Podcast
Questions and Answers
What are journal entries recorded to update general ledger accounts at the end of a fiscal period called?
What are journal entries recorded to update general ledger accounts at the end of a fiscal period called?
- Adjusting entries (correct)
- Closing entries
- Cash receipts journal
- Capital stock
What is the difference between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts, called?
What is the difference between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts, called?
- Cash short
- Cash discount
- Cash over
- Book value of accounts receivable (correct)
What is the use of ethics in making business decisions called?
What is the use of ethics in making business decisions called?
- Business ethics (correct)
- Capital stock
- Cash sale
- Capital
What is the account used to summarize the owner's equity in a business called?
What is the account used to summarize the owner's equity in a business called?
What is the total shares of ownership in a corporation called?
What is the total shares of ownership in a corporation called?
What is a statement that guides the ethical behavior of a company and its employees called?
What is a statement that guides the ethical behavior of a company and its employees called?
What is the purpose of a debit memorandum?
What is the purpose of a debit memorandum?
Which of the following is a financial ratio that compares a company's total debt to its total assets?
Which of the following is a financial ratio that compares a company's total debt to its total assets?
What is the purpose of a commercial invoice?
What is the purpose of a commercial invoice?
What is the purpose of a debit card?
What is the purpose of a debit card?
What is the definition of a debtor?
What is the definition of a debtor?
What is the definition of a debit?
What is the definition of a debit?
What is a restrictive endorsement on a negotiable instrument?
What is a restrictive endorsement on a negotiable instrument?
What is a retail merchandising business?
What is a retail merchandising business?
What are retained earnings?
What are retained earnings?
What is revenue?
What is revenue?
What is a reversing entry?
What is a reversing entry?
What is a salary?
What is a salary?
What is the primary purpose of a sales invoice?
What is the primary purpose of a sales invoice?
Which of the following is a special journal used to record sales transactions?
Which of the following is a special journal used to record sales transactions?
What is the purpose of a sales discount?
What is the purpose of a sales discount?
What is the purpose of a schedule of accounts receivable?
What is the purpose of a schedule of accounts receivable?
What is the primary purpose of a sales return?
What is the primary purpose of a sales return?
What is the purpose of a schedule of accounts payable?
What is the purpose of a schedule of accounts payable?
What does the term 'scrap value' represent for a depreciable asset?
What does the term 'scrap value' represent for a depreciable asset?
What is a sight draft primarily used for in commercial transactions?
What is a sight draft primarily used for in commercial transactions?
In what type of business are intangible services provided to customers?
In what type of business are intangible services provided to customers?
What is the purpose of a special amount column in accounting records?
What is the purpose of a special amount column in accounting records?
What does a share of stock represent in a corporation?
What does a share of stock represent in a corporation?
Why is social security tax levied on employees and employers?
Why is social security tax levied on employees and employers?