Question

1) This appears in the bank section of a bank reconciliation: a) Outstanding Checks; b) Service Fees; c) Both a and b
2) This appears in the bank section of a bank reconciliation: a) NSF Checks; b) Deposits in Transit; c) Both a and b
3) This appears in the book section of a bank reconciliation: a) Unrecorded ATM Withdrawls; b) Outstanding Checks; c) Both a and b
4) This appears in the book section of a bank reconciliation: a) Deposits in Transit; b) Check Errors; c) Both a and b
5) This is a payroll tax: a) Federal Income Tax; b) Social Security Tax; c) Both a and b
6) This is a payroll tax: a) State Income Tax; b) Medicare Tax; c) Both a and b
7) This is a payroll tax: a) FUTA tax; b) Sewer Assessment; c) Both a and b
8) This is used when you return merchandise to supplier: a) Purchases Returns and Allowances; b) Sales Returns and Allowances; c) Neither a nor b
9) This is used for transportation charges: a) SUTA Tax; b) Freight-In; c) Neither a nor b
10) This is used when the customer returns merchandise to you: a) Purchased Returns and Allowances; b) Sales Returns and Allowances; c) Neither a nor b.
11) If the credit terms are 5/10, n/30, the "5" indicates: a) 5%; b) 5 days; c) Neither a nor b
12) Refer to #11. If you pay within 10 days: a) there is a 5% discount; b) there is no discount; c) Neither a nor b
13) Refer to # 11. If you pay in 30 days: a) there is a 5% discount; b) there is no discount; cO Neither a nor b.
14) All 50 states: a) Impose a state income tax; b) Some states do not impose a state income tax; c) No states impose a state income tax.
15) If you own a business and withhold federal income tax from employee paychecks, the amount withheld represents: a) asset; b) liability; c) revenue
16) This account is closed out at end of accounting period: a) Asset; b) Liability; c) Revenue
17) This account is closed out at end of accounting period: a) Asset; b) Liability; c) Expense
18) This account is closed out at end of accounting period: a) Asset; b) Liability; c) Drawing
19) This account is closed out at end of accounting period: a) Income Summary; b) Capital; c) Both a and b
20) This account is closed out at end of accounting period: a) Cash; b) Service Fees; c) Accounts Receivable

Answer 1

Answer to first 4 sub parts as per answering guidelines

1) This appears in the bank section of a bank reconciliation:

Correct Answer is a) Outstanding Checks

b) Service Fees; appears in the book section of a bank reconciliation

2) This appears in the bank section of a bank reconciliation:

Correct Answer is b) Deposits in Transit;

a) NSF Checks; appears in the book section of a bank reconciliation

3) This appears in the book section of a bank reconciliation:

Correct Answer is a) Unrecorded ATM Withdrawls;

b) Outstanding Checks; appears in the bank section of a bank reconciliation

4) This appears in the book section of a bank reconciliation:

Correct Answer is b) Check Errors;

a) Deposits in Transit; appears in the bank section of a bank reconciliation