MRTS 1342 Final Exam Questions and Answers
Which of the following is required on a General Price List:
A. Establishment name
B. Establishment address
C. Establishment's telephone number
D. Effective date of the GPL
E. All of these - Answer-All of these
A separate record of each employee's ...
Which of the following is required on a General Price List:
A. Establishment name
B. Establishment address
C. Establishment's telephone number
D. Effective date of the GPL
E. All of these - Answer-All of these
A separate record of each employee's earning's earnings is called - Answer-Employee
Earning Record
Depreciation expense is based on estimates of useful lives and salvage value - Answer-
True
General Price List - Answer-The cornerstone of the Funeral Rule
A debit:
A. Decreases assets
B. Increases liabilities
C. Increases owner's equity
D. Is always on the left side of the T-Account - Answer-Is always on the left side of the
T-Account
Accrual basis of accounting - Answer-Business records revenues when earned,
regardless of whether cash has been received and records expenses when they are
incurred
Which of the following professions might be responders to disasters?
Medical Responders
Volunteer Responders
Funeral Directors
Scientific Experts
All of these - Answer-All of these
An apostille is:
A. the verification of a notary seal or governmental agency seal and accompanying
signature
B. obtained by the agency of each individual state that issues notary or governmental
agency seals
C. a document signed by a county clerk
, D. both A and B - Answer-D. both A and B
Gross Margin - Answer-The difference between net sales and the cost of goods
What is restrictive endorsement?
A. Adds "For Deposit Only" to the back of the check
B. Adds "Pay to Any Bank"
C. Adds "Pay to John Doe only"
D. All of these - Answer-D. All of these
The first step in preparing the worksheet:
A. Prepare the adjustments
B. Prepare the trial balance
C. Prepare the adjusted trial balance
D. Extend the amounts from the adjusted trial balance to the income statement and
balance sheet columns - Answer-Prepare the trial balance
Form 941 Tax Deposit - Answer-Federal Income Tax and Social Security and Medicare
Taxes
Outstanding Check - Answer-A check that has been issued but not presented for
payment to a bank
What is a blank endorsement of a check?
A. not signing the check
B. signs the back of the check
C. Stamps the back of the check
D. B & C - Answer-B & C
Balance owed on limo - Answer-Liability
Dodge chemical bill for new embalming machine - Answer-Liability
Owner's share of Profits - Answer-Owner's Equity
Wage Expense - Answer-Owner's Equity
Caskets in a selection room - Answer-Asset
Cash in the bank - Answer-Asset
Personal investments in the business - Answer-Owner's Equity
Paying a telephone bill - Answer-Owner's Equity
Customer accounts in the books (accounts receivable) - Answer-Asset
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