Business Accounting Exam Review
Course Introduction
Business Accounting provides an introduction to the fundamental principles and practices of accounting within a business context. The course covers essential topics such as the accounting cycle, preparation and interpretation of financial statements, and the use of accounting information in decision-making. Students will gain an understanding of key concepts including assets, liabilities, equity, income, and expenses, as well as the regulatory framework governing financial reporting. Emphasis is placed on the practical application of accounting techniques, ethical considerations, and the role of accountants in supporting sound business management.
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) Which law requires a company to use certified payroll?
A)Walsh-Healey Public Contracts Act
B)Copeland Anti-Kickback Act
C)Davis-Bacon Act
D)Sarbanes-Oxley Act
Answer: C
Q2) If a company chooses to use computer-based accounting,which of the following is required?
A)A standalone system that is dedicated to payroll processing.
B)Regularly scheduled software updates.
C)Certification by a CPA prior to use for payroll processing.
D)Certification and bonding of payroll personnel.
Answer: B
Q3) Why is outsourced payroll popular among accounting professionals?
A)Payroll processing is always simpler and quicker.
B)Data generated by the outsource company is completely accurate.
C)Time required for payroll processing is reduced.
D)Records generated by outsourced vendors are not subject to retention rules.
Answer: C
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Chapter 2: Payroll System Procedures
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78 Verified Questions
78 Flashcards
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Sample Questions
Q1) Georgeanne works in a company for which her primary job function is the sale of company products to consumers.She receives a percentage of each sale as part of her compensation.Her compensation contains a ________ element.
A)piece-rate
B)commission
C)pay-for-performance
D)nonexempt
Answer: B
Q2) When developing the internal controls and record retention for a payroll system,a company should:
A)Involve all company employees to promote transparency.
B)Develop a closed system and alternate employee duties.
C)Designate a single employee with the responsibility for pay disbursements.
D)Train accounting personnel on a single payroll task.
Answer: B
Q3) U.S.workers in foreign subsidiaries are exempt from all income taxes.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Gross Pay Computation
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83 Verified Questions
83 Flashcards
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Sample Questions
Q1) Lloyd is the CFO for a firm that uses ISOs as part of its executive compensation plan.He receives $150,000 annually,paid semimonthly,in base salary plus 25 shares of the firm's stock per month.The stock is omitted from gross pay calculations and is valued at $52.50 per share and he may exercise his option within five years at $0.10 per share.What is Lloyd's gross pay for mid-October?
A)$7,250
B)$6,250
C)$7,560
D)$8,250
Answer: B
Q2) Phillippe is an inside salesperson who earns a base annual salary of $24,000 plus a 5% commission on total sales that he makes during the pay period.During a semimonthly period,he made $27,500 in sales.What is Phillippe's gross pay for the period? (Do not round intermediate calculations.Round your answer to 2 decimal places. )
A)$2,298.07
B)$2,390.38
C)$2,375.00
D)$2,422.50
Answer: C
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Chapter 4: Fringe Benefits and Voluntary Deductions
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75 Verified Questions
75 Flashcards
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Sample Questions
Q1) Tanesha works part-time for a governmental agency and is given a car for work-related and commute purposes.During the last calendar year,she worked 150 days and had a commute of 35 miles each direction.What is the amount of the company-car fringe benefit that will appear on her W-2? (Do not round intermediate calculations,only round final answer to two decimal points. )
A)$15,750.00
B)$3,937.50
C)$7,875.00
D)$5,906.25
Q2) Which of the following is an example of a post-tax mandated deduction? (You may select more than one answer. )
A)Tax liens
B)Charitable contributions
C)Garnishments
D)Credit card liens
Q3) The most common way to determine the value of fringe benefits is the general valuation rule.
A)True
B)False
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Page 6
Chapter 5: Employee Net Pay and Pay Methods
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70 Verified Questions
70 Flashcards
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Sample Questions
Q1) The factors that determine an employee's federal income tax are ________.
A)Marital status,birth date,taxable pay,and pay frequency
B)Number of children,pay frequency,marital status,and gross pay
C)Marital status,number of withholdings,taxable pay,and pay frequency
D)Pay frequency,number of dependents,taxable pay,and marital status
Q2) Steve is a full-time exempt employee at a local electricity co-operative.He earns an annual salary of $43,325 and is paid biweekly.What is his Social Security tax deduction for each pay period? (Do not round intermediate calculations.Round your final answer to 2 decimal places. )
A)$123.95
B)$103.31
C)$98.67
D)$106.34
Q3) Which of the following federal withholding allowance scenarios will have the highest income tax?
A)Single,1 allowance
B)Married,3 allowances
C)Single,5 allowances
D)Married,0 allowances
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Page 7
Chapter 6: Employer Payroll Taxes and Labor Planning
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73 Verified Questions
73 Flashcards
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Sample Questions
Q1) Which of the following items is always the employer's sole responsibility?
A)SUTA taxes
B)FUTA taxes
C)Federal income tax
D)FICA taxes
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) Lesch & Sons has been and is currently a monthly schedule depositor.During the current year,they experienced an economic downturn during which the firm had to lay off all but one employee.Their payroll taxes have decreased to less than $500 per month.Which form should they file to reconcile their taxes?
A)Form 944
B)Form 943
C)Form 942
D)Form 941
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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) Which of these accounts is increased by a credit? (You may select more than one answer. )
A)Owners' capital
B)Revenue
C)Assets
D)Expenses
Q2) In which order are transactions listed in the General Journal?
A)Alphabetically
B)Order of importance
C)Numerically
D)Chronologically
Q3) The ________ is the master document that contains an employee's marital status,deductions,and year-to-date earnings.
A)Payroll register
B)Form W-4
C)Employee earnings record
D)Personnel file
Q4) The payroll register is identical for each company.
A)True
B)False
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