Accounting II Vocabulary: Question Preview (ID: 1201)

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What is the person or business that gives goods on consignment called?
a) consignment buyer
b) consignee
c) consignor
d) owner

What is the person or business that receives goods on consignment called?
a) consignment buyer
b) consignee
c) consignor
d) owner

What is anything of value owned called?
a) assets
b) liabilities
c) owner's equity
d) drawing

What is an account that reduces a related account on a financial statement called?
a) asset
b) owner's equity
c) credit
d) contra

What is a form for recording transactions in chronological order called?
a) ledger
b) worksheet
c) journal
d) contra

What is an amount of cash kept on hand and used for making small payments?
a) merchandise inventory
b) contra account
c) petty cash
d) cash

Unemployment taxes are paid by the employer and are due to the
a) federal government only
b) state government only
c) both federal and state government
d) federal or state government

Employer payroll taxes include all of the following, EXCEPT
a) federal income tax
b) social security tax
c) Medicare tax
d) federal unemployment tax

The length of time for which a busines summarizes and reports financial information is a (an)
a) month
b) year
c) fiscal period
d) accounting cycle

A list of vendor accounts, account balances, and total amount due all vendors is a
a) schedule of accounts receivable
b) schedule of accounts payable
c) customer ledger
d) vendor ledger

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