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FBLA Accounting II Test 4
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FBLA Accounting II Test 4
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25 Questions

1. Which set of account numbers would be unique to a departmentalized business?
2. What term is best defined as the decrease in the value of a plant asset because of the removal of a natural resource?
3. After the accounts are closed and the journal entries have been posted, the following account would not have a balance:
4. A common approach to keeping a record of each customer's accounts receivable is to use a:
5. During the budgeting process, which budget schedule is prepared first?
6. The journal entry to close the Income Summary account (showing a loss) includes:
7. Most corporations must estimate their annual income taxes and make:
8. A form issued by the corporation that shows the name of the stockholder and the number of shares owned is called:
9. The depreciation system used by many businesses for tax purposes is:
10. What is the time value of money?
11. If the modified accelerated cost recovery system (MACRS) is used to depreciate an asset for tax purposes, which one of the following statements is correct?
12. What are the principles for right and wrong that guide an individual in making decisions?
13. Employers do not make deductions from employees' paychecks for:
14. Which one of the following is not a method commonly used to calculate the distribution of partnership earnings?
15. A written application requesting permission to form a corporation is called the:
16. The Employer's Quarterly Federal Tax Return is prepared using Form
17. Marsh Corporation reported sales of $160,000 (20,000 units). Fixed costs amounted to $20,000 and income for the period was $80,000. The per-unit variable cost is:
18. Which one of the following items would be included in a cash budget?
19. Expenses paid in one fiscal period but not reported as expenses until a later fiscal period are initially recorded as:
20. What is the cost of raw materials used if Raw Materials Purchases is $800,000; beginning Raw Materials Inventory is $100,000; and, ending Raw Materials inventory is $150,000.
21. Marsh Corporation reported sales of $160,000 (20,000 units). Fixed costs amounted to $20,000 and income for the period was $80,000. The per-unit variable cost is:
22. What accounting term is defined as transferring information from the journal to the ledger?
23. The Fair Labor Standards Act provides the following minimum rate to be paid to employees for all hours worked over 40 hours per week:
24. Allowing workers time to work for nonprofit organizations, making donations to schools, hospitals, and community projects, and sponsoring community programs such as the Special Olympics is a part of which one of the following?
25. Using the aging method, Marsh Corporation estimates that uncollectible accounts will total $700 this year. The Allowance for Uncollectible Accounts balance is $490. The adjusting entry:

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