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FBLA Accounting I Test 6
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FBLA Accounting I Test 6
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25 Questions

1. A special journal used to record only sales on account is the:
2. A petty cash fund is replenished:
3. When a semimonthly payroll is paid, the credit to Cash is equal to the:
4. A financial statement that summarizes the changes in a corporation's ownership for a fiscal period is:
5. An endorsement on the back of a check consisting only of a signature is:
6. The purpose of recording depreciation is to:
7. When a plant asset is sold for more than the asset's book value:
8. Employers must pay payroll taxes for:
9. A liability account that summarizes the amounts owed to all vendors is titled:
10. The journal entry for a cash receipt on account is:
11. An income statement reports a business's financial:
12. Recording revenue from business activities and expenses associated with earning that revenue in the same accounting period is an application of the accounting concept:
13. An organization with legal rights of a person and which may be owned by many persons:
14. A schedule of accounts receivable is prepared:
15. If an analyzed item in an income statement remains the same, an increase in net sales will:
16. A net loss is entered in the worksheet's:
17. Ethics are:
18. The first digit in the account number 120 means that the account is in the division of the general ledger.
19. Total sales less sales discount and sales returns and allowances is called:
20. A balance sheet reports all of the following except:
21. How many hours were worked by an employee who arrived at 8:29 a.m. and departed at 12:02 p.m.?
22. A form prepared showing the price deduction taken by the customer for returns and allowances is a:
23. Interest expense of a business is:
24. Each entry in the purchases journal is:
25. Which one of the following is not a closing entry for a corporation?

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