Salary and Wages is a/an
- Capital Account
- Revenue Account
- Expense Account
- Asset Account
Accounts Payable is a/an
- Liability Account
- Asset Account
- Capital Account
- Expense Account
Which of the following accounts normally has a credit balance ?
- Equipment
- Cash
- Accounts Payable
- Accounts Receivable
Accounts Receivable is a/an
- Expense Account
- Asset Account
- Revenue Account
- Liability Account
Owner's Draws is a/an
- Liability Account
- Expense Account
- Capital Account
- Asset Account
Supplies On Hand is a/an
- Asset Account
- Expense Account
- Liability Account
- Capital Account
Owner's Equity is a/an
- Liability Account
- Capital Account
- Revenue Account
- Asset Account
Fees Earned is a/an
- Capital Account
- Liability Account
- Revenue Account
- Asset Account
Which of the following accounts normally has a debit balance ?
- Accounts Payable
- Rent Expense
- Sales
- Owner's Equity
Supplies Used is a/an
- Liability Account
- Expense Account
- Capital Account
- Asset Account
Which of the following accounts is decreased by a debit ?
- Accounts Receivable
- Rent Expense
- Cash
- Accounts Payable
Wages Owed is a/an
- Revenue Account
- Liability Account
- Capital Account
- Expense Account
A payroll tax that is paid by employees and also matched by the employer is -
- Workmen's Compensation
- FICA
- Federal Unemployemt
- State Unemployment
Equipment is a/an
- Liability Account
- Asset Account
- Expense Account
- Revenue Account
The special journal normally used to record sales of merchandise on account is the -
- Sales Journal
- Cash Receipts Journal
- Purchases Journal
- Cash Disbursements Journal
The most liquid and most subject to theft asset is -
- Notes Receivable
- Accounts Receivable
- Cash
- Equipment
Which of the following is not a source of cash ?
- Payment to a Creditor
- Cash Sale
- Collection of a Customer's Account
- Loan From a Bank
The inventory costing method where the value of the calculated ending inventory is the same for a rising or falling price market is -
- LIFO Cost Method
- FIFO Cost Method
- Average Cost Method
- None of the listed answers is correct
Which of the following accounts is increased by a credit ?
- Accounts Receivable
- Cash
- Sales
- Rent Expense
The method of inventory costing that assumes that goods are sold in the order that they are purchased is -
- LIFO - Last In First Out
- Average Cost
- Specific Identification
- FIFO - First In First Out
The method of inventory costing that matches the most recent inventory costs with revenues is -
- LIFO - Last In First Out
- Specific Identification
- FIFO - First In First Out
- Average Cost
A type of account that is called a permanent or real account is a/an
- Capital Account
- Asset Account
- Liability Account
- All of the listed answers are correct
Merchandise purchased on account (using credit) would normally be recorded in the -
- None of the listed answers is correct
- Cash Disbursements Journal
- Purchases Journal
- Cash Receipts Journal
An example of what is referred to as a General Ledger Control Account is-
- Rent Expense
- Sales
- Accounts Receivable
- Owner's Drawing
The special journal normally used to record the sale of merchandise for cash -
- Sales Journal
- General Journal
- Cash Disbursements Journal
- Cash Receipts Journal