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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. After closing entries have been posted, the accounts that remain open are the __________ accounts.
2. The amount on each line of a purchases journal is posted as a __________.
3. The Accumulated Earnings column of the employee earnings record __________.
4. In the entry to journalize paying the liability for the first quarter federal unemployment tax, an account debited would be __________.
5. The difference between accounting for a partnership or proprietorship and for a corporation is that __________.
6. Interest income of a business is a(n) __________.
7. The distribution of net income statement shows each partner's __________.
8. Owners' equity is changed by __________.
9. When a customer dishonors a note, __________.
10. A corporation's total stockholders' equity is increased by __________.
11. An error in posting to a ledger __________.
12. Recording expenses in the fiscal period in which the expenses contribute to earning revenue is an application of the accounting concept __________.
13. The amount of prepaid insurance not expired during a fiscal period represents a(n) __________.
14. The entry to journalize the reversing entry for accrued interest income is __________.
15. The withholding allowances of an employee affect __________.
16. The purpose of recording depreciation is to __________.
17. A trial balance is prepared to prove __________.
18. One way to improve an unacceptable component percentage for Cost of Merchandise Sold is to __________.
19. Keeping information in a corporation's accounting system separate from the personal records of the owners is an application of the accounting concept __________.
20. Purchases returns and allowances __________.
21. When using the perpetual inventory method, __________.
22. A partial payment made on a note includes __________.
23. The rules that specify acceptable accounting practices are referred to as __________.
24. After adjusting and closing entries have been posted, a __________ is prepared.
25. The two types of journal entries needed to change general ledger account balances at the end of the fiscal period are __________.

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