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FBLA Accounting II Test 2
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FBLA Accounting II Test 2
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25 Questions

1. In the entry to journalize paying the liability for the first quarter federal unemployment tax, an account debited would be __________.
2. The weighted-average method is based on the assumption that the Cost of Merchandise Sold should be calculated using the average cost _________.
3. Owners' equity is changed by __________.
4. The entry to journalize the reversing entry for accrued interest income is __________.
5. To close the expense and cost accounts, __________.
6. One way to increase gross profit on sales is to __________.
7. One way to improve an unacceptable component percentage for Cost of Merchandise Sold is to __________.
8. After closing entries have been posted, the accounts that remain open are the __________ accounts.
9. The amount of prepaid insurance not expired during a fiscal period represents a(n) __________.
10. Maturity value for a note is calculated as __________.
11. The difference between accounting for a partnership or proprietorship and for a corporation is that __________.
12. When using the perpetual inventory method, __________.
13. Some examples of current assets are __________.
14. Book value of a plant asset is original cost ___________.
15. The two types of journal entries needed to change general ledger account balances at the end of the fiscal period are __________.
16. When a customer dishonors a note, __________.
17. Recording expenses in the fiscal period in which the expenses contribute to earning revenue is an application of the accounting concept __________.
18. Making an adjusting entry at the end of the fiscal period to record revenue earned but not received is an application of the accounting concept __________.
19. The rules that specify acceptable accounting practices are referred to as __________.
20. A company has revenue of $250,000, gross profit of $175,000, and expenses of $55,000. The component percentage for net income is __________.
21. Using the same inventory method for all fiscal periods is an application of the accounting concept __________.
22. Preparing a work sheet at the end of each fiscal period is an application of the accounting concept __________.
23. Since contra accounts are offsets to their related accounts, contra account normal balances are __________.
24. The total of the schedule of accounts receivable should equal __________.
25. Keeping information in a corporation's accounting system separate from the personal records of the owners is an application of the accounting concept __________.

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