Praxis 5101

Front

Which is an advantage of using Wiki as an electronic collaboration tool?

Back

Single source of truth

Front

What is the primary purpose of an accounting system?

Back

To meet an organization's need for accounting information as efficiently as possible.

Front

A company wishes to increase the word of mouth promotion for its new hair care line by launching a party and inviting social media influencers and celebrities. The event is covered on the company’s website and social media channels. All attendees receive product samples and demonstrations. What type of advertising is the company using?

Back

Product seeding

Front

To accurately calculate the funds a company has available to pay expenses in the short run, an employee should review the following options: Statement of retained earnings, Income statement, Balance sheet, Statement of cash flows.

Back

Statement of cash flows

Front

A firm pays $1000 for furniture on account. Which journal entry should be made?

Back

Office furniture should be debited; accounts payable should be credited

Front

A debit is on the left side of the T-Accounts and does what?

Back

increases assets

Front

A credit is on the right side of the T-Accounts and does what?

Back

increases liability

Front

accepts deposits, has savings, checking and money market

Back

commercial bank

Front

Deposits like commercial banks; however, it is owned by the people that deposit money in it.

Back

savings and loan

Front

Non-profit; members deposit money in it. Provides cheaper banking to members.

Back

credit union