Bookkeeping
Midterm Exam
Course Introduction
Bookkeeping is a foundational course that introduces students to the principles and practices of recording financial transactions for businesses and organizations. It covers essential topics such as the double-entry accounting system, journals, ledgers, trial balances, and the preparation of basic financial statements. The course places strong emphasis on accuracy, organization, and adherence to standard accounting procedures, equipping students with practical skills for managing and maintaining financial records. Through hands-on exercises and real-world scenarios, students gain the knowledge needed to effectively track and report financial activities, which is critical for informed decision-making and regulatory compliance in any business setting.
Recommended Textbook Payroll Accounting 2019 5th Edition by Jeanette Landin
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7 Chapters
526 Verified Questions
526 Flashcards
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Chapter 1: Payroll Practices and System Fundamentals
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) The use of outsourced payroll relieves employers of the responsibility for payroll accuracy.
A)True
B)False
Answer: False
Q2) Which court case updated the definition of spouse to include same-sex unions?
A)Pollard v.DuPont.
B)Obergefell v.Hodges.
C)CIGNA v.Amara.
D)Young v.Wackenhut.
Answer: B
Q3) Positive aspects of the use of Internet-based accounting software includes which of the following?
A)Suitability for highly complex large businesses.
B)Continual updates for tax rate and other changes.
C)Unlimited options for company personnel.
D)Fixed software layout for consistency among companies.
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) It is considered a best practice to assign one employee all payroll duties.
A)True
B)False
Answer: False
Q2) Ibrahim is the payroll accountant for a firm.He notes that the firm has hired a new employee.What forms must he collect from the new employee?
A)W-2 and I-9
B)W-4 and I-9
C)W-4 and I-8
D)W-3 and I-9
Answer: B
Q3) Personnel in certain full-time occupations are classified as ________ instead of independent contractors.
A)contract employees
B)executive workers
C)statutory employees
D)non-statutory workers
Answer: C
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Chapter 3: Gross Pay Computation
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Sample Questions
Q1) Lawrin is a real-estate salesperson whose compensation is commission-only.She earns a 3% commission on the sale price of each house that she sells and receives 1.5% commissions at the end of each month (the broker retains the rest per the employment agreement).During the month of July,Lawrin sold two houses totaling $385,420.What is her gross pay for the month of July?
A)$5,620.00
B)$5,781.30
C)$11,562.00
D)$8,623.50
Answer: B
Q2) Maya is compensated using a salary-plus-commission basis for her work.Her annual base salary is $32,000.During a semimonthly pay period she made $18,500 in sales,for which she receives a 2% commission.Her gross pay for the semimonthly period is ________.(Do not round intermediate calculations.Round your answer to 2 decimal places. )
A)$1,333.33
B)$1,523.55
C)$1,693.54
D)$1,703.33
Answer: D
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Chapter 4: Fringe Benefits and Voluntary Deductions
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Sample Questions
Q1) Publication ________ is the employer's guide to fringe benefits.
A)10-a
B)15-f
C)15-b
D)12-c
Q2) Ross is a full-time employee in Provo,Utah,who earns $42,000 annually,paid semimonthly.His federal income tax is $155.00.What is the maximum amount that may be withheld from his pay for a child-support garnishment,assuming he is not in arrears?
(Do not round intermediate calculations,only round final answer to two decimal points.Utah has a 5% flat tax. )
A)$365.28
B)$686.81
C)$584.45
D)$876.68
Q3) If a fringe benefit involves a deduction from employee pay,which of the following is true?
A)Employers may only offer the benefit to certain classes of employees.
B)The employee must enroll in direct deposit for their pay.
C)The fringe benefit must be subject to income tax.
D)The amount of the deduction must be listed on the employee's pay advice.
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Chapter 5: Employee Net Pay and Pay Methods
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Sample Questions
Q1) What is a disadvantage to using paycards as a method of transmitting employee compensation?
A)Convenience of retrieving pay disbursements.
B)Potential withdrawal and point-of-sale limitations.
C)Ease of paying traveling employees.
D)Acceptance of paycards at many locations.
Q2) Garnishments are court-ordered amounts that an employer must withhold from an employee's pre-tax pay and remit to the appropriate authority.
A)True
B)False
Q3) Computation of net pay involves deducting mandatory and voluntary deductions from gross pay.
A)True
B)False
Q4) Which of the following payment methods is growing in popularity among employees?
A)Cash
B)Check
C)Direct Deposit
D)Paycard
Page 7
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Chapter 6: Employer Payroll Taxes and Labor Planning
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Sample Questions
Q1) Andreosatos Enterprises has received a letter from the IRS that due to their tax liability of $1,950 during the lookback period,they are an annual depositor.Which tax form should they file to report their payroll taxes?
A)Form 940
B)Form 945
C)Form 944
D)Form 941
Q2) The number of employees contained in the different departments of a company is known as the:
A)Employee concentration.
B)Department classification.
C)Labor distribution.
D)Company division.
Q3) The form that employers use to report their quarterly Federal income tax liability is ________.
A)Form 940
B)Form 944
C)Form 943
D)Form 941
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Page 8
Chapter 7: The Payroll Register, employees Earnings
Records, and Accounting System Entries
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72 Verified Questions
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Sample Questions
Q1) If a firm accrues the payroll due but not paid at the end of a financial period,what should it do on the first day of the next financial period?
A)It should create a reversing entry in the General Journal.
B)It should disburse the accrued pay to the employees.
C)It should create a reminder about the accrual to ensure accuracy of computations on the next pay date.
D)It should make a note to create the reversing entry at the end of the next financial period.
Q2) In what order are accounts presented on the trial balance?
A)By dollar amount
B)Alphabetically
C)The same as the chart of accounts
D)By order of importance
Q3) What are the General Journal entries that should appear on each pay date?
A)Employee pay accrual and employee pay disbursement
B)Employee pay remittance and voluntary deduction remittance
C)Employee pay recording and employer share payroll taxes recording
D)Employee pay disbursement and voluntary deduction remittance
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