Accounting final study guide – Flashcards
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An increase to the withdrawals account is a
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Debit
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An increase to utilities expense is recorded as
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Debit
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The normal balance for the owner's withdrawal account is a
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Debit
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A decrease to an expense account is a
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Credit
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An increase to a revenue account is a
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Credit
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The normal balance for expense account is a
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Debit
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The left side of a t account is a
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Debit
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An example of a voluntary deduction is one for a health insurance premium
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True
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An accounting period that begins on July 1 and ends on June 30 is a calendar-year accounting period
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False
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The total FICA tax divided Ito two parts: the social social security tax and Medicare tax
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True
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The payroll register summarizes information about employees' earnings during a pay period
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True
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A fiscal period may be one month,three months,or even a year but usually is one year
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True
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Liability revenue and withdrawal accounts all have normal credit balance
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False
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To record transactions in chronological order means to record them according to the date in which they occurred
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True
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A journal is like a diary of a business was because it I the only place where complete details of a transaction are recorded
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True
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Overtime is paid to most employees free they work more than 49 hours
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False
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Is an accounting period of twelve ending in the last day of any moth except December
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Fiscal year
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Another term use for "recording" a business transaction is
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Journalizing
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Is any type of business paper that verifies that a transaction occurred
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Source document
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Accounting period begins on January 1 and it ends on December 31
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Calendar year
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Is an all purpose journal used for recording business transactions
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General journal
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The various activities a business completes to organize itS accounting record in an orderly fashion is called
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Accounting cycle
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Is often called a boom of original entry
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Journal
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Is an individual payroll record kept for each employee
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Employees earnings record
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I paid to the rmoyee as a percentage o the employees sales
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Commission
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The amount of money actually received by the employee after all deductions are subtracted is called the
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Net pay
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The amount deducted from gross earnings for federal income tax each paid period depends on the total earnings, marital status in the number of ...an employee claims from form w-4
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Gross earnings
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A list ofemployees in a business and the earnings due to each employee for a specific period of time is a
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Payroll
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If an employee has .. The employer placed the employee's net pay into their personal bank account
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Direct deposit
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An employee paid one and a half times the regular wage is paid at a
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Overtime rate
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The individual who prepares the pay roll is called the
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Payroll clerk
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The .. Is the total amount earned by the employee in the paid period
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Gross earnings
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An amount of money paid to employees at a specific rate per hours is
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Wage
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Is fixed amount of money paid to an employee each paid period
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Salary
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Is An amount subtracted from gross earnings
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Deductions
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Is form summarizing information about employees earnings for each paid period
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Payroll register
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The amount of time for which an employee Is paid is called the
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Pay period
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Liability expense and capital accounts all have normal credit balances
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True
