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5 Written questions

5 Matching questions

  1. Invoice
  2. Equities
  3. Government regulations require the withholding of taxes from employees and payment of certain taxes by both
  4. Assets
  5. Single-entry systems require
  1. a The entire property of a person, association, corporation, or estate applicable or subject to the payment of debts.
  2. b employees and employers
  3. c the general journal, the cash payment journal, and the accounts receivable ledger.
  4. d The monetary value of a property or of an interest in a property in excess of claims or leins against it.
  5. e A paper describing a purchase and the amount due.

5 Multiple choice questions

  1. Federal Unemployment Tax Act
  2. Debts incurred and not yet paid.
  3. A financial statement for a specific date that shows the total assets, liabilities, and capital of the business.
  4. The state in which the total ending balances of patient ledgers equals the tatal of accounts receivable.
  5. should be done once a month after all posting has been completed and before the monthly statements are prepared. The purpose of process is to disclose any discrepancies between the journal and the ledger.

5 True/False questions

  1. Cash basis of accountingA method of accounting in which income is recorded when received and expenses are recorded when paid.


  2. The amount of taxes to withheld is based onTotal earnings of the employee
    Number of withholding allowances claimed
    Marital status of the employee
    Length of the pay period involved


  3. EntryA record or notation of an occurrence, transaction, or proceeding.


  4. Petty cash fundA fund maintained to pay small, unpredictable cash expenditures.


  5. The cardinal rules of Bookkeeping(1) Use good penmanship, (2) Use the same pen style and type of ink consistently, (3) Keep columns of figures straight, (4) Write well-formed figures, (5) Carry decimal points correctly.


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