Accounting Test

Expenses for a not for profit entity are reported as what functions? (check all that apply)

Note: Select more than 1 option as correct answer

The amount of FICA that would be withheld in 2016 on an employee's salary of $45,000 would be _____ (rounded to the nearest dollar).

BYX sold and delivered $50,000 worth of goods to customer A, who agreed to Cash n/30 terms. The cost to manufacture the goods was $10,000. Which of the accounts will be increased as a result of this transaction? (check all that apply)

Note: Select more than 1 option as correct answer

What account would be debited in a payroll journal entry?

What is a general ledger?

Which sectors are not for profit organizations a part of? (check all that apply)

What are the main objectives of using sales analysis? (check all that apply)

Note: Select more than 1 option as correct answer

Choose the selection below that makes the following sentence true: Revenue is only recognized when it is: (check all that apply)

Note: Select more than 1 option as correct answer

Which accounts are considered income statement accounts? (check all that apply)

Note: Select more than 1 option as correct answer

What source of income can for profit obtain that not-for-profits cannot?

What inventory cost flow assumption is it where the oldest purchased goods are linked to the most recent revenue recognized?

What kind of account is accounts payable?

Ideally, what can sales analysis improve for a company ?

An example of a court ordered withholding is ____ (check all that apply).

What is the purpose of the schedule of accounts payable?

__ is a list of the company's accounts, whether they contain a balance or not (check all that apply).

For a not for profit entity, assets = liabilities + __.

On the balance sheet, inventory is reported as a _____ (check all that apply).

Home Refurbishing, Inc. provides a 25% trade discount on a list price of $5,000. Which of the following amounts is the correct way to record the sale?

An employee completes a _____ form to show their exemptions/dependents they need withheld for income tax purposes.

What is the contra account related to accounts receivable?

What financial statement would you request to see if you wanted to look into a company’s revenues and expenses for a specific period of time?

For a not for profit entity, what financial statement would you request to view their assets and liabilities?

Due to the time value of money, it is safe to assume that costs will rise over time, because of this which inventory cost flow assumption produces the most profit on paper?

Sales analysis is beneficial for a __ entity.

What are the three primary payroll deductions that federal law requires?

Note: Select more than 1 option as correct answer

What amount would be paid for an invoice for $8,500 that states “2/10, net 30” if you paid within 6 days?

What is the name of the amount that an employee has earned but has not yet been paid at the end of the accounting period?

Select the correct institution that establishes the financial reporting requirements for the non-profit accounting process.

What financial statement would you request to view the cost of goods sold balance?

What discount amount would be received for an invoice for $5,000 that states “2/10, net 30” if you paid within 8 days?

Balance sheet accounts are described as what kind of accounts?

Who pays the shipping costs in a FOB destination situation?

What is the difference between gross pay and net pay?

What is a common name used for suppliers?

For a not for profit organization, how is the profit distributed?

For a not for profit entity, the Statement of cash flows can be prepared using what method?

At what point does cash basis accounting recognize revenue?

What inventory cost flow assumption do companies that sell nonperishable goods usually use?