Bookkeeping Exam Review
Course Introduction
Bookkeeping is a foundational course that introduces students to the systematic recording, organizing, and management of financial transactions for businesses and organizations. The course covers essential topics such as double-entry accounting, preparation of journals and ledgers, reconciliation of accounts, and the management of financial records. Students will gain practical skills in tracking income and expenses, preparing financial statements, and ensuring compliance with standard accounting principles. Through a combination of theoretical instruction and hands-on exercises, this course prepares students for further studies in accounting and finance or for entry-level positions in financial administration.
Recommended Textbook Payroll Accounting 2019 5th Edition by
Jeanette Landin
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7 Chapters
526 Verified Questions
526 Flashcards
Source URL: https://quizplus.com/study-set/3734
Page 2
Chapter 1: Payroll Practices and System Fundamentals
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75 Verified Questions
75 Flashcards
Source URL: https://quizplus.com/quiz/74470
Sample Questions
Q1) A(n)_____ allows the Internal Revenue Service to keep track of employers.
A)SS-4
B)ES-4
C)EIN
D)W-4
Answer: C
Q2) Payroll-related legislation often reflects emerging issues in societal evolution.
A)True
B)False
Answer: True
Q3) According to the Public Company Accounting Oversight Board,personal or family ownership in excess of five percent of a client's business may compromise an accountant's:
A)Due Care.
B)Independence.
C)Public Interest.
D)Integrity.
Answer: B
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3
Chapter 2: Payroll System Procedures
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78 Verified Questions
78 Flashcards
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Sample Questions
Q1) An employer must have an employee complete Form W-4:
A)Before each pay disbursement.
B)Each year,upon the employee's anniversary with the firm.
C)Every January 1.
D)At the time of hire.
Answer: D
Q2) It is considered a best practice to assign one employee all payroll duties.
A)True
B)False
Answer: False
Q3) Well-designed internal controls promote: (You may select more than one answer. )
A)Legal compliance and file integrity.
B)Opportunities for defalcation.
C)Protection against embezzlement.
D)Audit trail support.
Answer: A,C,D
Q4) The two focuses of payroll procedures are company needs and governmental rules.
A)True
B)False
Answer: True
Page 4
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Chapter 3: Gross Pay Computation
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83 Verified Questions
83 Flashcards
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Sample Questions
Q1) The purpose of using combination pay methods is to:
A)Reduce salary expenses by offering variable compensation.
B)Cross-train employees in various company functions.
C)Offer employees an incentive for increased performance.
D)Meet minimum wage requirements and offer pay for performance.
Answer: D
Q2) A nonexempt,salaried worker who received $46,500 in annual compensation for a 40-hour standard workweek has an hourly rate of ________.(Round to the nearest cent. )
A)$23.26
B)$22.86
C)$22.64
D)$22.36
Answer: D
Q3) To rule the payroll register means that the payroll accountant establishes procedures about the payroll register.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Fringe Benefits and Voluntary Deductions
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Post-Tax Deductions are amounts ________.
A)that are voluntarily chosen by the employee
B)that the employer chooses to withhold after assessing the employee's tax liability
C)includes both mandatory and voluntary deductions
D)are only mandatory deductions like garnishments and union dues
Q2) Fringe benefits are given to employees in return for their service to the company.
A)True
B)False
Q3) The purpose of fringe benefits is to ________.
A)reduce taxable compensation
B)encourage employee engagement
C)avoid cash outlays for employee benefits
D)defer tax obligations
Q4) The most common way to determine the value of fringe benefits is the general valuation rule.
A)True
B)False
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Chapter 5: Employee Net Pay and Pay Methods
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70 Verified Questions
70 Flashcards
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Sample Questions
Q1) Maile is a full-time exempt employee in Boca Raton,Florida,who earns $1,370.15 per biweekly payday.She is married with seven withholding allowances,so her federal income tax is $0.She contributes 4% of her gross pay to her 401(k)and has her health insurance premium of $50 deducted on a pre-tax basis.She has $10 deducted per pay period for a Salvation Army contribution and has union dues of $40 per pay period.What is her net pay? (Do not round intermediate calculations.Round your final answer to 2 decimal places. )
A)$1,160.53
B)$1,114.35
C)$1,124.23
D)$1,137.93
Q2) The percentage method of determining an employee's Federal income tax deductions ________.
A)is used to promote complexity in payroll practices
B)allows payroll accountants to determine Federal income tax for the firm itself
C)is used primarily for high wage earners and computerized payroll programs
D)is less accurate than the results gained from using the wage-bracket method
Q3) Charitable contributions are an example of post-tax voluntary deductions.
A)True
B)False
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Chapter 6: Employer Payroll Taxes and Labor Planning
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73 Verified Questions
73 Flashcards
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Sample Questions
Q1) Concrete Works is a California company with a SUTA tax of 5.2% and a SUTA wage base of $7,000.The employee earnings for the past year are: T.Borek $17,875,G.Hizny $2,250,A.McBean $18,550,C.Triebert $6,950.California,employers pay an Employment Training Tax (ETT)of 0.1% on all wages up to the first $7,000 of wages. What are the employer-share taxes for FUTA,SUTA,ETT(0.1%),and FICA for the year? (ignore worker's compensation insurance)
A)$4,859.13
B)$5,349.23
C)$5,108.31
D)$4,835.91
Q2) Which copy of Form W-2 should be retained by the employee?
A)Copy 1
B)Copy D
C)Copy 3
D)Copy C
Q3) FUTA tax rates vary from state to state.
A)True
B)False
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Chapter 7: The Payroll Register, employees Earnings
Records, and Accounting System Entries
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) Besides containing the supporting data for periodic tax reports,the employee earnings record serves as a backup in the event of computer failure.
A)True
B)False
Q2) It is important that the payroll accountant understand the flow of the payroll transactions,especially when working with ________.
A)The payroll register
B)The employee earnings record
C)Accounting software packages
D)Payroll tax reports
Q3) At the end of the financial period,the payroll accountant records the ________ of the employee's pay that is earned but not yet paid;in the next financial period,this entry is ________.
A)amount;deleted
B)accrual;reversed
C)total;carried forward
D)reversal;accrued
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Page 9