Bookkeeping
Chapter Exam Questions
Course Introduction
Bookkeeping is a foundational course that introduces students to the principles and practices of recording and managing financial transactions in a systematic manner. The course covers essential topics such as the double-entry system, chart of accounts, journal entries, ledgers, trial balances, and basic financial statement preparation. Students will learn how to track income and expenses, reconcile accounts, and maintain accurate records in compliance with standard accounting procedures. By the end of the course, students will be equipped with the practical skills necessary to support informed business decision-making and ensure accountability within an organizations financial operations.
Recommended Textbook
Payroll Accounting 2018 28th Edition by Bernard
J. Bieg
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6 Chapters
398 Verified Questions
398 Flashcards
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Chapter 1: The Need for Payroll and Personal Records
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Sample Questions
Q1) By the use of executive orders,the federal government has banned discrimination in employment on government contracts.
A)True
B)False
Answer: True
Q2) Under the Federal Personal Responsibility and Work Opportunity Reconciliation Act,every employer is required to report the name,address,and social security number of each new employee to the appropriate state agency.
A)True
B)False Answer: True
Q3) The FLSA provides health insurance for the aged and disabled (Medicare).
A)True
B)False Answer: False
Q4) The FLSA imposes no recordkeeping requirements on employers.
A)True
B)False Answer: False
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Chapter 2: Computing Wages and Salaries
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Sample Questions
Q1) Refer to Instruction 2-1.Fall is paid a biweekly salary of $937.50.Overtime is paid for hours beyond 40 in each workweek.One week,Fall works 3 hours overtime.Fall's pay for this biweekly pay period is __________.
Answer: \[( \$ 937.50 \div 80 = \$ 11.72 \times 1.5 = \$ 17.58 \times 3 = \$ 52.74 + \$ 937.50 ) = \$ 990.24\]
Q2) Refer to Instruction 2-1.Elder is paid a monthly salary of $2,250.Overtime is paid for hours beyond 40 in each workweek.One week,Elder works 7 hours overtime.Elder's gross pay for the week is __________.
Answer: \[\begin{array} { l }
( 12 \times \$ 2,250 ) \div 52 = \$ 519.23 \div 40 = \$ 12.98 \\ \$ 519.23 + ( 7 \times \$ 12.98 \times 1.5 ) = \$ 655.52 \end{array}\]
Q3) The Equal Pay Act stipulates that there cannot be any wage differentials between the sexes.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Social Security Taxes
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Sample Questions
Q1) All employers of one or more persons must file an application for an identification number.
A)True
B)False Answer: True
Q2) Peter,age 17 and employed by his family-owned corporation,is covered under FICA.
A)True
B)False Answer: True
Q3) In its definition of employee,FICA clearly distinguishes between classes or grades of employees.
A)True
B)False Answer: False
Q4) Employees are liable for their FICA taxes only until the taxes have been collected from their pay by their employer.
A)True
B)False Answer: True
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Chapter 4: Income Tax Withholding
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Sample Questions
Q1) Cash tips of $20 or more received by a tipped employee in a calendar month are treated as remuneration subject to federal income tax withholding.
A)True
B)False
Q2) On August 1,Hunt filed an amended Form W-4 to show a decrease in the number of allowances claimed.Hunt's employer must put the new withholding allowance certificate into effect before the next weekly payday on August 3.
A)True
B)False
Q3) After completion of Form W-4,an employer must copy the employee's social security card and place it in the employee's employment file.
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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Sample Questions
Q1) On Form 940,even if the total FUTA tax is more than $500,there is no listing of quarterly federal unemployment tax liabilities.
A)True
B)False
Q2) The person who is not an authorized signer of Form 940 is:
A) the individual,if a sole proprietorship.
B) the accountant from the company's independent auditing firm.
C) the president,if a corporation.
D) a fiduciary,if a trust.
E) All of the above are authorized signers.
Q3) The Social Security Act ordered every state to set up an unemployment compensation program.
A)True B)False
Q4) Christmas gifts,excluding noncash gifts of nominal value,are taxable wages for unemployment purposes.
A)True
B)False
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Chapter 6: Analyzing and Journalizing Payroll
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Sample Questions
Q1) Since the credit against the FUTA tax (for SUTA contributions)is made on Form 940,the employer's payroll tax entries should include the FUTA tax at the gross amount (6.0%).
A)True
B)False
Q2) When the federal tax deposit is made,the employees' and employer's shares of FICA taxes are paid along with the employees' FIT taxes withheld.
A)True
B)False
Q3) Union Dues Payable is a liability account credited with the deductions made from union members' wages for their union dues.
A)True
B)False
Q4) Under the Uniform Unclaimed Property Act,any unclaimed paychecks must be turned over to the state after the next payday.
A)True
B)False
Q5) Refer to Exhibit 6-1.Journalize the entry to record the payroll.
Q6) Refer to Exhibit 6-1.Journalize the entry to deposit the FICA and FIT taxes.
Page 8
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