Week 8 journal entries - Study guides, Class notes & Summaries

Sage 50 - Ch. 3 Review Questions with 100% Correct Answers 1. Which one of the statements about the Sage 50 "date" system is false - A) the posting date is the date of the transaction B) the session date may be advanced by more than one week C) the session date is the first posting date for a series of later transactions D) the session date is the date you are recording transactions - Answer- C) the session date is the first posting date for a series of later transactions 2. Sage 50 pr...

CHAPTER 03 - THE ADJUSTING PROCESS 1. Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash basis of accounting. a. True b. False ANSWER: DIFFICULTY: LEARNING OBJECTIVES: ACCREDITING STANDARDS: True Moderate Bloom's: Remembering FNMN.WARD.16.03-01 - LO: 03-01 ACCT.ACBSP.APC.02 – GAAP ACCT.AICPA.FN.03 – Measurement BUSPROG: Analytic 2. Generally accepted accounting principles require accrual-basis accounting. a. True b. False ANSWER: DIFFI...

1. At a plant where car doors are manufactured, all of the following would be classified as direct labor except: a. Machinists. b. Assembly workers. c. Supervisor. d. Painters. ANSWER: c RATIONALE: Maintenance workers, while integral to the manufacturing process as they keep the machinery maintained, are not direct laborers because they do not actually add value to the product. Machinists, assembly workers and painters would all add value to the manufacture of a car door. ...

CPP Practice Exam 208 Questions with Verified Answers From what taxes are cafeteria plan contributions generally exempt? A. SS, Medi, FIT, and FUTA B. FIT and SIT C. SS, Medi, FUTA, and SUI D. SS, Medi, FIT, and SIT - CORRECT ANSWER A. Social Security, Medicare, FIT, and FUTA Reference 4.5 Cafeteria Plans In which boxes on the W-2 would you report the adoption assistance? A. Boxes 3, 4, 5, 6 B. Boxes 1, 2, 3, 4, 5, 6, 12 - Code T C. Boxes 3, 4, 5, 6, 12 - Code A D. Boxes 3...

FPC Practice Exam 188 Questions with Verified Answers Cafeteria plan are authorized by what Internal Revenue Code Section? A. 125 B. 401k C. 403b D. 457b - CORRECT ANSWER a. 125 all of the following are tax implications of a cafeteria plan except: a. no income tax withholding b. no social security and medicare tax withholding c. must withhold income, social security, and medicare taxes d. no form W2 reporting - CORRECT ANSWER C. must withhold income, social security, and medicare t...

True / False 1. Even though GAAP requires the accrual basis of accounting, some businesses prefer using the cash basis of accounting. a. True b. False ANSWER: True DIFFICULTY: Moderate Bloom's: Remembering LEARNING OBJECTIVES: ACCT.WARD.18.03-01 - 03-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.02 - GAAP ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic 2. Generally accepted accounting principles require the accrual basis of accounting. a. True b. False ANSWER...

ACCT 4251 - 200+ QuickBooks ProAdvisor Certification Exam Questions & Answers (UPDATED) Assured A+. Exam Duration: 2 to 3 hours Total Sections: 5 Total number of Questions: 75 Minimum Passing Score: 90% in each Section Certification Question (1):- When you send a QuickBooks report to Excel, which features allow you to choose what sections of the report to collapse? Answer: Auto outline. Question (2):- What is the purpose of an Audit Trailreport? Answer: Track any changes and deletions ...

ACCT 4251 - 200+ QuickBooks ProAdvisor Certification Exam Questions & Answers (UPDATED) Assured A+. Exam Duration: 2 to 3 hours Total Sections: 5 Total number of Questions: 75 Minimum Passing Score: 90% in each Section Certification Question (1):- When you send a QuickBooks report to Excel, which features allow you to choose what sections of the report to collapse? Answer: Auto outline. Question (2):- What is the purpose of an Audit Trailreport? Answer: Track any changes and deletions ...

ACCT 4251 - 200+ QuickBooks ProAdvisor Certification Exam Questions & Answers (UPDATED) Assured A+. Exam Duration: 2 to 3 hours Total Sections: 5 Total number of Questions: 75 Minimum Passing Score: 90% in each Section Certification Question (1):- When you send a QuickBooks report to Excel, which features allow you to choose what sections of the report to collapse? Answer: Auto outline. Question (2):- What is the purpose of an Audit Trailreport? Answer: Track any changes and deletions ...

FAC1502 SUMMARY STUDY NOTES. This is an all-inclusive guide to FAC1502 - Financial Accounting Principles, Concepts And Procedures. FINANCIAL PERFORMANCE AND THE EFFECT ON EQUITY The equations: Profit = I –E OE = C + (I-E) –D The Elements of the equation Income  Inflow of economic benefits (not from the owner)  Increase in assets or decrease in liabilities – THEREFORE Expenses  Outflow of economic benefits (not to the owner)  Decrease in assets or increase in liabili...