Accounting Final Exam

Front

The account Accounts Receivable is an example of a(n) ____.

Back

asset

Front

A business transaction that involves a purchase on account is considered to be a(n) ____.

Back

credit transaction

Front

The purchase of a desk on account will increase Office Furniture and will also increase ____.

Back

Accounts Payable

Front

Which of the following accounts is not closed at the end of the accounting period? Revenue, Income Summary, Maintenance Expense, John Smith, Capital

Back

John Smith, Capital

Front

Transferring the expense account balances to the Income Summary account is the ____.

Back

second closing entry

Front

The balance of the revenue account is transferred to the ____.

Back

credit side of the Income Summary account

Front

Closing entries are used to transfer the net income or net loss for the accounting period to the ____.

Back

Capital Account

Front

At the start of a fiscal period, the merchandise a business has on hand is called the ____.

Back

beginning inventory

Front

A(n) ____ is taken to actually count by hand the items in stock.

Back

Physical Inventory

Front

The amount of money actually received by the employee after all deductions are subtracted is called the ____.

Back

Net Pay