CAPSTONE ACCOUNTING REVIEW || QUESTIONS AND 100% VERIFIED ANSWERS.
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Course
CAPSTONE ACCOUNTING
Institution
CAPSTONE ACCOUNTING
what is the name of the book of original entry which combines into one journal, the features of the two column general journal, and a special journal correct answers combination journal
the ___________ is a formal financial statement which summarizes all of the changes in owners equity during a ...
CAPSTONE ACCOUNTING REVIEW || QUESTIONS
AND 100% VERIFIED ANSWERS.
what is the name of the book of original entry which combines into one journal, the features of
the two column general journal, and a special journal correct answers combination journal
the ___________ is a formal financial statement which summarizes all of the changes in owners
equity during a specified period of time correct answers statement of net worth
the __________ is the date on which a payment is due on a promissory note correct answers
maturity date
________=coins, currency, checks, credit card receipts and money orders received from others,
as well as money deposited in the bank correct answers cash
John is paid an annual salary of 22,030 and overtime at a rate of 1 1/2 times his regular hourly
rate for any hours worked in excess of 40 hours. What is his overtime correct answers 15.89
Which of the following express the major items in the balance sheet as a percent of the total
assets and compare these with previous fiscal periods? correct answers Balance Sheet Common-
Size Statements/Percentage Method
________________ are a type of asset that will be consumed as they are used. correct answers
Supplies
What is the name of the error in accounting when the amount written is with the digits in the
incorrect order? Example 56 is written as 65. correct answers Transposition Error
A separate owner's equity account in which withdrawals of cash or other assets by the owner for
personal use are recorded, is called which of the following? correct answers Drawing account
This term provides a description of the particular type of asset, liability, owner's equity, revenue,
or expense correct answers account title
The estimated determinable life of a fixed asset is the correct answers useful life.
to enter a cash sale involving sales tax, the journal entry would be correct answers Cr. sales/Dr.
cash/Cr. sales tax payable
_________ is a form of compensation usually for skilled and unskilled labor. correct answers
Wage
A business or individual to whom a debt is owed is called correct answers a creditor
, Which of the following is a temporary owner's equity contra sales account used to record credit
given to a customer for shortages or damaged goods? correct answers Sales returns and
allowances
A(n) _________________ is an expense incurred in operating a business during an accounting
period, but not yet paid. correct answers accrued expense
Which of the following measures the average time required to sell inventory? correct answers
Age of Inventory
A device for recording the changes (increases or decreases) in the fundamental accounting
elements. correct answers account
The journal entry to establish a petty cash fund would be correct answers Debit petty cash/Credit
cash
A _____________________ is a written order by a buyer for merchandise or other property
specified in the purchase requisition correct answers purchase order
The closing entry for professional fees would be correct answers Dr. professional fees/Cr.
income summary
The signature of the payee or other holder placed on the back of a check or other negotiable
instrument is called correct answers endorsement.
What is the abbreviation for a debit? correct answers Dr.
Gross pay - payroll deductions = correct answers Net Pay
The amount originally paid for a depreciable asset is the correct answers original cost basis.
Which term was defined as follows?
Accounts utilized to accumulated income, expenses and owner's withdrawals for one accounting
period only. correct answers Temporary owner's equity accounts
A tax levied on the earning of individuals and businesses by federal, state, and local governments
is called correct answers income tax.
What is a book of original entry used for the recording of sales of merchandise on credit only?
correct answers Sales journal
When a payment is made by the business for an asset purchased on account, which accounts are
affected correct answers Dr. accounts payable/Cr. cash
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