Term
| A local accounting firm wrote in a recommendation for Mary that she possesses a great deal of integrity and has excellent basic skills in literacy and computation. This is classified as which skill? (NCCTE.9_12.BE.6311.CA01.03) |
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Definition
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Term
| Mary has applied for a position as an accounting clerk for a local company. She listed as her qualifications that she is a problem-solver and needs little direction to complete assigned tasks. This is classified as which skill? (NCCTE.9_12.BE.6311.CA01.03) |
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Definition
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Term
| 3. Lisa is applying for a position in a small insurance agency. The company is looking to hire an individual that can convert their manual accounting system to a computerized system. She listed on her application that she has an accounting degree as well as an emphasis in computerized systems. This is classified as which skill? (NCCTE.9_12.BE.6311.CA01.03) |
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Definition
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Term
| John has applied for a position as Chief Financial Officer for a Fortune 500 company. He listed as his qualifications that he is a problem-solver and has the ability to plan and resolve issues. This is classified as which skill? (NCCTE.9_12.BE.6311.CA01.03) |
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Definition
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Term
| Sharon takes responsibility and initiative for her own work at Accounting Temps. This is an example of which 21st Century Skill? (NCCTE.9_12.BE.6311.CA01.03) |
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Definition
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Term
| Brian is an accountant in a local firm. He submits an accounting report to his manager that suggests an action that will ultimately benefit him monetarily. This example is a violation of which key principle for ethics in accounting? (NCCTE.9_12.BE.6311.CA01.03) |
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Definition
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Term
| Jason demonstrates accuracy and truthfulness when he works with his accounting clients. This is an example of which key principle for ethics in accounting? (NCCTE.9_12.BE.6311.CA01.03) |
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Definition
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Term
| The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry? (NCCTE.9_12.BE.6311.CA01.02) |
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Definition
| Debit Cash and credit Accounts Receivable/Parker, INC. |
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Term
| The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry? (NCCTE.9_12.BE.6311.CA01.02) |
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Definition
| Debit Cash and credit Frank Harper, Capital |
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Term
| The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry? |
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Definition
| Debit Cash and credit Legal Fees |
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Term
| The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry? (NCCTE.9_12.BE.6311.CA01.02) |
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Definition
| Debit Supplies and credit Accounts Payable/Davis Supply Store |
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Term
| The transaction, PAID CASH FOR INSURANCE, would result in which journal entry? (NCCTE.9_12.BE.6311.CA01.02) |
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Definition
| Debit Prepaid Insurance and credit Cash |
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Term
| The transaction, PAID CASH FOR RENT, would result in which journal entry? (NCCTE.9_12.BE.6311.CA01.02) |
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Definition
| Debit Rent Expense and credit Cash |
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Term
| The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry? (NCCTE.9_12.BE.6311.CA01.02) |
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Definition
| Debit Utilities Expense and credit Cash |
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Term
| The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry? (NCCTE.9_12.BE.6311.CA01.02) |
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Definition
| Debit Accounts Receivable/Beth Parker and credit Sales |
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Term
| The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry? (NCCTE.9_12.BE.6311.CA01.02) |
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Definition
| Debit Miscellaneous Expense and credit Cash |
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Term
| In the transaction, RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an: (NCCTE.9_12.BE.6311.CA01.02) |
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Definition
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Term
| In the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO., the source document is a/an: (NCCTE.9_12.BE.6311.CA01.02) |
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Definition
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Term
| In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the source document is a/an: (NCCTE.9_12.BE.6311.CA01.02) |
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Definition
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Term
| Jamie is an accountant. She knows that she is expected to produce accurate financial reports from her audit. She knows when she submits her report to her superiors her friend will suffer consequences for misappropriation of funds. Jamie submits an accurate report and follows which key principle for ethics in accounting? (NCCTE.9_12.BE.6311.CA01.03) |
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Definition
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Term
| 1. On a worksheet, the Income Statement credit total is $1,200 and the Income Statement debit total is $800. The company has a: (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| 2. The ABC Manufacturing Company's Income Statement worksheet shows total debits of $600 and total credits of $750. ABC Manufacturing Company has a: (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| 3. On a worksheet, the Income Statement credit total is $2,150 and the Income Statement debit total is $2,400. The company has a: (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| 4. Samuel was asked to prepare a financial statement to determine whether or not the costs of doing business exceeded the revenue during the past year. What is the LAST Samuel will do in preparing this statement? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
| Calculate the component percentages. |
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Term
| 5. When he applied for a bank loan, Robert was asked by the bank to develop a financial statement that would show the financial health of his business as of March 31. What is the FIRST step Robert will do to prepare this statement? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
| Write the name of the company. |
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Term
| 6. When preparing an Income Statement, after all account total debits and credits are entered correctly, verified and totaled, what is the next step? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
| Double rule across both amount columns. |
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Term
| 7. John is preparing an Income Statement. He has written the titles of each expense account in the Expenses Section. What should John do NEXT? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
