Home > FBLA > Quizzes > FBLA Accounting I test 4
FBLA Accounting I test 4
Fast practice, instant feedback. Timer auto-submits when time’s up.
Avg score: 32% • Most missed: “A business has the following expense accounts:”
FBLA Accounting I test 4
Time left 00:00
25 Questions

1. Information needed to journalize a closing entry for the owner's drawing account is obtained from the ____.
2. When a work sheet is completed, net income will appear in the ____.
3. Using a sales invoice as a source document for recording a sale on account is an application of the accounting concept ____.
4. A business can determine whether it is progressing satisfactorily by comparing operating results with ____.
5. The last step in the posting procedure is writing ____.
6. After the entries are made to record the receipt of principal and interest for a note receivable accepted in a previous fiscal period, Interest Income ____.
7. The annual depreciation expense for a fax machine purchased for $700.00 with an estimated salvage value of $100.00 and a useful life of five years is ____.
8. An agreement between a buyer and a seller about payment for merchandise is the ____.
9. Interest earned but not yet received is called ____.
10. A single line ruled across the journal's amount columns indicates ____.
11. An amount recorded on the left side of a T account is ____.
12. An endorsement on the back of a check consisting of the words 'Pay to the order of' and a new check owner's name is a ____.
13. A form prepared by the customer showing the price deduction taken by the customer for returns and allowances is a ____.
14. Daily general ledger account balances are ____.
15. An account in a general ledger that summarizes all accounts in a subsidiary ledger is ____.
16. A ledger that is summarized in a single general ledger account is a ____.
17. The formula for calculating the net income component percentage is ____.
18. To record the total federal tax payment for employee income tax, social security tax and Medicare tax, the account credited is ____.
19. In a cash sales transaction with sales tax, the ____.
20. A transaction that increases accounts receivable and increases owner's equity is ____.
21. Words in accounting are ____.
22. When cash is received from sales, the change in the owner's equity is usually ____.
23. The account balance is calculated and recorded ____.
24. 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 ____.
25. Increases in a revenue account are shown on a T account's ____.

⚡ 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.