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FBLA Accounting II Test 3
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FBLA Accounting II Test 3
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25 Questions

1. When the FIFO method is used, cost of merchandise sold is valued at the __________ price.
2. Purchases returns and allowances __________.
3. The amount on each line of a purchases journal is posted as a __________.
4. Keeping information in a corporation's accounting system separate from the personal records of the owners is an application of the accounting concept __________.
5. Items reported on a corporation's Income Statement that are not reported on a partnership's Income Statement include __________.
6. Owners' equity is changed by __________.
7. Maturity value for a note is calculated as __________.
8. Since contra accounts are offsets to their related accounts, contra account normal balances are __________.
9. Each revenue account must begin each fiscal period with a __________.
10. A trial balance is prepared to prove __________.
11. Withdrawals by partners __________.
12. One way to increase gross profit on sales is to __________.
13. Preparing a work sheet at the end of each fiscal period is an application of the accounting concept __________.
14. An error in posting to a ledger __________.
15. The weighted-average method is based on the assumption that the Cost of Merchandise Sold should be calculated using the average cost _________.
16. In the entry to journalize paying the liability for the first quarter federal unemployment tax, an account debited would be __________.
17. The purpose of recording depreciation is to __________.
18. Some businesses deposit employee net pay directly to each employee bank account by using __________.
19. Interest income of a business is a(n) __________.
20. The distribution of net income statement shows each partner's __________.
21. To close the expense and cost accounts, __________.
22. The difference between accounting for a partnership or proprietorship and for a corporation is that __________.
23. The Accumulated Earnings column of the employee earnings record __________.
24. After adjusting and closing entries have been posted, a __________ is prepared.
25. If net sales are $100,000.00 and total operating expenses are $20,000.00, the component percentage for total operating expenses is __________.

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