Financial Accounting Review
Questions
Course Introduction
Financial Accounting introduces students to the fundamental principles and practices involved in recording, summarizing, and reporting financial transactions of businesses. The course covers key concepts such as the accounting cycle, preparation and analysis of financial statements, and understanding assets, liabilities, equity, revenues, and expenses. Emphasis is placed on generally accepted accounting principles (GAAP), the ethical responsibilities of accountants, and the interpretation of financial data for stakeholders. Through practical exercises and real-world scenarios, students develop the analytical skills necessary to assess the financial health of organizations and make informed business decisions.
Recommended Textbook Payroll Accounting 2018 28th Edition by
Bernard J. Bieg
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6 Chapters
398 Verified Questions
398 Flashcards
Source URL: https://quizplus.com/study-set/3737
Page 2
Chapter 1: The Need for Payroll and Personal Records
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/74510
Sample Questions
Q1) Title VII of the Civil Rights Act protects all employees from arbitrary dismissal.
A)True
B)False
Answer: False
Q2) The E-Verify program is a system to check the:
A) Age of new hires
B) Vesting status of all employees
C) Health status of employees on medical leave
D) Social Security status of new hires
E) Employment eligibility of new hires
Answer: E
Q3) Questions pertaining to religion,gender,national origin,or age are allowed on application forms when these are bona fide occupational qualifications for a job.
A)True
B)False
Answer: True
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Chapter 2: Computing Wages and Salaries
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80 Verified Questions
80 Flashcards
Source URL: https://quizplus.com/quiz/74509
Sample Questions
Q1) "Engaged to wait" and "waiting to be engaged" are both considered work time.
A)True
B)False
Answer: False
Q2) Refer to Instruction 2-1.Kerr receives an annual $25,700 base salary for working the territory in Arizona.A quota of $900,000 in sales has been set for that state.Kerr receives an 8% commission on all sales in excess of $900,000.This year,the sales are $965,000.The total earnings due Kerr this year are __________.
Answer: \[( \$ 965,000 - \$ 900,000 = \$ 65,000 \times 0.08 = \$ 5,200 + \$ 25,700 \} = \$ 30,900.00\]
Q3) The Wage and Hour Division allows the practice of recording an employee's starting and stopping time to:
A) the nearest five minutes.
B) the nearest tenth of an hour.
C) the nearest quarter of an hour.
D) all of the above.
E) none of the above.
Answer: D
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Chapter 3: Social Security Taxes
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) An employer's social security and withheld income taxes for the quarter are less than $2,500.The employer must deposit the taxes at its bank at the time of filing the fourth quarter Form 941.
A)True
B)False Answer: False
Q2) Exempt educational assistance includes payments for tools that employees keep after they complete a course of instruction.
A)True
B)False
Answer: False
Q3) FICA defines all of the following as employees except:
A) vice presidents.
B) partners.
C) superintendents.
D) full-time life insurance salespersons.
E) payroll managers.
Answer: B
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Page 5
Chapter 4: Income Tax Withholding
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56 Verified Questions
56 Flashcards
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Sample Questions
Q1) A personal allowance:
A) amounted to $2,000 in 2018.
B) may be claimed to exempt a portion of the employee's earnings from withholding.
C) is indexed for inflation every calendar quarter.
D) may be claimed at the same time with each employer for whom an employee is working during the year.
E) for one person is a different amount for a single versus a married taxpayer.
Q2) A person holding two jobs may have additional income tax withheld by increasing the number of withholding allowances claimed.
A)True
B)False
Q3) There is no limit to the amount of educational assistance that is exempt from federal income tax withholdings.
A)True
B)False
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6
Chapter 5: Unemployment Compensation Taxes
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66 Verified Questions
66 Flashcards
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Sample Questions
Q1) In some states,employers may obtain reduced unemployment compensation rates by making voluntary contributions to the state fund.
A)True B)False
Q2) Refer to Instruction 5-1.Hunter Company had a FUTA taxable payroll of $192,700 for the year.Since the company is located in a state that has 1.5% FUTA credit reduction due to unpaid loans,determine Hunter's FUTA tax liability for the year.
Q3) On Form 940,even if the total FUTA tax is more than $500,there is no listing of quarterly federal unemployment tax liabilities.
A)True B)False
Q4) There is a uniform rate of unemployment benefits payable by all states. A)True B)False
Q5) Services performed in the employ of a religious organization that is exempt from federal income tax are also exempt from FUTA coverage.
A)True B)False
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Chapter 6: Analyzing and Journalizing Payroll
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54 Verified Questions
54 Flashcards
Source URL: https://quizplus.com/quiz/74505
Sample Questions
Q1) Under the Uniform Unclaimed Property Act,any unclaimed paychecks must be turned over to the state after the next payday.
A)True
B)False
Q2) FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes.
A)True
B)False
Q3) Once the journal entry for the payroll is complete,the information is posted to the appropriate general ledger accounts.
A)True
B)False
Q4) In the adjusting entry to accrue wages at the end of the accounting period,there is no need to credit any tax withholding accounts.
A)True B)False
Q5) The payroll taxes incurred by an employer are FICA,FUTA,and SUTA.
A)True B)False
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