5 Written Questions
5 Matching Questions
- Petty cash fund
- Common summary reports include
- Disbursement journals must show
- Cash flow statement
- a A fund maintained to pay small, unpredictable cash expenditures.
- b Statement of income and expense, cash flow statement, trial balance, accounts receivable balance and aging analysis, balance sheet.
- c - Every amount paid out.
- Date and check number.
- Purpose of the payment.
- d The monetary value of a property or of an interest in a property in excess of claims or leins against it.
- e A financial summary for a specific period that shows the beginning balance on hand, the receipts and disbursements during the period, and the balance on hand at the end of the period.
5 Multiple Choice Questions
- The Wage and Tax Statement. Employer is required to furnish two copies to each employee from whom income tax or Social Security tax has been withheld.
- Auto expenses, dues and meetings, equipment, insurance, medical supplies, office expenses, printing, postage and, stationary, rent and maintenance, salaries, taxes and licenses, travel and entertainment, utilities, miscellaneous, personal withdrawals.
- Declaration of Estimated Tax for Individuals
- single-entry system, double-entry system, and pegboard (write-it-once) system
- A request for payment.
5 True/False Questions
Before the end of the first pay period, the employee should complete a → A summary of all income and expenses for a given period.
Balance sheet → A request for payment.
Kinds of Financial records → Form W-2 and Form W-3
Controls → A standard of comparison to make sure answers obtained are accurate.
Cash basis of accounting → Method of accounting in which income is recorded when earned and expenses are recorded when incurred.