Completing the Operating Cycle in Accounting Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Rachel works for an electronics company. She purchases a device for testing the electronics. What should be done with this purchase?

Question 2 2. What is the term for tax levied by the government on things that are purchased?

Question 3 3. How is an indirect employee different from a direct employee?

Question 4 4. Delineating a purchase as an asset of the company is referred to as _____.

Question 5 5. Which of the following is a benefit of capitalizing a purchase?

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Question 6 6. Sales tax should be recorded in accounts as a:

Question 7 7. The salaries or wages of _____ employees are often grouped under overhead expenses for a business.

Question 8 8. A factory worker who assembles a product is a(n) ____ employee.

Question 9 9. Marking an item against the profits of a company at the time that it is purchased is known as which one of the following?

Question 10 10.

Robert received his payslip for the month of May 2017 and the following are mentioned:

Salary: $2500

Production Bonus: $100

Sick days: $150

Income tax: $500

Which of the following is NOT a type of compensation?

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Question 11 11. Tax levied by the government, based on the value of real estate, is called ____ tax.

Question 12 12. When should benefits, like sick days, be accounted for?

Question 13 13. Taxes paid during the year that are an estimate of the total income tax bill for the year are called ____ taxes.

Question 14 14. How should Post-It notes, which are quickly used up, be treated in accounting?

Question 15 15. What is tax levied by the government on money earned in the previous year?

Completing the Operating Cycle in Accounting Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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