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FBLA Accounting I test 4
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FBLA Accounting I test 4
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25 Questions

1. Writing an account title in the Account Title column of a journal is not necessary if the journal has ____.
2. When a business pays for insurance, Prepaid Insurance is ____.
3. To replenish a $200.00 petty cash fund, if the petty cash custodian had receipts totaling $168.00 and cash of $35.00 in the petty cash box, one part of the journal entry is a ____.
4. To open a new customer account, ____.
5. Information needed to journalize a closing entry for the owner's drawing account is obtained from the ____.
6. A ledger that is summarized in a single general ledger account is a ____.
7. A ledger that is summarized in a single general ledger account is a ____.
8. On each journal page, the year is written ____.
9. To close the income summary account when there is a net income, ____.
10. The total pay due for a pay period before deductions is ____.
11. To record the payment of federal unemployment tax, the account debited is ____.
12. An amount recorded on the left side of a T account is ____.
13. Information needed to prepare an income statement's expense section is obtained from a work sheet's Account Title column and ____.
14. The entry to record receipt of cash from the owner as an investment is ____.
15. A journal entry includes ____.
16. When a work sheet is completed, a net loss will appear in the ____.
17. Daily general ledger account balances are ____.
18. Recording revenue from transactions at the time goods or services are sold is an application of the accounting concept ____.
19. Using the gross profit method to estimate merchandise inventory is ____.
20. When using the perpetual inventory method, ____.
21. Following the same accounting procedures in the same way in each accounting period is an application of the accounting concept ____.
22. Income summary is ____.
23. A business can determine whether it is progressing satisfactorily by comparing operating results with ____.
24. Federal income tax is withheld from employee earnings ____.
25. When opening a new page in an accounts receivable ledger, ____.

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