Questions from College Accounting


Q: Under what circumstance(s) does the amount on line 14

Under what circumstance(s) does the amount on line 14 of Form 941 match the amount found on line 10?

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Q: Bill Smith leaves his job on July 9. He requests a

Bill Smith leaves his job on July 9. He requests a copy of his W-2 form when he leaves. His boss tells him to wait until January of next year. Please discuss whether Bill’s boss is correct in making t...

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Q: Explain the purpose of a contra-revenue account.

Explain the purpose of a contra-revenue account.

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Q: What is an invoice? What purpose does it serve?

What is an invoice? What purpose does it serve?

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Q: Why is sales tax a liability to the business?

Why is sales tax a liability to the business?

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Q: Sales discounts are taken on sales tax. Agree or disagree?

Sales discounts are taken on sales tax. Agree or disagree? Explain why.

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Q: When a seller issues a credit memorandum (assume no sales tax

When a seller issues a credit memorandum (assume no sales tax), what accounts will be affected?

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Q: What is the normal balance of Sales Discount?

What is the normal balance of Sales Discount?

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Q: Give two examples of contra-revenue accounts.

Give two examples of contra-revenue accounts.

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Q: Explain the terms: a. 2/10, n

Explain the terms: a. 2/10, n/30 b. n/10, EOM

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