Pre-Test Accounting II

The total of a schedule of accounts payable less purchases discounts taken during the month will equal the total of Accounts Payable.

• True
• False

The periodic inventory method does not require records of the quantity and cost of the individual goods.

• True
• False

The petty cash account "cash short and over" is a temporary account.

• True
• False

The balance of Accounts Receivable should equal the total of the schedule of accounts receivable.

• True
• False

Separate transactions are recorded for cash, credit card, and debit card totals listed on a terminal summary.

• True
• False

Transactions that can not be recorded in a special journal are recorded in a general journal.

• True
• False

Entries in a general journal only affect account balances in the general ledger accounts.

• True
• False

The stockholders' equity account, Dividends, has a normal credit balance.

• True
• False

Social Security tax is paid by both the employees and employers.

• True
• False

A single person (employee) will have more income tax withheld than a married person (employee).

• True
• False