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NBE Examine Review > Accounting > Flashcards

Accounting Flashcards

1
Q

An entry mode on the debit side of an expense account indicates that the account has been:

balanced
decresed
footed
increased

A

increased

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2
Q

A ledger is a book of what?

accounting statements
accounts
original entry
trial balances

A

accounts

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3
Q

Basic accounting theory is based upon:

a double book
double entry
single entry
triple entry

A

double entry

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4
Q

An entry on the debit side of a liability account indicates the account has been:

balanced
decreased
footed
increaesd

A

debit office supplies and credit accounts payable

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5
Q

Purchase of office supplies on credit is recorded by:

credit office supplies and debit accounts payable
debit office supplies and credit accounts payable
debit office supplies and credit purchases
debit purchases and credit accounts payable

A

debit office supplies and credit accounts payable

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6
Q

An accounting year ending on some date other than December 31st is called:

calendar year
current year
fiscal year
physical year

A

fiscal year

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7
Q

The things owned by a business are called:

assets
capital
liabilities
revenue

A

assets

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8
Q

An entry made on the debit side of an asset account indicates that the account has been:

balanced
decreased
increased
footed

A

increased

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9
Q

How is the payment of rent by cash recorded?

debit accounts payable and credit cash
debit cash and credit capital
debit cash and credit rent expense
debit rent expense and credit cash

A

debit rent expense and credit cash

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10
Q

The beginning balance in the supplies account is $600. During the month an additional $800 worth of supplies were purchased. At the end of the month, an inventory of the supplies found only $300 remained on hand. What would be the amount of the adjusting entry for the supplies account?

$300
$1100
$1400
$1700

A

$1100

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11
Q

When a funeral director buys a funeral coach on credit, he/she would:

credit casket coach and debit accounts payable
debit cash and credit casket coach
debit casket coach and credit accounts accounts payable
debit casket coach and credit cash

A

debit casket coach and credit accounts accounts payable

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12
Q

The group of accounts which you credit to increase are:

assets and expenses
liabilties and assets
liabilities and capital
liabilities and expenses

A

liabilities and capital

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13
Q

An entry made on the debit side of the proprietorship account indicates that the account has been:

balanced
decreased
footed
increased

A

decreased

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14
Q

The group of accounts which you debit when increased are:

assets and capital
assets and expenses
assets and income
assets and liabilities

A

assets and expenses

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15
Q

A group of accounts constitues a/an:

journal
ledger
posting
special journal

A

ledger

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16
Q

The accounts payable account would be shown on the :

Accounts Receivable Ledger
Balance Sheet
Income Statement
Profit and Loss Statement

A

Balance Sheet

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17
Q

Advertising expense would be reflected on the:

Balance Sheet
Income Statement
Statement of Financial Condition
Statement of Owner’s Equity

A

Income Statement

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18
Q

The totaling of a column in a journal or ledger account is called:

closing
footing
journalizing
posting

A

footing

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19
Q

The right side of a standard account is called the:

credit side
debit side
loss side
profit side

A

credit side

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20
Q

The amount of revenue from the sale of funeral services would be shown on the:

Balance Sheet
Profit and Loss Statement
Statement of Assets and Liabilities
Statement of Financial Condition

A

Profit and Loss Statement

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21
Q

Another term for Profit and Loss Statement is:

Balance Sheet
Income Statement
Statement of Financial Condition
Trial Balance

A

Income Statement

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22
Q

Accounts receivable is a/an:

Asset account
Capital account
Liability account
Revenue account

A

Asset account

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23
Q

A person to whom a debt is owed is called a:

credit
creditor
debt
debtor

A

creditor

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24
Q

A plant asset was purchased by the funeral home costing $8,000. It has a useful life of 3 years and a salvage value of $2,000. Using the straight-line method of depreciation, what would be the yearly amount of depreciation?

$166.67
$1,000
$2,000
$2,667

A

$2,000

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25
Q

Which of the following does not appear on the balance sheet?

