This practice exam can be taken as many times as needed to feel confident and prepared for the Accounts Exam.
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Question 1 of 10
1. Question
What accounts are affected when inventory is purchased on account? (Select all that apply.)
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Question 2 of 10
2. Question
What detail does NOT need to be included when recording fixed assets?
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Question 3 of 10
3. Question
What account is affected when payroll tax withholdings are paid out by the company?
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Question 4 of 10
4. Question
Sales tax payments should ALWAYS flow through the accounts as a liability to the business.
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Question 5 of 10
5. Question
Where are beginning balances classified?
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Question 6 of 10
6. Question
Accrued Expenses and Deferred Revenue are what type of accounts?
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Question 7 of 10
7. Question
What is the range of codes for Security Deposits Paid?
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Question 8 of 10
8. Question
How should Refunds and Allowances NOT be classified? (Select all that apply.)
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Question 9 of 10
9. Question
What account is an Expense account?
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Question 10 of 10
10. Question
What account is a Direct Cost account?
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