BUS 245 Chapter 6, 7, 8, 10 Exam Questions with Correct Answers Latest Update 2026/2027
Long‐term tangible property that a firm owns - Answers Fixed Assets
Distribution of earnings to shareholders - Answers Dividends
A financial instrument that matures in more than 1 year - Answers Long-term investment
To record the purchase of a fixed asset you would click the Create (+) icon and then click
___________. - Answers Checking
Which of the following is an example of a fixed asset? - Answers New Truck
Which of the following is considered a financial instrument? - Answers common stock
To record the sale of stock you will click the Create (+) icon and then select ____________________.
- Answers Bank Deposit
The borrowing of funds on a long-term basis and the repayment of debt are two _______________
activities. - Answers financial
Hours worked times hourly rate is called ________________________. - Answers Gross Pay
To record the payment of employees in the Company you will click on the __________________
icon and then select Check. - Answers Create (+)
What are the two minimum accounts needed to account for payroll? - Answers Payroll (expense)
and Payroll Tax Payable (liability)
To add a new employee you will click ________________ from the dashboard. - Answers Workers
To add payroll-related accounts to the Company, you would click _______________ icon and then
click Chart of Accounts. - Answers Gear
Account used to record the liability for Federal income tax withheld - Answers Payroll Tax
Payable
Checks that appear in the checking account but do not appear on the bank statements are
referred to as ________________________. - Answers outstanding checks
To start a bank reconciliation you will click on the __________ icon and then click Reconcile. -
Answers Gear
Deposits that appear in the checking account but do not appear on the bank statement are
referred to as _________________________. - Answers deposits in transit
To get to Budgeting you will click on the ______________ icon. - Answers Gear
Long‐term tangible property that a firm owns - Answers Fixed Assets
Distribution of earnings to shareholders - Answers Dividends
A financial instrument that matures in more than 1 year - Answers Long-term investment
To record the purchase of a fixed asset you would click the Create (+) icon and then click
___________. - Answers Checking
Which of the following is an example of a fixed asset? - Answers New Truck
Which of the following is considered a financial instrument? - Answers common stock
To record the sale of stock you will click the Create (+) icon and then select ____________________.
- Answers Bank Deposit
The borrowing of funds on a long-term basis and the repayment of debt are two _______________
activities. - Answers financial
Hours worked times hourly rate is called ________________________. - Answers Gross Pay
To record the payment of employees in the Company you will click on the __________________
icon and then select Check. - Answers Create (+)
What are the two minimum accounts needed to account for payroll? - Answers Payroll (expense)
and Payroll Tax Payable (liability)
To add a new employee you will click ________________ from the dashboard. - Answers Workers
To add payroll-related accounts to the Company, you would click _______________ icon and then
click Chart of Accounts. - Answers Gear
Account used to record the liability for Federal income tax withheld - Answers Payroll Tax
Payable
Checks that appear in the checking account but do not appear on the bank statements are
referred to as ________________________. - Answers outstanding checks
To start a bank reconciliation you will click on the __________ icon and then click Reconcile. -
Answers Gear
Deposits that appear in the checking account but do not appear on the bank statement are
referred to as _________________________. - Answers deposits in transit
To get to Budgeting you will click on the ______________ icon. - Answers Gear