Assets
Expenses
Liabilties
Proprietorship

A

Expenses

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26
Q

Liabilties are all things a funeral home business:

owes
owns
sells
spends

A

owes

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27
Q

A Profit and Loss Statement can be prepared:

at any time
only once a month
only every three months
only every six months

A

at any time

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28
Q

An entry on the credit side of a revenue account indicates the account has been:

balanced
decreased
footed
increased

A

increased

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29
Q

When cash is spent in the acquisition of an asset the net worth of a business is:

decreased
footed
increased
not affected

A

not affected

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30
Q

The process of recording information in the ledger is called:

balancing
footing
journalizing
posting

A

posting

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31
Q

If the total of the operating expense section of the income statement is smaller than the total of the income section, the difference is called:

gross profit
net loss
net profit
net worth

A

net profit

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32
Q

Double entry bookkeeping means an entry is made:

as a debit and credit
as an asset and a liability
in a double book
in a journal and ledger

A

as a debit and credit

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33
Q

The proprietorship of a business may be increased by:

borrowing from banks and purchase of assets on credit
collection of accounts receivable and borrowing from banks
net income and borrowing from banks
net income and investment of assets in the business by the owner

A

net income and investment of assets in the business by the owner

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34
Q

Expense means a/an

decrease in owners equity
increase in an asset
increase in owners equity
increase in sales

A

decrease in owners equity

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35
Q

Which of the following accounts would be used to assist the accountant in an adjusting entry involving depreciation?

Accumulated depreciation
Allowance for doubtful accounts
Automobile
Automobile expense

A

Accumulated depreciation

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36
Q

The proprietorship of a business may be decreased by

collection of accounts receivable and borrowing from banks
expenses and withdrawals of assets from the business by the owner
net income and borrowing from banks
net income and investment of assets in the business by the owner

A

expenses and withdrawals of assets from the business by the owner

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37
Q

The difference between the two sides of an account is called the

account balance
account number
account schedule
net profit

A

account balance

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38
Q

To establish a petty cash fund, one would

debit accounts payable and credit cash
debit cash and credit petty cash
debit cash and credit accounts payable
debit petty cash and credit cash

A

debit petty cash and credit cash

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39
Q

The title of an account which would normally have a credit balance is

accounts payable
accounts receivable
advertising expense
cash

A

accounts payable

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40
Q

The abbreviation for “debit” is

Db.
Dbt.
Dr.
Dt.

A

Dr.

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41
Q

An increase in proprietorship as the result of a business transaction is a/an

asset
income
liability
net worth

A

income

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42
Q

The abbreviation for “credit” is

Cd.
Cr.
Cred.
Ct.

A

Cr.

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43
Q

A list of accounts that shows the arrangement of the accounts in the ledger is called

Accounts Receivable Ledger
Balance Sheet
Chart of Accounts
Trial Balance

A

Chart of Accounts

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44
Q

A person who signs a check or draft ordering payment to be made is called the

drawee
drawer
maker
payee

A

drawer

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45
Q

Which of the following does not qualify as a current asset?

Accounts receivable
Cash
Land
Office supplies

A

Land

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46
Q

A person or concern, usually a bank, that has been ordered to make payment on a check or draft is called the

drawee
drawer
maker
payee

A

drawee

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47
Q

A person or company who will receive payment on a promisory note, check, draft or money order is called the

drawee
drawer
maker
payee

A

payee

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48
Q

A synonym for fair wear and tear of a durable asset is

antiquated
depreciation
obsolescence
redundant

A

depreciation

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49
Q

F.I.C.A. refers to

city tax
federal income tax
social security tax
state income tax

A

social security tax

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50
Q

A language of business employed to communicate financial information based upon the recording, classification, summarization, and interpretation of financial data is called

accounting
budgeting
financial management
merchnadising

A

accounting

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51
Q

Property of a relatively permanent nature used in the operation of a business and not intended for resale is called

current asset
current liability
fixed asset
fixed liability

A

fixed asset

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52
Q

Assets = Liabilities + Owner’s Equity is the

accounting equation
expanded accounting equation
formula for determining net worth
formula for GAAP

A

accounting equation

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53
Q

Debts that are not due and payable within a year are called

current assets
current liabilities
fixed assets
fixed liabilities

A

fixed liabilities

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54
Q

The increase in net worth due to the excess of income over costs and expenses is called

loss
overhead
principal
profit

A

profit

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55
Q

The difference between cost of goods sold and their selling price is called

cost of goods available for sale
ending inventory
gross profit
net profit

A

gross profit

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56
Q

Money paid for the use of money is called

bad debts
interest
petty cash
principal

A

interest

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57
Q

The excess of current assets over current liabilities is called

net worth
overhead
total capital
working capital

A

working capital

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58
Q

The difference between net sales and cost of goods sold is

gross margin
interest
principal
sales tax

A

gross margin

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59
Q

A written promise of a customer to pay the business a sum of money at a future date is called a/an

accounts payable
accounts receivable
note payable
note receivable

A

note receivable

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60
Q

What are goods purchased for resale at a profit?

capital
fixed assets
merchandise
supplies

A

merchandise

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61
Q

A disbursement is a

budget
footing
payment
receipt

A

payment

62
Q

The person who orders the bank to make payment of a financial instrument is properly termed a/an

drawee
drawer
endorser
payee

A

drawer

63
Q

What would be the closing entry to close the revenue account?

