Financial Accounting Test
Preparation
Course Introduction
Financial Accounting is an introductory course that explores the fundamental principles, processes, and practices essential for understanding and preparing financial statements in accordance with generally accepted accounting principles (GAAP). Students will learn how to systematically record, summarize, and report business transactions, analyze financial statements, and interpret the financial health of organizations. The course covers key topics such as the accounting cycle, revenue recognition, asset and liability valuation, equity reporting, and the ethical considerations in financial reporting, preparing students for further studies in accountancy and informed decision-making in the business environment.
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) The tax paid to the federal government for unemployment taxes is used for paying state and federal administrative expenses of the unemployment program.
A)True
B)False
Answer: True
Q2) What tax act levies a tax on employers to pay state and federal administrative expenses of the unemployment program?
A) Federal Income Tax Act
B) Federal Unemployment Tax Act
C) Federal Wage and Hour Law
D) Estate Unemployment Tax Acts
E) Workers' Compensation Laws
Answer: B
Q3) A payroll register lists all employees who have earned remuneration,the amount of remuneration,the deductions,and the net amount paid for each pay period.
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) Employees paid by the hour without a guarantee of a weekly minimum salary do not qualify for the salary test for white-collar workers.
A)True
B)False
Answer: True
Q2) Refer to Instruction 2-1.Kevin Kurtz is a newly hired exempt employee who earns an annual salary of $67,600.Since he started work on Thursday (five-day week ends on Friday),his pay for the first week would be __________.
Answer: \[[ ( \$ 67,600 \div 52 ) \times 2 / 5 ] = \$ 520.00\]
Q3) Violators of the overtime provision of the FLSA are required to pay the unpaid overtime at a rate of triple the employee's rate.
A)True
B)False
Answer: False
Q4) Refer to Instruction 2-1.Carolyn Clark,a full-time student at Atlanta State University,works at the Barclay Dress Shop.In order not to violate the FLSA,the least salary that Barclay could pay Clark for her 28-hour workweek is __________.
Answer: \[( 28 \times \$ 6.17 ) = \$ 172.76\]
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Page 4
Chapter 3: Social Security Taxes
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72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/74508
Sample Questions
Q1) The highest paid executives of a firm are excluded from coverage under the Federal Insurance Contributions Act (FICA).
A)True
B)False
Answer: False
Q2) In its definition of employee,FICA clearly distinguishes between classes or grades of employees.
A)True
B)False
Answer: False
Q3) Form 941 is due on or before the 15th day of the month following the close of the calendar quarter for which the return is made.
A)True
B)False
Answer: False
Q4) Employers do not pay payroll taxes on payments made to independent contractors.
A)True
B)False Answer: True
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Chapter 4: Income Tax Withholding
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56 Verified Questions
56 Flashcards
Source URL: https://quizplus.com/quiz/74507
Sample Questions
Q1) In calculating a "gross-up" amount of a bonus payment,an employer does not use the OASDI/HI tax rates in the formula.
A)True
B)False
Q2) Of the two main methods of withholding,only the wage-bracket method distinguishes unmarried persons from married persons.
A)True
B)False
Q3) Before any federal income taxes may be withheld,there must be,or must have been,an employer-employee relationship.
A)True
B)False
Q4) Refer to Exhibit 4-1.Edward Dorsey is a part-time employee,and during the biweekly pay period he earned $395.In addition,he is being paid a bonus of $300 along with his regular pay.If Dorsey is single and claims two withholding allowances,how much would be deducted from his pay for FIT? (There are two ways to determine his deduction-do not use table for percentage method. )
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Chapter 5: Unemployment Compensation Taxes
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66 Verified Questions
66 Flashcards
Source URL: https://quizplus.com/quiz/74506
Sample Questions
Q1) A traveling salesperson who solicits and transmits to the principal orders for merchandise for resale is considered an employee under FUTA.
A)True
B)False
Q2) Services performed by a child under the age of 21 for a parent-employer are excluded from FUTA coverage.
A)True
B)False
Q3) If a company is liable for a credit reduction (due to Title XII advance),this extra tax must be paid along with each of the required deposits made during the year.
A)True
B)False
Q4) Once a company attains the status of employer for FUTA purposes,that status continues for four calendar years.
A)True B)False
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Page 7
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) The garnishment that takes priority over all others is :
A) a federal tax levy
B) a government student loan
C) a creditor garnishment
D) an administrative wage garnishment
E) a child support order
Q3) At the time that the entry is made to record the employer's payroll taxes,the SUTA tax is recorded at the net amount (0.6%).
A)True
B)False
Q4) Union Dues Payable is a liability account credited with the deductions made from union members' wages for their union dues.
A)True B)False
Q5) Refer to Exhibit 6-1.Journalize the entry to deposit the FICA and FIT taxes.
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