FBLA Accounting 1 Questions and Answers 100% Correct

FBLA Accounting 1 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 deduction the amount that is subtracted from gross earnings exemption an allowance claimed by a taxperson that reduces the amount of taxes that must be paid payroll register form that summarizes information about an employees' earnings for each pay period net pay amount of money left after all deductions are subtracted from gross earnings direct deposit the employee's net pay is deposited in her or his personal bank account employee's earnings record where the individual payroll record for each employee is recorded accumulated earnings each employee's year to date gorss earnings unemployment taxes based on a percentage of their employees' gross earnings and are collected to provide funds for workers who are temporarily out of work federal tax deposit coupon (Form 8109) prepared and sent with the check to show the amount of taxes being sent to the federal governement form 941 the employer's quarterly federal tax return form w-2 summarizes an employee's earnings and tax deductions for the previous calendar year