Debit capital, credit revenue
Debit expense and revenue summary, credit revenue
Debit revenue , credit expense and revenue summary
Debit revenue, credit expenses

A

Debit revenue , credit expense and revenue summary

64
Q

The sole owner of a business is a

drawer
maker
partner
proprietor

A

proprietor

65
Q

Income received but not yet earned is

a bad debt
deferred income
interest
net profit

A

deferred income

66
Q

A fund of currency and coin established for the payment of small amounts of money is

accounts payable
drawing account
fixed assets
petty cash

A

petty cash

67
Q

A paper showing quantity, description, prices of items, total amount of purchase, and terms of payment is a/an

deposit slip
invoice
journal
ledger

A

invoice

68
Q

The difference between total sales and sales returns and allowances is

net loss
net profit
net sales
net worth

A

net sales

69
Q

One who has made a sale is called a/an

consignor
maker
payee
vendor

A

vendor

70
Q

The amount added to the cost of an article to determine the selling price of that article is the

interest
mark up
net profit
other income

A

mark up

71
Q

An estimate of revenue and probable expense for a given period of time is a

balance sheet
bank statement
bill
budget

A

budget

72
Q

A total written in small pencil figures, under the last entry in a column is the

assets
balance
footing
journalizing

A

footing

73
Q

The person or business concern to whom a shipment is made is a

consignee
drawee
payee
vendee

A

consignee

74
Q

A double line under the last entry on a T-account means

do not post this entry
the entry is complete
the entry is correct
there is more to do to the entry

A

the entry is complete

75
Q

A distribution of profits of a corporation to its stockholders as declared by the board of directors
is

dividend
gross earnings
interest
investment

A

dividend

76
Q

Increases in the owner’s equity resulting from business operations is known as

income
interest
overhead
principal

A

income

77
Q

That portion of a plant asset’s original cost that cannot be depreciated is called

cost
mark-up
scrap value
take home pay

A

scrap value

78
Q

The basic accounting theory is based upon

double entry
single entry
triple entry
both A & B

A

double entry

79
Q

A decrease in net worth due to excess of costs and expenses over income is

loss
proprietorship
retained earnings
take home pay

A

loss

80
Q

The acronym REID is used when

closing temporary accounts
correcting journal entries
making adjustments to the ledger
posting journal entries to the ledger

A

closing temporary accounts

81
Q

The merchandise that business keeps on hand for sale is the

fixed assets
inventory
overhead
supplies

A

inventory

82
Q

The period of time required to purchase goods and services and turn them back into cash is called

a calendar year
a fiscal year
the accounting cycle
the normal operating cycle

A

the normal operating cycle

83
Q

Which of the following represents the difference between the total assets and the total liabilities?

  1. Capital
  2. Net income
  3. Net worth
  4. Owner’s equity

1 only
1 and 2 only
1, 2 and 4 only
1, 3, and 4 only

A

1, 3, and 4 only

84
Q

A ledger is a book of

accounts
accounting statements
original entry
trial balance

A

accounts

85
Q

An entry on the debit side of the owners equity indicates that the account has been

decreased
increased
both
neither

A

decreased

86
Q

An entry on the credit side of an expense account indicates the account has been

adjusted
balanced
closed
increased

A

closed

87
Q

The holder or person owning stock in a corporation is the

accountant
director
maker
stockholder

A

stockholder

88
Q

The book of original entry is in

alpha-numeric order
chronological order
highest to lowest order
numeric order

A

chronological order

89
Q

The debts one owes are

assets
expenses
income
liabilities

A

liabilities

90
Q

At the end of the month a funeral home’s assets totaled $50,000; the liabilities totaled $20,000; revenue for the month totaled $6,000; and the total expenses amounted to $4,000. Which of the following statements is true?

  1. net income = $2,000
  2. net loss =
  3. owner’s equity = $30,000
  4. owner’s equity = $70,000

1 and 3
1 and 4
2 and 3
2 and 4

A

1 and 3

91
Q

The things one owns are

assets
capital accounts
liabilities
revenues

A

assets

92
Q

Accounts payable is a/an

asset account
expense account
liability account
owner’s equity account

A

liability account

93
Q

Sales minus cost of goods sold equals

gross profit
net profit
overhead
operation expenses

A

gross profit

94
Q

The amount of depreciation taken during the current fiscal year is properly termed

accumulated depreciation
cumulative depreciation
current depreciation
depreciation expense

A

depreciation expense

95
Q

Goodwill is classified as a/an

intangible asset
liability account
revenue account
tangible asset

A

intangible asset

96
Q

The decrease in the value of a fixed asset is called

a discount
an obsolescence
credit
depreciation

A

depreciation

97
Q

What is another name for the Profit and Loss Statement?

