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Accounting I Review Spring

Quiz by Deb Howorth

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44 questions
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  • Q1
    Net Income increases a corporation's total stockholders' equity.
    True
    False
    Maybe
    30s
  • Q2
    A corporation can decide if an when to declare a dividend.
    True
    False
    Maybe
    30s
  • Q3
    An entry recorded in a general journal will increase the account debited and decrease the account credited.
    Maybe
    True
    False
    30s
  • Q4
    A general journal entry posted to Accounts Payable will also be posted to an accounts payable account.
    True
    False
    Maybe
    30s
  • Q5
    In a computerized accounting system, transactions recorded on a general journal are posted at the end of the month.
    True
    False
    Maybe
    30s
  • Q6
    Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government.
    False
    Maybe
    True
    30s
  • Q7
    The larger the number of withholding allowances claimed, the larger the amount of income tax withheld.
    False
    True
    Maybe
    30s
  • Q8
    Federal unemployment insurance laws require that employers and employees pay taxes for unemployment compensation.
    True
    False
    Maybe
    30s
  • Q9
    The allowance method of accounting for uncollectible accounts does not comply with the generally accepted accounting principles.
    Maybe
    True
    False
    30s
  • Q10
    A note provides a business with legal evidence of a debt in the event it becomes necessary to go to court to collect.
    True
    False
    Maybe
    30s
  • Q11
    The accounting concept Neutrality is applied when the process of making accounting estimates is free from bias.
    False
    Maybe
    True
    30s
  • Q12
    The expense of an uncollectible account should be recorded in the accounting period that the account becomes uncollectible.
    Maybe
    True
    False
    30s
  • Q13
    The value of the insurance coverage used is recorded as a debit to Insurance Expense.
    True
    Maybe
    False
    30s
  • Q14
    For a business using the periodic inventory method, the balance of Merchandise Inventory in the unadjusted trial balance represents the beginning balance plus all purchases of merchandise made in the fiscal period.
    Maybe
    True
    False
    30s
  • Q15
    Cash and other assets expected to be exchanged for cash or consumed within a year are called liquid assets.
    Maybe
    False
    True
    30s

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