Business Accounting
Final Exam
Course Introduction
Business Accounting is an essential course that introduces students to the fundamental principles and practices of financial and managerial accounting within a business context. The course covers key topics such as the accounting cycle, preparation and analysis of financial statements, budgeting, cost accounting, and the interpretation of accounting information for decision-making. Students will develop an understanding of how accounting data informs business operations, supports management strategies, and adheres to regulatory requirements. Through practical exercises and case studies, learners will gain hands-on experience in recording transactions, maintaining financial records, and evaluating the financial health of organizations.
Recommended Textbook
Payroll accounting 2016 2nd Edition by
Jeanette Landin
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6 Chapters
424 Verified Questions
424 Flashcards
Source URL: https://quizplus.com/study-set/3043
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Chapter 1: Payroll Practices and System Functions
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60480
Sample Questions
Q1) Adrienne is a nonexempt employee who works for a firm that has an elected workweek composed of four 10-hour days and pays overtime after 40 hours worked per week.What is the rule about overtime for her work situation?
A) She must be compensated for all hours worked past 8 in a single day.
B) She will receive overtime pay when working more than 10 hours during a shift.
C) She receives overtime only when she works past 45 hours in any given week.
D) She is not eligible for overtime pay.
Answer: B
Q2) Which of the following represents a payroll system privacy breach by Susan,a payroll accountant?
A) Susan shares information about labor costs with company executives.
B) Susan alerts department managers about potential FLSA violations in their departments.
C) Susan discusses specific information about the company's federal contracts with friends during lunch.
D) Susan places employee payroll files in a cabinet to which only she and her supervisor have access.
Answer: C
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Chapter 2: Payroll System Procedures
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60479
Sample Questions
Q1) For payroll documentation purposes,when an employee needs time away from work:
A) The supervisor should authorize it verbally.
B) The employee should email only department colleagues.
C) Upper management must approve the request.
D) The request should be documented and forwarded to the payroll clerk.
Answer: D
Q2) Geoff is the payroll clerk for a firm that maintains its payroll through computerized records on a centralized server.One of his responsibilities is employee file maintenance,including the destruction of records after the retention time has elapsed.His method of purging employee records is to delete the file from the database.What other record destruction procedures should Geoff follow?
A) None. His method is acceptable.
B) He should check all other employees' computers to ensure that the record is deleted.
C) He should purge the record from the server and all backups.
D) He should send an interoffice request to have someone in the information technology department remove the record from the server.
Answer: C
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Gross Pay Computation
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60478
Sample Questions
Q1) With regards to salaried employees,employers must not:
A) Offer overtime pay for hour in excess of a standard workweek.
B) Compensate employees for time away from work.
C) Prorate an employee's pay for hours worked under contract.
D) Require employees to work more hours than their contracted amount.
Answer: C
Q2) Paloma is a 16-year old who babysits for a local family on an occasional basis.During a calendar year,she earned $1,250 in babysitting wages.What is true about Paloma's wages?
A) The family must treat her as a domestic employee and abide by FLSA regulations.
B) Paloma does not earn enough to be considered a domestic employee so FLSA rules do not apply.
C) Paloma is not considered an employee, but certain FLSA provisions apply.
D) Since the family conducts no interstate commerce, FLSA provisions cannot apply. Answer: B
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Chapter 4: Employee Net Pay and Pay Methods
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60477
Sample Questions
Q1) Two classes of deductions exist: pre-tax and post-tax.
A)True
B)False
Q2) Disposable income is defined as:
A) An employee's net pay less living expenses like rent and utilities.
B) An employee's taxable income less Understand Post-Tax Deductions.
C) An employee's gross pay less Identify Pre-Tax Deductions.
D) An employee's pay after legally required deductions have been withheld.
Q3) The wage-bracket of determining Federal tax withholding yields more accurate amounts than the percentage method.
A)True
B)False
Q4) Adam is a part-time employee who earned $495.00 during the most recent pay period.He is married with two withholding allowances.Prior to this pay period,his year-to-date pay is $6,492.39.How much should be withheld from Adam's gross pay for Social Security tax?
A) $40.02
B) $30.69
C) $37.92
D) $28.46
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Chapter 5: Employer Payroll Taxes and Labor Planning
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72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/60476
Sample Questions
Q1) 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.
Q2) Van Buuren Enterprises had payroll tax liability of $42,450 during the lookback period.How frequently will the firm deposit its payroll taxes?
A) Monthly
B) Annually
C) Semi-weekly
D) Next Business Day
Q3) Kohlmeier Industries had $87,950 of annual payroll taxes during the lookback period.The firm pays its employees biweekly on Wednesdays.Assuming that no payday has a tax liability in excess of $100,000,when are the payroll tax deposits due?
A) By the end of the current month
B) Within two weeks of the pay date
C) By Friday of the current week
D) By Wednesday of the following week
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Payroll Register, Employee Earning Records, and Accounting
System Entries
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72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/60475
Sample Questions
Q1) Didier and Sons had the following employer's share payroll tax general journal entry for the May 5 pay date: \[\begin{array} { | l | r | l | r | r | r | }
\hline \text { May } & 5 & \text { Payroll Taxes Expense } & & \$ 27,671.87 & \\
\hline & & \text { Social Searity taxpayable } & & & ? ? ? \\
\hline & & \text { Medicare tax payable } & & & 3,197.15 \\
\hline & & \text { FUTA tax payable } & & & 1322.96 \\
\hline & & \text { 5UTA taxpayable } & & & 9,481.20 \\
\hline
\end{array}\] What is the amount of the Social Security tax payable?
A) $24,572.59
B) $11,875.98
C) $17,582.39
D) $13,670.56
Q2) Employee earnings records form the link between accounting and the human resources department.
A)True
B)False
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