Balance Sheet
Income Statement
Statement of Financial Condition
Work Sheet

A

Income Statement

98
Q

What is the process of recording information in the ledger?

balancing
editing
journalizing
posting

A

posting

99
Q

The amount of income from the sale of funeral services would be shown on which formal financial statement?

Balance Sheet
Profit and Loss Statement
Trial Balance
Work Sheet

A

Profit and Loss Statement

100
Q

What is the primary purpose of a business?

prestige
profit
sales
service

A

profit

101
Q

The left side of a standard account is called the

credit side
debit side
profit side
sales side

A

debit side

102
Q

The only time the debit side of the revenue account is used is when you make

adjusting entries
closing entries
journalizing entries
posting entries

A

closing entries

103
Q

Income earned but not received is called

accrued income
deferred income
fiscal income
future income

A

accrued income

104
Q

When cash is spent in the acquisition of an asset the impact on the accounting equation is

the asset cash is credited
the asset cash is debited
the new asset is credited
the owner’s equity is credited

A

the asset cash is credited

105
Q

The totaling of a column of a journal or ledger is called

footing
journalizing
posting
summarizing

A

footing

106
Q

An entry on the credit side of a liability account indicates that the account has been

audited
balanced
decreased
increased

A

increased

107
Q

What is the cost of operating a business called?

accounts payable
fixed liabilities
overhead
revenue loss

A

overhead

108
Q

Checks returned to the depositor that have been paid by the bank are

canceled checks
deposit checks
order checks
outstanding checks

A

canceled checks

109
Q

Working capital is a measure of

investing activities
leverage
liquidity
profitability

A

liquidity

110
Q

A check that has been issued but not presented for payment to a bank is called a

canceled check
deposited check
order check
outstanding check

A

outstanding check

111
Q

The debit side of the T-account is the

left side
minus side
plus side
right side

A

left side

112
Q

A book in which the daily transactions of a business are first written is the

index
ledger
journal
schedule

A

journal

113
Q

Accounts receivable which are uncollectable are

accrued income
bad debts
fixed assets
incurred income

A

bad debts

114
Q

The credit side of the T-account is the

left side
minus side
plus side
right side

A

right side

115
Q

A ledger must contain

all accounts
assets
cash disbursed
liabilities

A

all accounts

116
Q

A decrease in owner’s equity resulting from a business transaction is a/an

expense
income
liability
net worth

A

expense

117
Q

A loan from a bank secured by property is

a mortgage payable
a note receivable
an account payable
an asset

A

a mortgage payable

118
Q

An increase to which account will increase owner’s equity?

Account Payable
Client Fees
Drawing
Rent Expense

A

Client Fees

119
Q

Salary expense is considered to be

a cost of goods sold
an operating expense
capitalization
fixed expense

A

an operating expense

120
Q

A term which is used synonymously with operating expense is

cost of goods sold
gross profit
net sales
overhead

A

overhead

121
Q

Posting is a/an

form of advertising
recording of figures
transfer of figures from the journal to the ledger
transportation of figures

A

transfer of figures from the journal to the ledger

122
Q

When delivery revenue is earned on account, which accounts increase and decrease?

Accounts Receivable decreases; Revenues decreases
Accounts Receivable increases; Revenues decreases
Accounts Receivable increases; Revenues increases
Cash increases; Revenues increases

A

Accounts Receivable increases; Revenues increases

123
Q

Accounts receivable are examples of

assets
income
liabilities
proprietorship

A

assets

124
Q

An employee is paid a salary of $1,850 per month. He/she is also paid time and a half for all hours worked in excess of forty hours per week. If she/he worked 62 hours last week, what would be the employee’s gross earnings for the week?

$569.41
$629.14
$779.14
$869.41

A

$779.14

125
Q

A special fund for use in disbursing small sums of money is called a/an

impress fund
loan fund
petty cash fund
working fund

A

petty cash fund

126
Q

A journal designed for recording a particular type of transaction is known as a/an

combination journal
general journal
general ledger
special journal

A

special journal

127
Q

Mr. Quigley is paid an hourly rate of $5.00 per hour. He is also paid time and a half for any hours worked in excess of 40 hours per week. For the current pay period, he worked a total of 60 hours. If his FICA tax is 6%, and his withholding is 10%, what is his take home pay for the week?

