This practice exam can be taken as many times as needed to feel confident and prepared for the Accounts Exam.
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What accounts are affected when inventory is purchased on account? (Select all that apply.)CorrectIncorrect
What detail does NOT need to be included when recording fixed assets?CorrectIncorrect
What account is affected when payroll tax withholdings are paid out by the company?CorrectIncorrect
Sales tax payments should ALWAYS flow through the accounts as a liability to the business.CorrectIncorrect
Where are beginning balances classified?CorrectIncorrect
Accrued Expenses and Deferred Revenue are what type of accounts?CorrectIncorrect
What is the range of codes for Security Deposits Paid?CorrectIncorrect
How should Refunds and Allowances NOT be classified? (Select all that apply.)CorrectIncorrect
What account is an Expense account?CorrectIncorrect
What account is a Direct Cost account?CorrectIncorrect