FSE2930 Prof Review Accounting Questions And Answers Rated A+
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Course
FSE2930
Institution
FSE2930
FSE2930 Prof Review Accounting Questions And Answers Rated A+
What is the difference between a personal check and a certified check? ANS the certified is guaranteed by the bank
Entries at the end of a fiscal period to update the accounts are known as ANS adjusting entries
The bank that is ...
FSE2930 Prof Review Accounting Questions And
Answers Rated A+
What is the difference between a personal check and a certified check? ANS the certified is
guaranteed by the bank
Entries at the end of a fiscal period to update the accounts are known as ANS adjusting entries
The bank that is ordered to make a payment for a depositor from their bank is known as the ANS
drawee
An account set up to estimate for budget purposes accounts from families who will not pay their
funeral bill are known as ANS 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
ANS budget
In the accounting world, where is the blank endorsement found? ANS 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 ANS
credit memorandum
At Resting Hands Memorial Gardens the average family pays their funeral expenses in 21 days. This
number is known as ANS age of accounts receivable
Another name for the statement of financial position or statement of financial condition of the funeral
home is ANS balance sheet
Net income divided by net sales gives you ANS profit margin
, In computing interest on an overdue account how many days do they assume is in a year? ANS
360 days
Deductions in the quoted price for payment with in a certain time limit are known as ANS cash
discount
Those assets such as the real estate and rolling stock are classified as ANS tangible assets
Any promise to pay creditors for property or services render should be recorded in ANS 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. ANS accrued expense
A work paper proving the equality of the debit and credit balances in the ledger is ANS 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? ANS closing entries
The face of note for a payroll check is? ANS 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 ANS 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? ANS Cash short and over
A book of original entries used for the recording of sales of caskets and merchandise on credit only is
ANS sales journal
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