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FBLA Accounting II Test
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FBLA Accounting II Test
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25 Questions

1. If a company uses special journals, purchases on account should be recorded in which journal?
2. Which of the following is not a financial statement?
3. Managers who articulate a new vision for subordinates and who are able to inspire subordinates to pursue the vision are called:
4. Use the following information and horizontal analysis to compute the percentage increase in sales: 2007 sales were $200,000 and 2008 sales were $250,000.
5. The journal entry to record the employer payroll taxes would include a debit to:
6. If no other method of dividing net income or net losses is specified in the partnership agreement, it is divided
7. A method of allocating merchandise cost that assigns the cost from the first purchased costs to the ending inventory shown on the balance sheet is called the
8. The entry to record the issuance of 1,000 shares of $10 par-value common stock for $14 a share consists of a debit to Cash for $14,000 and a credit to Common Stock for
9. The journal entry to record the employer payroll taxes would include a credit to:
10. Dividends paid to stockholders shows up under which section of the statement of cash flows?
11. The Preferred Stock account is shown in the
12. The Paid-in Capital in Excess of Par Value
13. Given the following information: Cash 29,000, Accounts Receivable $114,000, Inventory $113,000, Prepaid Expenses $6,000, Total capital assets $525,000, Total current liabilities $142,000, Long-term debt $289,000, Total shareholders' equity $356,000' Net sales $858,000, Cost of goods sold $513,000, Gross Margin $345,000, Net income $48,000. The acid test ratio is:
14. Which method of cash flows does FASB prefer?
15. When posting the Accounts Receivable Credit column total of the cash receipts journal, return to the journal and write
16. A machine is purchased on September 30, 2006, for $60,000. Useful life is estimated at four years and no residual value is anticipated. The SYD depreciation method is used. The acquiring company's fiscal year ends on December 31. Depreciation for 2007 should be:
17. A corporation received $80,000 in cash when it sold common stock and used the proceeds to pay $60,000 in bonds payable. As a result, the statement of cash flows would report
18. Cannon Manufacturing Co. sold equipment that cost $18,000 for $6,000. A loss on sale of $1,000 was recorded. How is the Cash Flows from Investing Activities affected?
19. The partners' salary and interest allowances are recorded in
20. Department B had net sales of $70,000, gross profit on sales of $35,000, total direct expenses of $9,000, and total indirect expenses of $6,000. Department B's contribution margin is
21. Subchapter S corporations
22. If our owners equity ending balance is $10,000, the net income is $5,000 and we have additional investments of $2,500; what is our ending owners equity balance?
23. The telephone expense is allocated on the basis of floor space. Department A occupies 1,875 square feet and Department B occupies 625 square feet. If the telephone expense is $600, the amount allocated to Department A is
24. If a company uses special journals, the general ledger sales revenue account will receive postings from the _________________.
25. The break-even point in unit sales increases when variable expenses:

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