BUS 245 chapter 6, 7, 8, 10 Questions and Correct Answers/ Latest Update / Already Graded

Page |1


BUS 245 chapter 6, 7, 8, 10 Questions and
Correct Answers/ Latest Update / Already
Graded
Long‐term tangible property that a firm owns

Ans: Fixed Assets


Distribution of earnings to shareholders

Ans: Dividends


A financial instrument that matures in more than 1 year

Ans: Long-term investment


To record the purchase of a fixed asset you would click the Create (+)
icon and then click ___________.

Ans: Checking


Which of the following is an example of a fixed asset?

Ans: New Truck


Which of the following is considered a financial instrument?

All rights reserved © 2025/ 2026 |

, Page |2


Ans: common stock


To record the sale of stock you will click the Create (+) icon and then
select ____________________.

Ans: Bank Deposit


The borrowing of funds on a long-term basis and the repayment of
debt are two _______________ activities.

Ans: financial


Hours worked times hourly rate is called ________________________.

Ans: Gross Pay


To record the payment of employees in the Company you will click on
the __________________ icon and then select Check.

Ans: Create (+)


What are the two minimum accounts needed to account for payroll?

Ans: Payroll (expense) and Payroll Tax Payable (liability)




All rights reserved © 2025/ 2026 |