Course Introduction
Financial Accounting
Solved Exam Questions
Financial Accounting introduces students to the fundamental principles and concepts essential for measuring, recording, and reporting financial transactions of businesses and organizations. The course covers topics including the accounting cycle, preparation and analysis of financial statements, and the application of generally accepted accounting principles (GAAP). Students will develop an understanding of how financial information supports decision-making for internal and external stakeholders, and will gain practical skills in using accounting systems and interpreting financial reports. Attention is also given to ethical issues and the regulatory environment of financial accounting.
Recommended Textbook
Payroll Accounting 2017 3rd Edition by Jeanette Landin
Available Study Resources on Quizplus
6 Chapters
427 Verified Questions
427 Flashcards
Source URL: https://quizplus.com/study-set/2738
Page 2
Chapter 1: Payroll Practices and System Fundamentals
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/54634
Sample Questions
Q1) Payroll accounting systems may involve an integrated software package that contains business-planning tools.
A)True
B)False
Answer: True
Q2) Which of the following is not a privacy act related to payroll records?
A) Community Property Act of 1990.
B) Freedom of Information Act.
C) U.S.Department of Labor OCFO-1.
D) U.S.Department of Health and Human Services Privacy Act 09-40-0006.
Answer: A
Q3) What is the difference in pay practices between salaried exempt and salaried nonexempt workers?
A) Salaried exempt workers may only work eight hours per day.
B) Salaried nonexempt workers must not work overtime hours.
C) Salaried exempt workers must work between 45 and 50 hours per week.
D) Salaried nonexempt workers are eligible for overtime pay.
Answer: D
To view all questions and flashcards with answers, click on the resource link above.
Chapter 2: Payroll System Procedures
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/54633
Sample Questions
Q1) Why must pay period information be a part of an employee's payroll file?
A) As a means of tracking time worked for overtime compensation purposes.
B) To ensure that the employee receives all compensation earned.
C) As a means of ensuring pay equality among employees.
D) To document satisfaction of court-ordered obligations.
Answer: A
Q2) Why is it important for an employer to classify a worker as either an employee or an independent contractor?
A) For tax reporting purposes
B) For child support obligations purposes
C) For government tracking purposes
D) For reimbursement purposes
Answer: A
Q3) 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
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: Gross Pay Computation
Available Study Resources on Quizplus for this Chatper
76 Verified Questions
76 Flashcards
Source URL: https://quizplus.com/quiz/54632
Sample Questions
Q1) Nonexempt employees are usually workers who:
A) Routinely supervise other employees.
B) Are exempt from certain company rules.
C) Occupy executive positions in the company.
D) Perform operative level tasks.
Answer: D
Q2) Federal policy explains clear differences between exempt and nonexempt employees.
A)True
B)False Answer: False
Q3) Compensatory time is only Federally mandated for public salaried exempt employees.
A)True
B)False Answer: True
Q4) Salaried employees may be classified as nonexempt.
A)True
B)False
Answer: True
Page 5
To view all questions and flashcards with answers, click on the resource link above.
Chapter 4: Employee Net Pay and Pay Methods
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/54631
Sample Questions
Q1) Federal income tax,Medicare tax,and Social Security tax amounts withheld from employee pay are matched by amounts paid by the employer.
A)True
B)False
Q2) According to the Consumer Credit Protection Act,what is the maximum percentage of an employee's disposable earnings that may be withheld as part of a consumer credit garnishment?
A) 25%
B) 35%
C) 50%
D) 40%
Q3) Best practices for paying employees by check include which of the following (Select all that apply)?
A) Maintenance of a separate checking account for payroll purposes.
B) Keeping a single check register for the firm's checking accounts.
C) Logging the number,amount,and purpose of each check used.
D) Establishing an unclaimed property account for uncashed checks.
To view all questions and flashcards with answers, click on the resource link above.
Chapter 5: Employer Payroll Taxes and Labor Planning
Available Study Resources on Quizplus for this Chatper
71 Verified Questions
71 Flashcards
Source URL: https://quizplus.com/quiz/54630
Sample Questions
Q1) A firm's frequency of tax deposits is determined by payroll tax liability during the lookback period.
A)True
B)False
Q2) Johnny's Tavern had 16 employees and total annual wages of $376,948 during the previous year.All employees earned more than $7,000 during the year.What is Johnny's Tavern's FUTA tax liability?
A) $22,616.88
B) $1,589.69
C) $7,000.00
D) $672.00
Q3) Faith,the accountant for Harris's Meats,filed Form 941 for the first quarter on May 12.The amount of taxes due to be paid with Form 941 was $8,975.The first failure to file notice was dated May 5.What is the amount that must be remitted,including the IRS penalty for the failure to file?
A) $8,975.00
B) $9,154.50
C) $9,423.75
D) $9,872.50
To view all questions and flashcards with answers, click on the resource link above.
Page 7
Chapter 6: Payroll Register, employees Earning Records, and Accounting System Entries
Available Study Resources on Quizplus for this Chatper
70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/54629
Sample Questions
Q1) What effect do payroll entries have on a firm's accounting system?
A) They increase the firm's assets.
B) They reduce the firm's liabilities.
C) They increase the owners' equity.
D) They increase the firm's expenses.
Q2) Which of the following is an example of an asset account?
A) Revenue
B) Salaries Payable
C) Cash
D) Payroll Tax Expense
Q3) Which of these accounts is increased by a credit (select all that apply)?
A) Owners' capital
B) Revenue
C) Assets
D) Expenses
Q4) What does the term "billable time" mean as it pertains to payroll accounting?
A) It is employee labor that may be billed to customers.
B) It is employee labor that does not pertain to labor on customer jobs.
C) It is non-employee labor that the company must pay.
D) It is non-traceable labor that a company must absorb as overhead.
To view all questions and flashcards with answers, click on the resource link above. Page 8