Accounting CTE Study Hacks: Key 40 Exam Questions With Answers for Effortless Learning
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Course
Accounting CTE
Institution
Accounting CTE
A customer purchased $720 of merchandise on accounts. Later a credit memorandum was issued for the return of $135 of goods. What is the new balance due? - ️️$585
Assuming Net Sales are $523,000, Cost of Goods Sold is $103,000, and Expenses are $50,000. What is the net income? - ️️$370,000
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A customer purchased $720 of merchandise on accounts. Later a credit memorandum was
issued for the return of $135 of goods. What is the new balance due? - ✔ ✔ $585
Assuming Net Sales are $523,000, Cost of Goods Sold is $103,000, and Expenses are $50,000.
What is the net income? - ✔ ✔ $370,000
Merchandise is sold on account for $425 plus a five percent sales tax. How much would be
debited to Accounts Receivable? - ✔ ✔ $446.25
Using the percentage of net sales method, what is the adjustment amount for Uncollectible
Accounts Expense if net sales is $110,000 and the percentage of net sales is 3%? - ✔ ✔
$3,300
Using the straight-line method of depreciation what is the annual depreciation expense if the
original cost of the asset is $900, estimated salvage value is $150, and the useful life is five
years? - ✔ ✔ $150
What are employer payroll taxes considered before payment is made? - ✔ ✔ Liabilities
What is an advantage of a corporation over a sole proprietorship? - ✔ ✔ Limited Liability
What is an organization with the legal rights of a separate entity and which may be owned by
many persons? - ✔ ✔ Corporation
What is the equation used to calculate the book value of Accounts Receivable? - ✔ ✔
Accounts Receivable - Allowance for Uncollectible Accounts
Which accounts appear on the post-closing trial balance? - ✔ ✔ Permanent Accounts
Which financial statement reports total assets, total liabilities, and stockholder's equity? - ✔
✔ Balance Sheet
Which financial statement shows the sales discounts account? - ✔ ✔ Income Statement
Which journal entry reinstates an accounts payable account, which was previously written off
as uncollectible? - ✔ ✔ Allowance for Uncollectible Accounts Debited and Accounts
Payable Credited
Which of the following accounts is debited in the closing entries? - ✔ ✔ Sales
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