FSE2930 Prof. Review - Accounting exam with complete solutions
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Course
FSE 2930
Institution
FSE 2930
What is the difference between a personal check and a certified check?
the certified is guaranteed by the bank
Entries at the end of a fiscal period to update the accounts are known as
adjusting entries
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FSE2930 Prof. Review - Accounting exam
with complete solutions
What is the difference between a personal check and a certified check? -
ANSWER- the certified is guaranteed by the bank
Entries at the end of a fiscal period to update the accounts are known as -
ANSWER- adjusting entries
The bank that is ordered to make a payment for a depositor from their bank is
known as the - ANSWER- drawee
An account set up to estimate for budget purposes accounts from families who
will not pay their funeral bill are known as - ANSWER- allowance for doubtful
accounts or allowance for bad debts
A formal written statement by the management's plans for the future expressed in
financial terms is - ANSWER- budget
In the accounting world, where is the blank endorsement found? - ANSWER-
signature of the payee found on the back of a check
A source document which is completed when a buyer returns purchases for a
refund is - ANSWER- credit memorandum
At Resting Hands Memorial Gardens the average family pays their funeral
expenses in 21 days. This number is known as - ANSWER- age of accounts
receivable
Another name for the statement of financial position or statement of financial
condition of the funeral home is - ANSWER- balance sheet
Net income divided by net sales gives you - ANSWER- profit margin
, In computing interest on an overdue account how many days do they assume is
in a year? - ANSWER- 360 days
Deductions in the quoted price for payment with in a certain time limit are known
as - ANSWER- cash discount
Those assets such as the real estate and rolling stock are classified as -
ANSWER- tangible assets
Any promise to pay creditors for property or services render should be recorded
in - ANSWER- accounts payable
An expense, such as unpaid gasoline for rolling stock, for this accounting period,
which has not been paid, is known as a ________________ account. - ANSWER-
accrued expense
A work paper proving the equality of the debit and credit balances in the ledger is
- ANSWER- trial balance
Entries made at the end of each reporting period to transfer the balances of the
temporary owner's equity accounts to the permanent owner's equity account are
known as? - ANSWER- closing entries
The face of note for a payroll check is? - ANSWER- principle sum of the check
When the funeral home manager divides liabilities into assets to determine if they
are in the black, this process is known as - ANSWER- acid test or quick ratio
What is the name of the ledger account which is used to keep track of
unexplained shortages or overages of cash? - ANSWER- Cash short and over
A book of original entries used for the recording of sales of caskets and
merchandise on credit only is - ANSWER- sales journal
The number of times the average inventory has been sold or used up during a
period of time is known as - ANSWER- inventory turnover
When the accounts payable is in balance it means - ANSWER- credits and debits
are equal
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