Exam (elaborations)
FBLA Accounting 1 (Updated 2024) | 157 Actual Questions and Answers 100% Correct
- Institution
- FBLA Accounting 1 | 157 Actual Ques
FBLA Accounting 1 (Updated 2024) | 157 Actual Questions and Answers 100% Correct
[Show more]
Content preview
FBLA Accounting 1 (Updated 2024) | 157Actual Questions and Answers 100% Correct
Return on investment - -The ration of the money earned on investment
relative to the amount of the investment.
-Real property - -Land and anything attached to the land.
-Personal property - -All property not classified as real property.
-Assessed value - -The value of an asset determined by tax authorities for
the purpose of calculating taxes.
-Plant asset record - -An accounting form on which a business records
information about each plant asset.
-Gain - -An increase in equity resulting from activity other than selling
goods or services.
-Gain on plant assets - -An increase in equity that results when a plant asset
is sold for more than book value.
-Loss - -A decrease in equity resulting from activity other than selling goods
or services.
-Loss on plant assets - -The decrease in equity that results when a plant
asset is sold for less than book value.
-Accelerated depreciation - -Any method of depreciation which records
greater depreciation expense in the early years and less depreciation
expense in the later years.
-Declining-balance method of depreciation - -A type of accelerated
depreciation that multiplies the book value of an asset by a constant
depreciation rate to determine annual depreciation.
-Double-declining balance method of depreciation - -A declining-balance
rate that is two times the straight-line rate.
-Intangible asset - -An asset that does not have physical substance.
-Amortization - -The spreading of the cost of an intangible asset over its
useful life.
-real property - -land and anything attached to the land
, -personal property - -all property not classified as real property
-assessed value - -The value of an asset determined by tax authorities for
the purpose of calculating taxes
-plant asset record - -An accounting form on which a business records
information about each plant asset.
-gain on plant assets - -Revenue that results when a plant asset is sold for
more than book value.
-loss on plant assets - -The loss that results when a plant asset is sold for
less than book value.
-payroll - -list of a business's employees and the payment due to each
employee for a specific pay period
-pay period - -amount of time for which an employee is paid
-payroll clerk - -a person who is responsible for preparing the payroll
-gross earnings - -total amount of money earned by an employee in a pay
period
-salary - -fixed amount of money paid to an employee for each pay period
-wage - -amount of money paid to an employee at a specificed rate per
hour worked
-time card - -record of the time an employee arrives at work each time, the
time the employee leaves, and the total number of hours worked each day
-electronic badge readers - -computer technology where each employee's
time card has a magnetic strip on which is encoded certain employee
information
-piece rate - -amount paid for each piece produced in a factory or
manufacturing plant
-commission - -amount paid to an employee based on a percentage of the
employee's salary
-overtime rate - -set by the Fair Labor Standards Act, is 1 and 1/2 times the
employee's regular rate
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.13. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now
