NAB EXAM #4 QUESTIONS AND
ANSWERS WITH VERIFIED
SOLUTIONS 100% CORRECT
______ makes employers responsible for injuries to their
employees during the course of their employment. -
correct answer- Federal Employer's liability act
_______ is used to record non-recurring (one-time)
entries. - correct answer- General Journal
_____________ assumes the supplies stored the longest
will be used first, thereby raising the value of the
remaining inventory. - correct answer- First in
----First out
A budget that projects purchase of assets of $500 or more
and will be held for at least 1 year is called the ________.
- correct answer- Capital budget
,A complaint for violations of the EEOA is filed with the
_____. - correct answer- EEOC
A cost with both a fixed and variable cost component is
called ________. - correct answer- Semi-
variable cost
A list of every account in the facility is called the ______.
- correct answer- Chart of accounts
A thing that is owned by the facility that will NOT be
converted to cash within 12 months is called a -
correct answer- non current asset
A thing that is owned by the facility that will or can be
converted to cash within 12 months is called a
___________. - correct answer- Current asset
A worker injured on the job would receive hospitalization,
medical costs and lost wages under __________. -
correct answer- Workers compensation
, A worker is entitled to overtime pay of ____ times regular
pay if they worked more than _____ hours in a work
week. - correct answer- 1 1/2 40
Acid test ratio is used to calculate funds available in a few
days to pay current liabilities and is expressed as _______.
- correct answer- Cash and current receivables
divided by current liabilities.
An administrator would refer to _____ to determine if
revenues were sufficient to cover expenses. - correct
answer- profit/loss statement and income
statement
An annual physical inventory is called - correct
answer- periodic inventory
An asset purchased for use rather than resale (land,
buildings, equipment) is called - correct answer-
capital asset
ANSWERS WITH VERIFIED
SOLUTIONS 100% CORRECT
______ makes employers responsible for injuries to their
employees during the course of their employment. -
correct answer- Federal Employer's liability act
_______ is used to record non-recurring (one-time)
entries. - correct answer- General Journal
_____________ assumes the supplies stored the longest
will be used first, thereby raising the value of the
remaining inventory. - correct answer- First in
----First out
A budget that projects purchase of assets of $500 or more
and will be held for at least 1 year is called the ________.
- correct answer- Capital budget
,A complaint for violations of the EEOA is filed with the
_____. - correct answer- EEOC
A cost with both a fixed and variable cost component is
called ________. - correct answer- Semi-
variable cost
A list of every account in the facility is called the ______.
- correct answer- Chart of accounts
A thing that is owned by the facility that will NOT be
converted to cash within 12 months is called a -
correct answer- non current asset
A thing that is owned by the facility that will or can be
converted to cash within 12 months is called a
___________. - correct answer- Current asset
A worker injured on the job would receive hospitalization,
medical costs and lost wages under __________. -
correct answer- Workers compensation
, A worker is entitled to overtime pay of ____ times regular
pay if they worked more than _____ hours in a work
week. - correct answer- 1 1/2 40
Acid test ratio is used to calculate funds available in a few
days to pay current liabilities and is expressed as _______.
- correct answer- Cash and current receivables
divided by current liabilities.
An administrator would refer to _____ to determine if
revenues were sufficient to cover expenses. - correct
answer- profit/loss statement and income
statement
An annual physical inventory is called - correct
answer- periodic inventory
An asset purchased for use rather than resale (land,
buildings, equipment) is called - correct answer-
capital asset
