FBLA Accounting 1 Exam with 100% Correct Answers
Gain - Answer- An increase in equity resulting from activity other than selling goods or services.
Gain on plant assets - Answer- An increase in equity that results when a plant asset is sold for more than book value.
Loss - Answer- A decre...
Gain - Answer- An increase in equity resulting from activity other than selling goods or
services.
Gain on plant assets - Answer- An increase in equity that results when a plant asset is
sold for more than book value.
Loss - Answer- A decrease in equity resulting from activity other than selling goods or
services.
Loss on plant assets - Answer- The decrease in equity that results when a plant asset is
sold for less than book value.
Accelerated depreciation - Answer- Any method of depreciation which records greater
depreciation expense in the early years and less depreciation expense in the later
years.
Declining-balance method of depreciation - Answer- A type of accelerated depreciation
that multiplies the book value of an asset by a constant depreciation rate to determine
annual depreciation.
Double-declining balance method of depreciation - Answer- A declining-balance rate
that is two times the straight-line rate.
Intangible asset - Answer- An asset that does not have physical substance.
Amortization - Answer- The spreading of the cost of an intangible asset over its useful
life.
real property - Answer- land and anything attached to the land
personal property - Answer- all property not classified as real property
assessed value - Answer- The value of an asset determined by tax authorities for the
purpose of calculating taxes
plant asset record - Answer- An accounting form on which a business records
information about each plant asset.
, gain on plant assets - Answer- Revenue that results when a plant asset is sold for more
than book value.
loss on plant assets - Answer- The loss that results when a plant asset is sold for less
than book value.
payroll - Answer- list of a business's employees and the payment due to each employee
for a specific pay period
pay period - Answer- amount of time for which an employee is paid
payroll clerk - Answer- a person who is responsible for preparing the payroll
gross earnings - Answer- total amount of money earned by an employee in a pay period
salary - Answer- fixed amount of money paid to an employee for each pay period
wage - Answer- amount of money paid to an employee at a specificed rate per hour
worked
time card - Answer- record of the time an employee arrives at work each time, the time
the employee leaves, and the total number of hours worked each day
electronic badge readers - Answer- computer technology where each employee's time
card has a magnetic strip on which is encoded certain employee information
piece rate - Answer- amount paid for each piece produced in a factory or manufacturing
plant
commission - Answer- amount paid to an employee based on a percentage of the
employee's salary
overtime rate - Answer- set by the Fair Labor Standards Act, is 1 and 1/2 times the
employee's regular rate
deduction - Answer- the amount that is subtracted from gross earnings
exemption - Answer- an allowance claimed by a taxperson that reduces the amount of
taxes that must be paid
payroll register - Answer- form that summarizes information about an employees'
earnings for each pay period
net pay - Answer- amount of money left after all deductions are subtracted from gross
earnings
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