Business Accounting
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Course Introduction
Business Accounting provides students with a foundational understanding of the principles and practices essential for recording, classifying, and interpreting financial transactions within a business organization. The course covers key topics such as the accounting cycle, preparation of financial statements, internal controls, and the use of accounting information for decision-making. Students will explore the roles of assets, liabilities, equity, income, and expenses in the financial reporting process, and gain practical experience with accounting software and tools. By the end of the course, students will be equipped to analyze financial data, ensure regulatory compliance, and support effective business management and strategy.
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 Page 2
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) Companies may use _____________ and ____________ to allow employees to have secure,rapid access to their compensation.
A) Cash; Checks.
B) Cash; Direct Deposit.
C) Direct Deposit; Paycards.
D) Paycards; Checks.
Answer: C
Q2) Peter is the owner of a fast-food franchise.When his payroll accountant quit,he hired his wife,Karen,to take over the payroll responsibilities.Peter prefers to review the payroll records prior to disbursement and often asks Karen to add or subtract amount from employee pay.Which ethical principle most closely describes Peter and Karen's unethical actions?
A) Objectivity and Independence
B) Integrity
C) Public Interest
D) Responsibilities
Answer: A
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3
Chapter 2: Payroll System Procedures
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60479
Sample Questions
Q1) The _____________ mandated that new hires must be reported within ________ days to state authorities.
A) Fair Labor Standards Act, 30.
B) Immigration Reform Act, 20.
C) Civil Rights Act, 25.
D) Davis-Bacon Act, 28.
Answer: B
Q2) A company should assign _________________ employee(s) the responsibility for signing payroll checks and disbursements.
A) A limited number of B) Only one
C) Its most responsible
D) None of the
Answer: A
Q3) Pay rate is the first payroll system decision a company must make.
A)True
B)False
Answer: False
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Chapter 3: Gross Pay Computation
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70 Verified Questions
70 Flashcards
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Sample Questions
Q1) Alix is a salesperson who receives an annual salary of $18,000 paid semi-monthly plus commissions of 5% of the retail price of each unit he sells which is paid on the final pay date of the month.During his first month of employment,he sold four units for a total of $1,000 and requested a 5% draw against his $15,000 monthly minimum sales,in accordance with his employment agreement.How much should Alix receive in his gross pay for the end of his first month?
A) $800.00
B) $1,250.00
C) $1,550.00
D) $1,750.00
Answer: C
Q2) Salaried employees may not be classified as nonexempt.
A)True
B)False
Answer: False
Q3) Federal policy clearly differentiates between exempt and nonexempt employees.
A)True
B)False
Answer: False
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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) Charitable contributions are an example of post-tax voluntary deductions.
A)True
B)False
Q2) Which body issued Regulation E to protect consumers from loss of deposited funds?
A) Department of Homeland Security
B) Internal Revenue Service
C) American Banking Association
D) Federal Deposit Insurance Corporation
Q3) Why do employers use checks as an employment payment method?
A) Paying employees by check allows the employer flexibility with its bank accounts.
B) Paying employees by check increases the complexity of the payroll process.
C) Paying employees by check requires the employer to keep currency on the premises.
D) Paying employees by check offers a level of security of employee payments.
Q4) Social Security tax has a wage base,which is the minimum amount an employee must earn before they will have the Social Security tax deduction.
A)True
B)False
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6
Chapter 5: Employer Payroll Taxes and Labor Planning
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) 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
Q2) 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 reconcile their payroll taxes?
A) Form 940
B) Form 945
C) Form 944
D) Form 941
Q3) A(n) _________________ reflects the total of salary/wages,bonuses,benefits,and employer paid costs in an employee's pay.
A) Financial position report
B) Employee analysis report
C) Form EM-42
D) Total compensation report
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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) What is true about the trial balance?
A) It contains a detailed listing of every transaction during a period.
B) It may contain whatever accounts the accountant wishes to include.
C) Payroll accounts do not appear on it because of their changeable nature.
D) The total of the debits must equal the total of the credits.
Q2) On which financial report will employer-paid portions of health insurance premiums be listed?
A) The statement of owners' equity
B) The income statement
C) The balance sheet
D) The labor report
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 a confidential company document.
A)True
B)False
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