Deck 8: General Accounting, Inventory Adjustments, Pay Sales Taxes, Budgets, and End-Of-Period Procedures

Question 1

An owner may make the business.

A)Additional cash investments in
B)Additional non-cash investments in
C)A withdrawal from
D)All of the above

Answer 1

D

Question 2

To change an existing inventory item's quantity on hand because it was damaged, you adjust .

A)Inventory Quantities
B)Inventory Start Quantity
C)Chart of Accounts
D)Opening Balance Equity

Answer 2

A

Question 3

The types of accounts that may be reconciled are .

A)Assets
B)Liabilities
C)Equity
D)All of the above

Answer 3

D

Question 4

To record depreciation for the month, you complete a(n) .

A)Expense Report
B)Equipment Value Loss Form
C)Journal Entry
D)Depreciation Adjustment Form

Question 5

A budget tracks income and expenses and may be helpful for use in making business decisions.

Question 6

After closing a period, net income cannot be edited.

Question 7

An audit log allows you to view events that have occurred in the company, such as users who accessed and added or edited transactions.

Question 8

Closing entries for a company that sells inventory items is the same as a company that sells services.

Question 9

The report that shows a summary of budgeted amounts for a specific budget is the .

A)Budget Overview
B)Budget vs.Actuals
C)Company Snapshot
D)Both A and B

Question 10

Inventory starting value may be adjusted if the quantity is provided when the account is added.