of October has $4,750 in the Balance Sheet credit column for Accumulated Depreciation. What was the amount of the depreciation expense adjustment for the month of October?
16. The beginning of the year balances for Shaw Industries were: Assets $122,000, Liabilities $69,000, and Equity $53,000. If the company purchased equipment costing $56,000 with $6,000 cash and incurred a note payable for the balance, by what amount did the equity section of the Balance Sheet change as a result of this purchase?
17. The financial statement that details the revenues and expenses and the profit or loss for a business is called a(n)
18. Which of the following statements is false concerning an automated accounting system?
19. The information used to prepare the balance sheet can be obtained from the
20. An endorsement on the back of a check consisting only of a signature is a
21. The excess of issue price over par of common stock is termed a(n)
22. What is the third step in the closing process?
23. On a worksheet, the balance of cash is extended to the:
24. The following information is available for the Deeds Travel Agency: Total revenues . . . . $125,000; Total expenses. . . . . 60,000; J. T. Deeds, Capital . . . . 80,000; J.T. Deeds, Withdrawals 15,000 - After these closing entries are completed, what will be the balance in the J. T. Deeds, Capital account?
25. The primary advantage(s) of a computerized accounting system is:

⚡ Recently practiced quizzes in this topic
Live quiz activity
FBLA Intro to Business Test FBLA Economics Test FBLA Journalism Test FBLA Introduction To Information Technology Test FBLA Insurance & Risk Management Test FBLA Advertising Test FBLA Agribusiness FBLA Parliamentary Procedure Terms FBLA Insurance & Risk Management Test 2 FBLA Personal Finance Test 2
 
❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

🌈  Our mission is to help improve your scores in any subject and exam withonline quizzes, practice tests, study guides, & advice for students. Since 2018.
About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know?
Privacy | Terms |
Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.