| Write the balance of each expense account. |
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Term
| 8. Mary is preparing a Balance Sheet. What must she do after she completes the heading information? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
| Prepare the Asset section. |
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Term
| 9. Mary is preparing a Balance Sheet. What must she do after she completes the Assets section? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
| Prepare the Liability section. |
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Term
| 10. Mary is preparing a Balance Sheet. When she completes the Owner's Equity Section, what should the end result be? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
| The Total Assets should equal Total Liabilities plus Owner's Equity. |
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Term
| 11. If the beginning supplies balance is $2,200, and the ending supplies balance is $700, the correct adjustment on the work sheet is to debit: (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
| Supplies Expense and credit Supplies $1,500. |
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Term
| 12. If the beginning supplies balance is $1,800, and the ending supplies balance is $300, the correct adjustment on the work sheet is to debit: (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
| Supplies Expense and credit Supplies $1,500. |
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Term
| 13. If the beginning prepaid insurance balance is $2,000, and the ending value of the insurance is $800, the correct adjustment on the work sheet is to debit: (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
| Insurance Expense and credit Prepaid Insurance $1,200. |
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Term
| 14. If the beginning prepaid insurance balance is $3,400, and the ending value of the insurance is $1,200, the correct adjustment on the work sheet is to debit: (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
| Insurance Expense and credit Prepaid Insurance $2,200. |
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Term
| 15. In Scenario 2.02 B, what is the component percentage for Rent Expense? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| 16. In Scenario 2.02 B, what is the component percentage for Utilities Expense? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| 17. In Scenario 2.02 B, what is the component percentage for Total Expenses? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| 18. In Scenario 2.02 B, what is the component percentage for Net Income? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| 19. Sam is preparing an Income Statement from the Work Sheet in Group Material 2.02 C. What is the component percentage for Total Expenses? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| 20. Sam is preparing an Income Statement from the Work Sheet in Group Material 2.02 C. What is the component percentage for Net Income? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| 21. Sam is preparing a Balance Sheet from the Work Sheet in Group Material 2.02 C. What are the Total Assets for the Balance Sheet? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| 22. Sam is preparing a Balance Sheet from the Work Sheet in Group Material 2.02 C. What are the Total Liabilities for the Balance Sheet? (NCCTE.9_12.BE.6311.CA02.02) |
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Definition
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Term
| 23. On the last day of April, Jack prepared the adjusting entries for his company. He has written "Adjusting Entries" in the Account Title column and recorded April 30 in the date column. What will Jack do NEXT? (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Write the title of the account debited in the Account Title column |
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Term
| 24. In preparing adjustment entries for his company, Steve has written "Insurance Expense" in the Account Title column. What will he do NEXT? (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Record the debit amount in the General Debit column |
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Term
| 25. Michael is preparing the closing entries for his company. He has closed all the income statement accounts that have a credit balance. What is the NEXT step that he will perform? (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Journalize an entry to close income statement accounts that have a debit balance |
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Term
| 26. Mary is preparing the closing entries for her company. After she has closed the Income Summary account, what will she do NEXT? (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Journalize an entry to close the owner's drawing account |
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Term
| 27. Steve is preparing the Post-Closing Trial Balance. After he has written "Post Closing Trial Balance" in the heading section, what will he do NEXT? (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Write the account titles of all general ledger accounts that have balances in the Account Title column |
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Term
| 28. Adam is preparing the Post-Closing Trial Balance. He has recorded all the account balances in the correct column. What will he do NEXT? (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Rule a single line below the last amount in each column |
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Term
| 29. James is closing the income summary account. His company had a net income of $900. The correct journal entry is to debit: (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Income Summary, and credit Owner's Equity, $900. |
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Term
| 30. Mary is closing the income summary account. Her company had a net loss of $2,000. The correct journal entry is to debit: (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Owner's equity, and credit Income Summary, $2,000. |
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Term
| 31. The owner's drawing account has a balance of $275. The correct entry to close the drawing account would be to debit: (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Owner's equity account, credit drawing account for $275. |
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Term
| 32. When closing the Advertising Expense account, debit: (NCCTE.9_12.BE.6311.CA02.03) |
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Definition
| Income Summary and credit Advertising Expense |
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Term
| 33. What is the correct journal entry for the transaction, PAID CASH FOR COMPUTER PAPER? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Supplies and credit Cash |
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Term
| 34. What is the correct journal entry for the transaction, PAID CASH FOR PRINTER CARTRIDGES? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Supplies and credit Cash |
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Term
| 35. What is the correct journal entry for the transaction PAID CASH FOR MISCELLANEOUS EXPENSE, $400? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Miscellaneous Expense and credit Cash |
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Term
| 36. What is the correct journal entry for the transaction PAID CASH FOR A DELIVERY (MISCELLANEOUS EXPENSE), $25? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Miscellaneous Expense and credit Cash |
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Term
| 37. What is the correct entry for the transaction, PAID $150 FOR ADVERTISING? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Advertising Expense and credit Cash |
