Exam (elaborations)

FSE2930 Prof. Review - Accounting exam with complete solutions

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Course
FSE 2930

Institution
FSE 2930

What is the difference between a personal check and a certified check? the certified is guaranteed by the bank Entries at the end of a fiscal period to update the accounts are known as adjusting entries Previous Pause Next Rewind 10 seconds Move forward 10 seconds Unmute 0:0...

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Uploaded on September 4, 2024
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Type Exam (elaborations)
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fse2930 prof review accounting exam

Institution FSE 2930
Course FSE 2930

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FSE2930 Prof. Review - Accounting exam
with complete solutions

What is the difference between a personal check and a certified check? -
ANSWER- the certified is guaranteed by the bank

Entries at the end of a fiscal period to update the accounts are known as -
ANSWER- adjusting entries

The bank that is ordered to make a payment for a depositor from their bank is
known as the - ANSWER- drawee

An account set up to estimate for budget purposes accounts from families who
will not pay their funeral bill are known as - ANSWER- allowance for doubtful
accounts or allowance for bad debts

A formal written statement by the management's plans for the future expressed in
financial terms is - ANSWER- budget

In the accounting world, where is the blank endorsement found? - ANSWER-
signature of the payee found on the back of a check

A source document which is completed when a buyer returns purchases for a
refund is - ANSWER- credit memorandum

At Resting Hands Memorial Gardens the average family pays their funeral
expenses in 21 days. This number is known as - ANSWER- age of accounts
receivable

Another name for the statement of financial position or statement of financial
condition of the funeral home is - ANSWER- balance sheet

Net income divided by net sales gives you - ANSWER- profit margin

, In computing interest on an overdue account how many days do they assume is
in a year? - ANSWER- 360 days

Deductions in the quoted price for payment with in a certain time limit are known
as - ANSWER- cash discount

Those assets such as the real estate and rolling stock are classified as -
ANSWER- tangible assets

Any promise to pay creditors for property or services render should be recorded
in - ANSWER- accounts payable

An expense, such as unpaid gasoline for rolling stock, for this accounting period,
which has not been paid, is known as a ________________ account. - ANSWER-
accrued expense

A work paper proving the equality of the debit and credit balances in the ledger is
- ANSWER- trial balance

Entries made at the end of each reporting period to transfer the balances of the
temporary owner's equity accounts to the permanent owner's equity account are
known as? - ANSWER- closing entries

The face of note for a payroll check is? - ANSWER- principle sum of the check

When the funeral home manager divides liabilities into assets to determine if they
are in the black, this process is known as - ANSWER- acid test or quick ratio

What is the name of the ledger account which is used to keep track of
unexplained shortages or overages of cash? - ANSWER- Cash short and over

A book of original entries used for the recording of sales of caskets and
merchandise on credit only is - ANSWER- sales journal

The number of times the average inventory has been sold or used up during a
period of time is known as - ANSWER- inventory turnover

When the accounts payable is in balance it means - ANSWER- credits and debits
are equal

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Exam (elaborations)

FSE2930 Prof. Review - Accounting exam with complete solutions

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