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Accounting - Preparing An 8-Column Work Sheet For A Merchandising Business - Part 3
Test Description: Review for Test
Instructions: Answer all questions to get your test result.
1) Estimated income tax must be paid in monthly installments.
A
True
B
False
2) All accounts are listed on the work sheet regardless of whether there is a balance or not.
A
False
B
True
3) Functional depreciation should be considered in estimating the useful life of computer equipment.
A
False
B
True
4) Purchases are recorded in the merchandise inventory account.
A
True
B
False
5) The income summary account is one of the accounts used to adjust the merchandise inventory account at the end of a fiscal period.
A
False
B
True
6) Two accounts used in adjusting office supplies are Supplies-Office and Supplies-Inventory.
A
True
B
False
7) The value of the insurance coverage used is recorded as a debit to Insurance Expense.
A
False
B
True
8) The amount recorded in Income Summary is extended to the Balance Sheet Debit or Credit column.
A
False
B
True
9) The balance of Merchandise Inventory in the Trial Balance columns represents the beginning balance plus all purchases of merchandise made in the fiscal period.
A
False
B
True
10) The difference between an asset's account balance and its related contra account is called book value.
A
True
B
False
*select an answer for all questions
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