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Term
| 38. What is the correct entry for the transaction, PAID CASH FOR NEWSPAPER ADVERTISEMENT, $200? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Advertising Expense and credit Cash |
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Term
| 39. What is the correct journal entry for the transaction, PAID CASH FOR AN OFFICE DESK, $250? (NCCTE.9_12.BE.6311.CA02.01) |
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Definition
| Debit Office Equipment and credit Cash |
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Term
| 40. What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $250? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Cash and credit Sales |
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Term
| 41. What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $150? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Cash and credit Sales |
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Term
| 42. What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $200? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Prepaid Insurance and credit Cash |
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Term
| 43. What is the correct journal entry for the transaction, PAID CASH FOR INSURANCE, $400? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Prepaid Insurance and credit Cash |
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Term
| 44. What is the correct journal entry for the transaction, PAID CASH FOR REPAIRS, $95? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Repair Expense and credit Cash |
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Term
| 45. What is the correct journal entry for the transaction, PAID CASH TO REPAIR OFFICE EQUIPMENT, $250? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Repair Expense and credit Cash |
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Term
| 46. What is the correct journal entry for the transaction, RECEIVED CASH FROM OWNER DANA JACKSON AS INVESTMENT, $5000? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Cash and credit Dana Jackson, Capital |
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Term
| 47. What is the correct entry for the transaction, HANS SCHMIDT INVESTED $2000 OF HIS OWN MONEY INTO THE BUSINESS? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Cash and credit HANS SCHMIDT, Capital |
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Term
| 48. What is the correct journal entry for the transaction, PAID THE GAS BILL, $125? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Utilities Expense and credit Cash |
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Term
| 49. What is the correct journal entry for the transaction, PAID THE TELEPHONE BILL, $125? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Utilities Expense and credit Cash |
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Term
| 50. What is the correct journal entry for the transaction, RECEIVED BIKE RENTAL FEES, $375? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Cash and credit Rental Fees |
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Term
| 51. What is the correct journal entry for the transaction, RECEIVED CASH FROM SALES, $2500? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Cash and credit Sales |
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Term
| 52. What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO VENDOR JONES SUPPLY, $1000? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Accounts Payable/Jones Supply and credit Cash |
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|
Term
| 53. What is the correct journal entry for the transaction, PAID CASH ON ACCOUNT TO AVIS SUPPLY COMPANY, $500? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Accounts Payable/Avis Supply Company and credit Cash |
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Term
| 54. What is the correct journal entry for the transaction, PAID CASH TO JOHN SMITH, OWNER FOR PERSONAL USE, $500? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit John Smith, Drawing and credit Cash |
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Term
| 55. What is the correct journal entry for the transaction, PAID CASH TO MARK JOHNSON, OWNER FOR PERSONAL USE, $900? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Mark Johnson, Drawing and credit Cash |
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Term
| 56. What is the correct journal entry for the transaction, PAID CASH FOR RENT, $700? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Rent Expense and credit Cash |
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|
Term
| 57. What is the correct journal entry for the transaction, PAID CASH FOR RENT, $1000? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Rent Expense and credit Cash |
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|
Term
| 58. What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM STEINMAN COMPANY, $75? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Supplies and credit Accounts Payable/Steinman Company |
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|
Term
| 59. What is the correct journal entry for the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM JONES SUPPLY COMPANY, $250? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Supplies and credit Accounts Payable/Jones Supply Company |
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Term
| 60. What is the correct journal entry for the transaction, RECEIVED CASH ON ACCOUNT FROM BURKE SUPPLY FOR, $800? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Cash and credit Accounts Receivable/Burke Supply |
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|
Term
| 61. What is the correct journal entry for the transaction, RECEIVED CASH ON ACCOUNT FROM BILL'S LIMOS FOR, $500? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Cash and credit Accounts Receivable/Bill's Limos |
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Term
| 62. James discovered that a transaction for an Advertising Expense was journalized and posted in error as a debit to Miscellaneous Expense, $200. What is the entry to correct the error? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Advertising Expense, $200; credit Miscellaneous Expense, $200 |
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|
Term
| 63. Bill James discovered that a transaction for Utilities Expense was journalized and posted in error as a debit to Repair Expense, $250. What is the entry to correct the error? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Debit Utilities Expense, $250; credit Repairs Expense, $250 |
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Term
| 64. A journal's column totals are General Debit, $500; General Credit, $200; Sales Credit, $750; Cash Debit, $1,000; Cash Credit, $600. This means that the: (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
|
|
Term
| 65. A journal's column totals are General Debit, $500; General Credit, $200; Sales Credit, $350; Cash Debit, $1,000; Cash Credit, $950. This means that the: (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
|
|
Term
| 66. William has almost finished updating the Supplies account at the end of the month. He has transferred all of the information in the General Journal to the General Ledger. What is the LAST step for William to do? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Record an account number in the journal. |
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|
Term
| 67. Mike is posting journal entries to the General Ledger. He has just calculated the new account balance in the credit column for Sales. What is the NEXT step in the posting procedure? (NCCTE.9_12.BE.6311.CA02.01) |
|
Definition
| Record the account number that the entry was posted to in the journal in the post reference column. |
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