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Accounting II Vocabulary
Test Description: Vocabulary words and definitions
Instructions: Answer all questions to get your test result.
1) What is the person or business that gives goods on consignment called?
A
owner
B
consignee
C
consignment buyer
D
consignor
2) What is the person or business that receives goods on consignment called?
A
consignee
B
consignment buyer
C
consignor
D
owner
3) What is anything of value owned called?
A
assets
B
drawing
C
owner's equity
D
liabilities
4) What is an account that reduces a related account on a financial statement called?
A
owner's equity
B
asset
C
contra
D
credit
5) What is a form for recording transactions in chronological order called?
A
ledger
B
journal
C
worksheet
D
contra
6) What is an amount of cash kept on hand and used for making small payments?
A
petty cash
B
merchandise inventory
C
cash
D
contra account
7) Unemployment taxes are paid by the employer and are due to the
A
both federal and state government
B
federal or state government
C
state government only
D
federal government only
8) Employer payroll taxes include all of the following, EXCEPT
A
social security tax
B
federal income tax
C
federal unemployment tax
D
Medicare tax
9) The length of time for which a busines summarizes and reports financial information is a (an)
A
accounting cycle
B
fiscal period
C
month
D
year
10) A list of vendor accounts, account balances, and total amount due all vendors is a
A
customer ledger
B
vendor ledger
C
schedule of accounts receivable
D
schedule of accounts payable
*select an answer for all questions
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