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Study Resources (Accounting)

61) Payroll tax schedules can be set up for: A) Federal 940. B) Federal 941/944. C) State Unemployment Insurance and Withholdings. D) all the above. 62) To customize forms for the new company, select: A) Lists>>Templates. B) Company Preferences>>Templates. C) Templates>>Lists. D) none of the above. 63) When customizing forms, the tab that sets the fields and titles that print.
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51) After creating vendors for the new company and entering beginning balances, you should compare the total listed on the Transactions tab of the Vendor Center to the balance in the: A) Accounts Receivables general ledger account. B) Accounts Payable general ledger account. C) Purchases general ledger account. D) Purchase Journal. 52) Items that you.
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21) When reconciling a bank statement, you will need to record: A) Deposits in transit. B) Bank fees. C) Outstanding checks. D) all the above. 22) When reconciling a bank account, you will need to enter: A) bank fees. B) beginning balance. C) ending balance and bank fees. D) ending balance. 23) When reconciling a bank account, if you made.
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41) On the Employees tab of the Employee Center, new employees are added by clicking: A) New Employee. B) Employees>>New. C) Employees>>Open New Account. D) Employees>>New Employees. 42) Since an employee with paycheck information in the current or preceding year cannot be deleted, you can stop paying the employee by selecting the Employment Tab and: A).
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Learning Objective 1-9 1) The balance sheet of a corporation represents the account balances as of a particular date in time. 2) By looking at a statement of retained earnings, you can evaluate the effect that paying dividends has on the ending balance in stockholders' equity. 3) Beginning retained earnings was $25,000..
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91) The A/R Aging Summary report serves the purpose of: A) monitoring customer payments and managing company cash flow. B) reconciling customer activities with the accounts receivable control account. C) managing A/R general ledger account. D) only A and B. 92) In a manual accounting system, the sales invoice is posted to the customer's ________.
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Chapter 2   Recording Business Transactions   Learning Objective 2-1 1) An account is the detailed record of the changes in a particular asset, liability, or stockholders' equity. 2) A chart of accounts is the book holding all of the company's accounts. 3) A trial balance is the list of all a company's accounts along.
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21) Net income is $29,000. Beginning retained earnings were $34,000. Ending retained earnings are $55,000. What amount of cash dividends was paid out? A) $18,000 B) $8,000 C) $5,000 D) $60,000 22) Sharon Samson starts a plumbing service, Reliable Waterworks, Inc. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account.
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Learning Objective 1-5 1) In an LLC, the business-not the owners-are responsible for the corporation's debts. 2) Corporations are subject to stricter regulation than other forms of businesses, so it is more difficult for corporations to raise large amounts of investment capital. 3) The most an investor in a corporation can lose-in.
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Learning Objective 1-4 1) A not-for-profit organization has owners just like other forms of business. 2) Board members of a not-for-profit organization have fiduciary responsibilities that constitute legal obligations to manage the organization in a trustworthy manner. 3) There are four major forms of business organizations. 4) Similar to partnerships, in a limited-liability.
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Learning Objective 1-3 1) The AICPA's Code of Professional Conduct for Accountants provides guidance to CPAs in the performance of their work. 2) GAAP is the set of accounting rules for international accounting. 3) IFRS accounting rules apply to all U.S. corporations. 4) A U.S. publicly traded company does not come under SEC.
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1) Employees claiming the Single (S) filing status and employees claiming the married (M) filing status use the same IRS tables for weekly, biweekly, or monthly pay. 2) Unlike a manual system, QBP can perform all paycheck calculations. 3) Clicking Lists>>Payroll Item List will allow you to review employee compensation, payroll tax.
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Learning Objective 1-6 1) Many liabilities have the word "receivable" in their titles. 2) The faithful representation principle requires that information is complete, neutral and free from material error. 3) Which of the following concepts (or principles) would dictate that a person with three different businesses keep three different checking accounts? A) Cost.
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51) One preclosing checklist item involves reviewing pending purchases to verify that all ________ have been recognized. 52) Financial statements include the Income Statement, ________, Statement of Retained Earnings, and Statement of Cash Flows. 53) The ________ reports net income or net loss for the period. 54) The ________ reports a company's changes.
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21) When creating a new company, the window that lets you convert accounting information from another accounting software is: A) the Get Started window. B) the Setup window. C) the Accounting Method. D) the Accounting Periods window. 22) When creating a new company, the window that allows you to setup the company's business's legal status.
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71) On the Enter Bills window, the option that indicates when the transaction records a vendor bill is called: A) Usual and Customary. B) Bill Expected. C) Bill Received. D) Normal Bill. 72) When entering vendor receipts for items on a Purchase Order, one of the accounts affected when posting the transaction is the: A) accounts.
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Learning Objective 1-7 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities = Stockholders' equity B) Assets = Liabilities + Stockholders' equity C) Assets + Revenue = Stockholders' equity D) Assets + Revenue = Liabilities + Expenses 2) Stockholders' equity is $150,000 and total liabilities are $90,000. Total assets would.
