Acct II Final Exam Prep

The withholding allowances for employees affect the amount of...

• SS Tax Withheld

• Fed Income Tax Withheld

• FUTA (Fed Unemployment Tax)

• SUTA (State Unemployment Tax)

What is a EFT?

• Exchange Fund Traded

• Expense Fiscal Term

• Electronic Funds Transfer

• None of these

Which ratio below would be used for a term on a Notes Receivable ending Dec 31st for a transaction on Dec 6th?

• 6/31

• 25/360

• 31/360

• 6/360

Use the straight line depreciation method to determine the annual depreciation for this truck, $55,000 new, $5,000 Salvage Value, 5 year useful life.

• 5,000

• 50,000

• 10,000

• 60000

A retirement plan that allows you to withdrawal your earnings Tax Free after 59 1/2 years old.

• 401K

• 403B

• Pension

• Roth IRA

Common Stock and Retained Earnings are reported on the....

• Income Statement

• Balance Sheet

• Statement of Stockholder's Equity

• Statement of Cash Flows

How is The Net Income Ratio calculated?

• Net Income/Total Revenue

• Gross Profit/Total Revenue

• Net Income/Net Expenses

• Net Income/Total Assets

The adjusting entry for Depreciation of Office Equipment includes a Debit to Depreciation Expense-Office Equipment and a Credit to....

• Income Summary

• Office Equipment

• Retained Earnings

• Accumulated Depreciation - Office Equipment

If Accounts Receiveable increases from 25,000 in the prior year to 30,000 in the current year, what is the Horizontal Analysis Ratio for AR?

• 10%

• 15%

• 20%

• 25%

Which of these is the proper closing entry for the Sales Account?

• Debit Sales, Credit Cash

• Debit Sales, Credit Income Summary

• Debit Income Summary, Credit Sales

• Debit Sales, Credit All Expenses