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FBLA Accounting 1 Exam with 100% Correct Answers

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FBLA Accounting 1 Exam with 100% Correct Answers Gain - Answer- An increase in equity resulting from activity other than selling goods or services. Gain on plant assets - Answer- An increase in equity that results when a plant asset is sold for more than book value. Loss - Answer- A decre...

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  • October 26, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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FBLA Accounting 1 Exam with
100% Correct Answers

Gain - Answer- An increase in equity resulting from activity other than selling goods or
services.

Gain on plant assets - Answer- An increase in equity that results when a plant asset is
sold for more than book value.

Loss - Answer- A decrease in equity resulting from activity other than selling goods or
services.

Loss on plant assets - Answer- The decrease in equity that results when a plant asset is
sold for less than book value.

Accelerated depreciation - Answer- 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 - Answer- 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 - Answer- A declining-balance rate
that is two times the straight-line rate.

Intangible asset - Answer- An asset that does not have physical substance.

Amortization - Answer- The spreading of the cost of an intangible asset over its useful
life.

real property - Answer- land and anything attached to the land

personal property - Answer- all property not classified as real property

assessed value - Answer- The value of an asset determined by tax authorities for the
purpose of calculating taxes

plant asset record - Answer- An accounting form on which a business records
information about each plant asset.

, gain on plant assets - Answer- Revenue that results when a plant asset is sold for more
than book value.

loss on plant assets - Answer- The loss that results when a plant asset is sold for less
than book value.

payroll - Answer- list of a business's employees and the payment due to each employee
for a specific pay period

pay period - Answer- amount of time for which an employee is paid

payroll clerk - Answer- a person who is responsible for preparing the payroll

gross earnings - Answer- total amount of money earned by an employee in a pay period

salary - Answer- fixed amount of money paid to an employee for each pay period

wage - Answer- amount of money paid to an employee at a specificed rate per hour
worked

time card - Answer- 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 - Answer- computer technology where each employee's time
card has a magnetic strip on which is encoded certain employee information

piece rate - Answer- amount paid for each piece produced in a factory or manufacturing
plant

commission - Answer- amount paid to an employee based on a percentage of the
employee's salary

overtime rate - Answer- set by the Fair Labor Standards Act, is 1 and 1/2 times the
employee's regular rate

deduction - Answer- the amount that is subtracted from gross earnings

exemption - Answer- an allowance claimed by a taxperson that reduces the amount of
taxes that must be paid

payroll register - Answer- form that summarizes information about an employees'
earnings for each pay period

net pay - Answer- amount of money left after all deductions are subtracted from gross
earnings

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