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41) A listing that displays general ledger accounts is called the: A) list of accounts. B) chart of accounts list. C) trial balance list. D) general ledger accounts list. 42) When setting up the Chart of Accounts, if the account type you need is not listed then choose: A) List of Accounts. B) Other Account Types. C) Rename.
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11) Equipment is sold for cash in an amount equal to the cost of the equipment recorded on the books. How does this sale affect the accounting equation? A) One asset increases; one asset decreases. B) Assets increase; liabilities increase. C) Assets increase; liabilities decrease. D) Assets increase; stockholders' equity increases. 12) The business receives.
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21) You calculate employee Medicare taxes: A) on gross pay. B) on net pay. C) on taxable pay. D) none of the above. 22) You calculate employee federal tax withholdings on: A) gross pay. B) net pay. C) taxable pay. D) none of the above. 23) The employer tax paid to the state to fund compensation to injured workers is.
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11) The employee income taxes withheld on taxable wages are called: A) Federal Income Tax. B) Social Security tax. C) Medicare tax. D) State Income Tax. 12) The employee taxes withheld on gross wages and paid to the federal government to fund social security retirement is called: A) Federal Income Tax. B) Social Security tax. C) Medicare tax. D).
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11) Martin Supply Co. paid $350 cash to a materials supplier that it owed from the previous month.  What is the effect of the cash payment on the accounts of the company? A) Materials account increases; Retained earnings account decreases. B) Cash account decreases; Accounts payable increases. C) Accounts payable increases; Retained earnings.
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81) Inventory reporting is located under the Inventory category of the: A) Report Center. B) Inventory & Services. C) In-stock Inventory. D) none of the above. 82) The inventory report used to show the cost and retail value of each inventory item is called the: A) Physical Inventory Summary report. B) Inventory Profitability Summary report. C) Inventory Valuation.
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71) Customer credit limits are entered on the ________ tab. 72) After creating new customers and entering beginning balances, you should compare the total on the Transactions tab of the Customer Center to the balance in the ________ account. 73) When creating employees, you can choose to pay the employee an hourly.
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31) Before printing financial statements, you should review account balances on the: A) Trial Balance. B) State of Cash Flow. C) Income Statement. D) Balance Sheet. 32) The statement that reports a company's revenue, expenses, and net income or net loss for a period is the: A) Income Statement or Profit & Loss statement. B) Balance Sheet. C).
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11) Before closing the accounting period, you should review entries in utility expense accounts to confirm that all utility expense has been posted. 12) All bank accounts are reconciled in the same window. 13) Immediately after posting adjusting entries, you should review the income statement to verify adjustments. 14) The company sold a.
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71) The Item Class that is used to calculate sales tax for a single taxing agency is called: A) Inventory Part. B) Non-inventory Part. C) Service. D) Sales Tax Item. 72) Customer accounts have fields for setting: A) a credit limit. B) discount terms. C) sales tax. D) all the above. 73) Merchandising businesses record cost of goods sold: A) at.
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51) The federal tax form that reconciles federal tax deposits with federal tax liabilities for employee withholdings and employer taxes is called Form: A) 940. B) 941. C) 943. D) 945. 52) Form 940 reports on federal unemployment taxes (FUTA) and is prepared: A) annually. B) monthly. C) quarterly. D) biweekly. 53) Gross pay minus total payroll tax withholdings and.
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Learning Objective 1-2 1) Managerial accounting focuses on information for decision makers outside the company, such as creditors and taxing authorities. 2) Business owners use accounting information to set goals, evaluate progress toward those goals, and take corrective action when needed. 3) Outside investors would ordinarily use financial accounting information to decide.
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1) It is important to analyze posted transactions before closing an accounting period. 2) The General Ledger report and the General Ledger Detail Report show the same information. 3) When "Split" appears in the Split Column of the General Ledger report then you know more than one account was affected by the.
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Learning Objective 1-10 1) The relative proportion of economic resources and obligations would be shown by the balance sheet. 2) The income statement shows whether or not a company can generate enough cash to pay its liabilities. 3) The balance sheet shows whether or not a company is earning profits. 4) You can.
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Learning Objective 1-1 1) Accounting is the information system that measures business activity, processes the data into reports, and communicates the results to decision makers. 2) Accounting is "the language of business." 3) A debt that a corporation owes to an outside party is called: A) an asset. B) a liability. C) stockholders' equity. D).
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61) On the Transactions tab of the Vendor Center, you can print a report for vendor transactions by clicking: A) Print Transactions. B) List Transactions. C) Print. D) View Vendor Info. 62) On the Transactions tab of the Vendor Center, you can edit vendor account information for the transaction highlighted by clicking: A) Edit Vendor. B) New.
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11) Which of the following financial statements reports expenses in decreasing order of their amount, with the largest expense first? A) Statement of cash flows B) Income statement C) Statement of retained earnings D) Balance sheet 12) Which of the following financial statements uses net income or net loss taken directly from the income statement? A).
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41) The ending balance in the inventory account will be reported on the: A) Income Statement. B) Balance Sheet. C) Standard Retained Earnings Statement. D) Statement of Cash Flow. 42) The ending balance in the cost of goods sold account will be reported on the: A) Income Statement. B) Balance Sheet. C) Standard Retained Earnings Statement. D) Statement of.
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