Practice Quiz

Vet Manager Exam Prep - Question List

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41. The income statement reports the revenues and expenses for a period of time, based on what concept?
  1. Alternating
  2. Corresponding
  3. Matching
  4. Rotating
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42. Which of the following is a general rule of debits and credits in the balances of accounts?
  1. The normal balance of an account is indicated by the side (debit or credit) that does not receive an increase
  2. The sum of increases recorded in an account is usually less than the sum of decreases
  3. Transactions are initially entered into a record called a journal
  4. The sum of debits is always equal to the sum of credits
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43. Evergreen Animal Care Center issued a $5000 60-day note to a supplier, who discounted the note 12%. What are the proceeds from this note?
  1. $4,900
  2. $4,400
  3. $5,000
  4. $5,100
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44. What type of payroll tax is deducted from an employee’s gross wages, but does not require a matching employer contribution?
  1. Social security tax
  2. Federal income tax
  3. Medicare tax
  4. Worker’s compensation
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45. Animal Medical Center in Los Angeles, California has purchased a new Idexx DR radiograph system at a price of $100,000. They traded in an older digital system that had a book value of $25,000. Assuming that the trade in allowance was $30,000 and that they paid $70,000 cash, what is the cost of this new digital system for the purpose of financial reporting?
  1. $100,000
  2. $95,000
  3. $70,000
  4. $30,000
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