Funeral Accounting Midterm Exam
Questions and Answers 100% Solved
The expanded accounting equation is: - ✔✔assets= liabilities + owner's
equity - drawing + revenue - expenses
which of the following is true concerning the trial balance? - ✔✔the trial
balance proves only that the total ledger debit balances equal the total
ledger credit balances
the second step in the closing process is to close the __________
account(s) into the ______ account(s) - ✔✔
James received $650 for working 40 hours. What is the hourly rate of pay
for James - ✔✔$16.25
Coffee Co. has a $3,600 balance in Prepaid insurance that represents the
premium paid in advance for a six-month liability insurance policy.
Assuming that 4 months of premium is still remaining, the adjustment would
be recorded in the work sheet as: - ✔✔
Tonka services receives a bill for a three-month liability insurance policy.
The transactions would involve - ✔✔Debit to Prepaid Insurance
, A_________ means that the digits of a number have been switched around
- ✔✔Transposition
The __________ requires the revenue is recorded when earned and
expenses are recorded when incurred - ✔✔accrual basis of accounting
the _______ shows the financial position of a company - ✔✔Balance sheet
The Accounts Receivable T account shows the following
$250, debit
$1,250, debit
$300, credit
$250, credit
What is the balance of the account? - ✔✔$950, Debit
The______ shows how and why the owner's equity account has changed
over a stated period of time - ✔✔Statement of Owner's Equity
Which of the following is the fundamental accounting equation? -
✔✔Assets= Liabilities + Owner's Equity
Sally worked 45 hours during the week at an hourly rate of $10 per hour.
Assume that sally's overtime rate is paid at time and a half over 40 hours.
What is Sally's gross pay for the week? - ✔✔$475
Questions and Answers 100% Solved
The expanded accounting equation is: - ✔✔assets= liabilities + owner's
equity - drawing + revenue - expenses
which of the following is true concerning the trial balance? - ✔✔the trial
balance proves only that the total ledger debit balances equal the total
ledger credit balances
the second step in the closing process is to close the __________
account(s) into the ______ account(s) - ✔✔
James received $650 for working 40 hours. What is the hourly rate of pay
for James - ✔✔$16.25
Coffee Co. has a $3,600 balance in Prepaid insurance that represents the
premium paid in advance for a six-month liability insurance policy.
Assuming that 4 months of premium is still remaining, the adjustment would
be recorded in the work sheet as: - ✔✔
Tonka services receives a bill for a three-month liability insurance policy.
The transactions would involve - ✔✔Debit to Prepaid Insurance
, A_________ means that the digits of a number have been switched around
- ✔✔Transposition
The __________ requires the revenue is recorded when earned and
expenses are recorded when incurred - ✔✔accrual basis of accounting
the _______ shows the financial position of a company - ✔✔Balance sheet
The Accounts Receivable T account shows the following
$250, debit
$1,250, debit
$300, credit
$250, credit
What is the balance of the account? - ✔✔$950, Debit
The______ shows how and why the owner's equity account has changed
over a stated period of time - ✔✔Statement of Owner's Equity
Which of the following is the fundamental accounting equation? -
✔✔Assets= Liabilities + Owner's Equity
Sally worked 45 hours during the week at an hourly rate of $10 per hour.
Assume that sally's overtime rate is paid at time and a half over 40 hours.
What is Sally's gross pay for the week? - ✔✔$475
