Applied Accounting Review
Questions
Course Introduction
Applied Accounting is a practical course that focuses on the real-world application of core accounting principles and techniques within various business contexts. Students learn to interpret and prepare key financial statements, conduct financial analysis, and utilize accounting information for effective decision-making. The course covers essential topics such as bookkeeping, budgeting, internal controls, taxation, and the use of accounting software. Emphasis is placed on developing problem-solving skills and ethical reasoning as students work with authentic scenarios and case studies, preparing them for professional roles in accounting and finance.
Recommended Textbook
Payroll Accounting 2018 28th Edition by Bernard
J. Bieg
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6 Chapters
398 Verified Questions
398 Flashcards
Source URL: https://quizplus.com/study-set/3737
Page 2
Chapter 1: The Need for Payroll and Personal Records
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/74510
Sample Questions
Q1) The total cost of workers' compensation insurance is borne by the employees.
A)True
B)False
Answer: False
Q2) Form I-9 Employment Eligibility Verification,is required due to which of the following acts:
A) Immigration Reform and Control Act of 1986
B) Civil Rights Act of 1964
C) Age Discrimination in Employment Act
D) Americans with Disabilities Act
E) None of the above
Answer: A
Q3) Which of the following is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period?
A) Payroll register
B) Reference inquiry form
C) Change in payroll rate form
D) Employee history record
E) None of the above
Answer: A
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Chapter 2: Computing Wages and Salaries
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/74509
Sample Questions
Q1) Refer to Instruction 2-1.Ides receives 16 cents for every unit produced.Ides produces 2,976 pieces in a 43-hour workweek.For overtime,Ides is paid a sum equal to one-half the regular hourly pay rate multiplied by the number of overtime hours.Ides' total piecework and overtime earnings are __________. Answer: \[( 2,976 \times \$ 0.16 = \$ 476.16 \div 43 = \$ 11.07 \times 0.5 = \$ 5.54 \times 3 = \$ 16.62 + \$ 476.16 ) = \$ 492.78\]
Q2) Domestics are excluded from coverage under the FLSA individual employee coverage.
A)True
B)False
Answer: False
Q3) Nondiscretionary bonuses are part of the determination of the regular rate of pay. A)True
B)False
Answer: True
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Chapter 3: Social Security Taxes
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72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/74508
Sample Questions
Q1) The highest paid executives of a firm are excluded from coverage under the Federal Insurance Contributions Act (FICA).
A)True
B)False
Answer: False
Q2) Each of the following items is accurately defined under FICA as taxable wages except:
A) value of meals furnished employees for the employer's convenience.
B) value of meals furnished employees for the employees' convenience.
C) commissions.
D) severance pay.
E) $500 award for productivity improvement suggestion.
Answer: A
Q3) Peter,age 17 and employed by his family-owned corporation,is covered under FICA.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Income Tax Withholding
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56 Verified Questions
56 Flashcards
Source URL: https://quizplus.com/quiz/74507
Sample Questions
Q1) Before any federal income taxes may be withheld,there must be,or must have been,an employer-employee relationship.
A)True
B)False
Q2) Which of the following forms is used to report the amount of distributions from pension and retirement plans?
A) Form W-2c
B) Form 1099-R
C) Form 1099-PEN
D) Form W-3p
E) Form W-4
Q3) The amount of federal income taxes to be withheld is determined after subtracting from the employee's gross wages any local and state taxes.
A)True
B)False
Q4) The payments to a cook employed by a college fraternity are excluded from federal income tax withholding.
A)True
B)False
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Chapter 5: Unemployment Compensation Taxes
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66 Verified Questions
66 Flashcards
Source URL: https://quizplus.com/quiz/74506
Sample Questions
Q1) Directors of corporations who only attend and participate in board of directors' meetings are not covered as employees under FUTA.
A)True B)False
Q2) Even if the duties of depositing the FUTA taxes and filing Form 940 have been outsourced,the employer is still the responsible party.
A)True
B)False
Q3) Refer to Instruction 5-1.Queno Company had FUTA taxable wages of $510,900 during the year.Determine its: a) gross FUTA tax_________
b) FUTA tax credits (assuming no penalties)_____________ c) net FUTA tax____________
Q4) If an employee works in more than one state,the employer must pay a separate SUTA tax to each of those states in which the employee earns wages.
A)True
B)False
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Page 7
Chapter 6: Analyzing and Journalizing Payroll
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54 Verified Questions
54 Flashcards
Source URL: https://quizplus.com/quiz/74505
Sample Questions
Q1) When recording the deposit of FUTA taxes owed,the proper entry is:
A) FUTA Tax Expense Cash
B) Payroll Taxes
Cash
C) Payroll Taxes
FUTA Taxes Payable
D) FUTA Taxes Payable
Cash
E) FUTA Tax Expense
FUTA Taxes Payable
Q2) Companies usually provide a separate column in the payroll register to record the employer's payroll taxes.
A)True
B)False
Q3) The wage and salaries expense account is an operating expense account debited for total net pay each payroll period.
A)True
B)False
Q4) Refer to Exhibit 6-1.Journalize the entry to deposit the FICA and FIT taxes.
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