Podcast
Questions and Answers
What is the purpose of not writing 'debit' or 'DR' or 'credit' or 'CR' on the answer sheet?
What is the purpose of not writing 'debit' or 'DR' or 'credit' or 'CR' on the answer sheet?
- To test your ability to read and follow instructions (correct)
- To avoid confusion between 'E' and 'F' answers
- To facilitate faster grading
- To ensure the answer is written in upper case letters
How should a dollar amount with cents be written?
How should a dollar amount with cents be written?
- With two decimal places (correct)
- With one decimal place
- Without a decimal point
- Without cents
What happens if you mark a comma in the wrong position in an amount?
What happens if you mark a comma in the wrong position in an amount?
- It will not affect the marking of your answer
- Your answer will be marked correct
- Your answer will be marked wrong (correct)
- You will lose points for the entire question
What should you do if the answer is zero?
What should you do if the answer is zero?
Why is it important to write legibly on your answer sheet?
Why is it important to write legibly on your answer sheet?
What should you do if you are unsure about the format of an answer?
What should you do if you are unsure about the format of an answer?
What is the balance in Income Summary at the beginning of the fiscal year?
What is the balance in Income Summary at the beginning of the fiscal year?
How is the Allowance for Uncollectible Accounts classified?
How is the Allowance for Uncollectible Accounts classified?
What is the balance in Income Summary after all revenue, contra-revenue, purchases, contra-purchases, and expenses have been closed?
What is the balance in Income Summary after all revenue, contra-revenue, purchases, contra-purchases, and expenses have been closed?
How is the Patents account classified?
How is the Patents account classified?
How is the Equipment account classified?
How is the Equipment account classified?
What is the total amount of Sales for the year-to-date ended August 31, 2021?
What is the total amount of Sales for the year-to-date ended August 31, 2021?
What is the total amount of Purchases for the year-to-date ended August 31, 2021?
What is the total amount of Purchases for the year-to-date ended August 31, 2021?
What is the normal balance side of Accumulated Depreciation— Equipment?
What is the normal balance side of Accumulated Depreciation— Equipment?
What is the account type of Accumulated Depreciation— Equipment?
What is the account type of Accumulated Depreciation— Equipment?
After closing entries are posted, what is the balance of the Depreciation Expense account?
After closing entries are posted, what is the balance of the Depreciation Expense account?
What is the type of account that is closed at the end of the fiscal year?
What is the type of account that is closed at the end of the fiscal year?
What is the estimated useful life of the equipment?
What is the estimated useful life of the equipment?
What is the amount of depreciation to be recorded for the year ended December 31, 2021 using the straight-line method?
What is the amount of depreciation to be recorded for the year ended December 31, 2021 using the straight-line method?
What is the book value on the Balance Sheet dated December 31, 2020 using the straight-line method?
What is the book value on the Balance Sheet dated December 31, 2020 using the straight-line method?
What is the debit that is not included in the entry to record the sale of the equipment?
What is the debit that is not included in the entry to record the sale of the equipment?
If the double-declining balance method is used instead of the straight-line method, what is the book value on the Balance Sheet dated December 31, 2021?
If the double-declining balance method is used instead of the straight-line method, what is the book value on the Balance Sheet dated December 31, 2021?
What is the local property tax rate for real property in 2021?
What is the local property tax rate for real property in 2021?
What is the total revenue from the sale of printers during the year?
What is the total revenue from the sale of printers during the year?
What is the total cost of the printers purchased during the year?
What is the total cost of the printers purchased during the year?
What is the market value of the printers on hand at the end of the year?
What is the market value of the printers on hand at the end of the year?
What is the number of printers on hand at the end of the year?
What is the number of printers on hand at the end of the year?
What is the total number of units available for sale during the year?
What is the total number of units available for sale during the year?
What is the purpose of the anti-theft device on each printer package?
What is the purpose of the anti-theft device on each printer package?
