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FBLA Accounting I Test 2
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Avg score: 62% • Most missed: “After all the closing entries are recorded and posted, which account would still…”
FBLA Accounting I Test 2
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25 Questions

1. The major purpose for maintaining a petty cash fund is to __________.
2. Which of the following is a permanent account?
3. On a worksheet, if the Trial Balance debit column is larger than the Trial Balance credit column, it would indicate a(n) __________.
4. Money received for services would increase the __________ accounts.
5. Debts owed by a business are referred to as __________.
6. After all the closing entries are recorded and posted, which account would still have a balance?
7. A journal can best be defined as a(n) __________.
8. Which journal entries are used at the end accounting period to clear the balances from the temporary accounts, so that these accounts may be used in accumulation data for preparing the next period's statement?
9. An asset account with a $600 beginning balance, no deductions, and a $1,000 ending balance, would have the following amount recorded in it __________ entry.
10. A proof of the equality of the debits and credits in the general ledger is called a(n) __________.
11. A source document for recording sales is a __________.
12. Which statement is true concerning the Sales journal?
13. To close the revenue account, the revenue account balance for the fiscal period is transferred to __________.
14. When Cash is debited and Sales is credited, what journal is used to record the transaction?
15. Income summary is a __________ account.
16. Which of the following is not closed at the end of the accounting period?
17. A transaction involving the buying of merchandise on credit would be recorded in the __________ Journal.
18. Assets are generally listed on the balance sheet in order of __________.
19. The term debit refers to __________.
20. In the General Ledger, the controlling account that summarizes the activities in the customer's ledger is called __________.
21. The financial rights to the assets of a business are called __________.
22. Which group of accounts would be found on the post closing trial balance?
23. Which document is used to aid in the development of the financial statements?
24. Entries to record expired insurance and the amount of supplies used are examples of __________ entries.
25. F.O.B. Shipping Point means title __________.

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