FBLA Accounting Exam: Trivia Quiz!
(164).jpg "FBLA Accounting Exam: Trivia Quiz!")
- 1.When a business uses a petty cash fund, the fund is debited each time it is replaced.
- A.
True
- B.
False
- 2.A debit to an account is always an increase.
- A.
True
- B.
False
- 3.When a business buys equipment, the bookkeeper credits the asset account.
- A.
True
- B.
False
- 4.To determine the interest on a promissory note, the accountant will need to know the principle, interest, rate, and term.
- A.
True
- B.
False
- 5.A payee is a person or business to whom a check is payable.
- A.
True
- B.
False
- 6.Today the Federal Tax Reform Law only requires persons who are over two years old to have a social security number.
- A.
True
- B.
False
- 7.A bonus, rather than a commission, is an amount paid to an employee as a percentage of sales.
- A.
True
- B.
False
- 8.Depreciation is allocating the cost of a plant asset over the asset�s useful life.
- A.
True
- B.
False
- 9.When the accountant debits the withdrawals account, this will result in a decrease to the account.
- A.
True
- B.
False
- 10.Straight-line depreciation is allocating the cost of a plant equally over its useful life.
- A.
True
- B.
False
- 11.The basic accounting equation may be expressed as
- A.
A. A + E
- B.
B. A = OE - L
- C.
C. Assets = Liabilities + Owner’s Equity
- D.
D. Assets + Liabilities = Owner’s Equity
- 12.The year and month are written in a general journal
- A.
A. on each journal page.
- B.
B. for each entry on each journal page.
- C.
C. only at the top of page one of the journal page.
- D.
D. at the bottom of each journal page.
- 13.Debts that are not required to be paid within the next accounting period are called
- A.
A. wages.
- B.
B. liabilities.
- C.
C. taxes.
- D.
D. long-term liabilities.
- 14.Which of the following transactions will result in the trial balance being out of balance?
- A.
A. $500 salary payment posted as a $500 debit to cash and a $500 credit to salaries expense.
- B.
B. $200 check from a customer in payment of his/her account posted as $200 debit to cash and a $200 credit to accounts receivable.
- C.
C. $75 cash from a customer in payment of his/her account posted as a $75 debit to cash and a $57 credit to cash.
- D.
D. $50 cash purchase of office supplies posted as a $50 debit to office equipment and a $50 credit to cash
- 15.At the close of the fiscal year in June, Bernard�s Novelty had a cash balance of $8,000. What was the cash balance on June 1 if Bernard�s cash receipts for June were $15,526 and his disbursements were $12,200?
- A.
A. $3,326
- B.
B. $7,526
- C.
C. $4,200
- D.
D. $4,674
- 16.Assume that Bernard�s Novelty is a partnership. Which transaction would occur if Partner A withdraws cash for personal use to purchase an automobile?
- A.
A. Debit salary expense and credit cash
- B.
B. Debit cash and credit Partner A, withdrawal
- C.
C. Debit Partner A, withdrawal and credit cash
- D.
D. Debit capital and credit cash
- 17.The accountant will write off a customer as a bad debt using the direct-write method by
- A.
A. debiting bad debts expense and crediting accounts receivable/customer in the general journal.
- B.
B. posting to the bad debts expense and accounts receivable accounts.
- C.
C. posting to the customer’s account showing it to be uncollectible.
- D.
D. All of the above
- 18.Adjusting entries journal entries to update the ledger. Therefore, to adjust and account for depreciation expense, the bookkeeper will
- A.
A. debit the account and credit the related expense account.
- B.
B. debit the depreciation account and credit the accumulated depreciation account.
- C.
C. debit the accumulated depreciation account and credit the depreciation expense account.
- D.
D. debit the depreciation account and credit the owner’s equity account.
- 19.Which tax is paid by both employer and employee on the employee�s gross wages?
- A.
A. Federal income tax
- B.
B. FICA tax
- C.
C. State income tax
- D.
D. State unemployment tax
- 20.Which of the following accounts needs no closing entries?
- A.
A. Capital
- B.
B. Supplies expense
- C.
C. Fees owed
- D.
D. All of the above
- 21.Ending inventory is merchandise a business has on hand at the
- A.
A. beginning of the fiscal period
- B.
B. end of the fiscal period.
- C.
C. during the fiscal period.
- D.
D. midpoint of the fiscal period.
- 22.A business had gross sales of $4,500 and sales discounts of $250 at the end of May. Net sales at the end of May were $4,100 as there was a sales return and allowance on May 15. How did the bookkeeper record the return and for what amount?
- A.
A. Debit sales discounts for $250, credit accounts receivable/customer.
- B.
B. Credit sales returns and allowances for $150, debit accounts receivable/customer.
- C.
C. Debit sales returns and allowances for $150, credit accounts receivable/customer
- D.
D. Debit sales discounts for $150, credit accounts receivable/customer
- 23.___________ stock is the type of stock issued by a corporation when only one class of stock is issued.
- A.
Preferred
- B.
Common
- C.
Capital
- D.
Dividend
- 24.Retained earnings are earnings of a ________ and will be shown on the ______________.
- A.
Sole proprietorship, balance sheet
- B.
Partnership, income statement
- C.
Corporation, balance sheet
- D.
Corporation, income statement
- 25.The balance sheet will show:
- A.
Asset accounts only on a specific date
- B.
Preliminary balances of all the asset and liability accounts on a specific date.
- C.
Final balances of all accounts on a specific date.
- D.
Final balances in all asset, liability, and owner’s equity accounts
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