$294.00
$315.85
$329.00
$350.00

A

$294.00

128
Q

If a funeral home sells a funeral service on a 30 day account, the entry to record the transaction would be to

debit accounts payable, credit purchases
debit accounts receivable, credit sales
debit notes receivable, credit sales
debit sales, credit accounts receivable

A

debit accounts receivable, credit sales

129
Q

Liability accounts are indentified by the account title followed by the word

drawing
expense
payable
revenue

A

payable

130
Q

If a funeral director receives payment from a client who had purchased a service on a 30 day account, he/she would make which of the following entries in the journal

debit accounts receivable, credit cash
debit cash, credit accounts receivable
debit cash, credit sales
debit purchases, credit cash

A

debit cash, credit accounts receivable

131
Q

Expenses are listed on which of the following reports?

  1. Balance Sheet
  2. Income Statement
  3. Profit and Loss Statement
  4. Statement of Financial Condition

1 and 2
1 and 3
2 and 3
2 and 4

A

2 and 3

132
Q

If a funeral home purchases caskets from a casket company on a 30 day account, the funeral home accountant would record the transaction as follows

debit purchases, credit accounts payable
debit purchases, credit account receivable
debit purchases, credit cash
debit sales, credit purchases

A

debit purchases, credit accounts payable

133
Q

The report that shows the financial condition of the business at a point in time is called the

  1. Balance Sheet
  2. Income Statement
  3. Profit and Loss Statement
  4. Statement of Financial Condition

1 and 2
1 and 4
2 and 3
3 and 4

A

1 and 4

134
Q

A funeral car is purchased by a funeral home for $30,000. The vehicle will be used for five years and then replaced. If the estimated slavage value will be $5,000, what will be the amount of yearly depreciation using the straightline method of depreciation for computation?

$2,000
$3,500
$5,000
$6,500

A

$5,000

135
Q

Methods of depreciation that allow the business to recover the cost early in the life of the asset include

  1. accumulated depreciation
  2. double declining balance
  3. straight line depreciation
  4. sum of the years digits

1 and 3
1 and 4
2 and 3
2 and 4

A

2 and 4

136
Q

The accounting equation may be stated as

  1. liabilities = assets + owner’s equity
  2. assets + liabilties = owner’s equity
  3. assets = liabilties + owner’s quity
  4. assets - liabilities = owner’s equity

1 and 2
1 and 3
2 and 4
3 and 4

A

3 and 4

137
Q

The account that provides a current or future benefit to the business is properly termed

a drawing account
a liability account
an asset account
an expense account

A

an asset account

138
Q

When you recognize revenue when it is earned, and expenses when they are incurred you are operating under the

accrual basis of accounting
cash basis of accounting
fiscal basis of accounting
modified cash basis of accounting

A

accrual basis of accounting

139
Q

Which of the following would be a Statement of Financial Condition?

Asset List
Balance Sheet
Liability Listing
Owner’s Equity Sheet

A

Balance Sheet

140
Q

What is current assets divided by current liabilities?

Current Ratio
Depreciation
Valuation
Working Capital

A

Current Ratio

141
Q

What is a summary of the results of operations for a specified period of time?

Balance Sheet
Ledger
Journal
Profit and Loss Statement

A

Profit and Loss Statement

142
Q

What is the excess of current assets over current liabilities?

Debt
Net Capital
Notes Payable
Owner’s Equity

A

Net Capital

143
Q

Who is the person or business concern by whom shipment is made?

Consignor
Creditor
Drawer
Drawee

A

Consignor

144
Q

What is the difference between assets and liabilities?

Accounts Payable
Accounts Receivable
Fixed Income
Owner’s Equtiy

A

Owner’s Equtiy

145
Q

With which type of business would you have stockholders?

A Corporation
A Partnership
A Proprietorship
Answer Text

A

A Corporation

146
Q

What is a written promise that pledges real property as security for the payment of a debt?

Account Payble
Interest
Investment
Mortgage Payable

A

Mortgage Payable

147
Q

What is a document issued by a state which permits a corporation to operate?

A Charter
A Consignor Agreement
A Permit of Operations
A Propietorship

A

A Charter

148
Q

What are assets which will not be sold during the fiscal period?

Captial
Current Assets
Fixed Assets
Fixed Liabilities

A

Fixed Assets

149
Q

What is the money or other assets supplied by the owner for the operation of a business?

Interest
Investment
Mortgage
Negotiable Instrument

A

Investment

150
Q

Which of the following is levied on the earnings of individuals and businesses by federal, state and local government?

Accrued Liability Tax
Depreciation
Income Tax
Sales tax

A

Income Tax

NBE Examine Review (11 decks)

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