Fundamentals of Accounting Test Preparation

Course Introduction

Fundamentals of Accounting provides a comprehensive introduction to the principles and practices of financial and managerial accounting. The course covers essential topics such as the accounting cycle, double-entry bookkeeping, preparing and analyzing financial statements, and the use of accounting information in decision-making. Students will explore concepts including assets, liabilities, equity, revenue, and expenses, while developing practical skills in recording transactions and interpreting financial data. By the end of the course, learners will have a solid foundation in accounting principles, enabling them to understand how organizations track and report their financial performance.

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) Which of the following is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period?

A) Payroll register

B) Reference inquiry form

C) Change in payroll rate form

D) Employee history record

E) None of the above

Answer: A

Q3) Each state imposes an income tax on employees that is 2 percent of gross wages.

A)True

B)False

Answer: False

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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) Refer to Instruction 2-1.Annette Henri is paid an hourly wage of $10.90 for a 32-hour workweek of 4 days,8 hours daily.For any work on the fifth day and on Saturdays,she is paid one and one-half times her regular hourly rate.During a certain week,in addition to her regular 32 hours,Henri worked 6 hours on the fifth day and 5 hours on Saturday.For this workweek,Henri's total earnings are __________.

Answer: \[[ ( 32 \times \$ 10.90 ) + ( 11 \times \$ 10.90 \times 1.5 ) ] = \$ 528.65\]

Q2) The FLSA requires that employees be given at least two 15-minute rest periods each workday.

A)True

B)False

Answer: False

Q3) Hourly employees who take work home without the permission of the employer do not have to be paid for the work done at home.

A)True

B)False

Answer: False

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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 Social Security Act does not require self-employed persons to have an account number.

A)True

B)False

Answer: False

Q2) Refer to Instruction 3-1.Dee is paid $2,345 on November 8,20--.Dee had cumulative gross earnings,including overtime pay,of $125,900 prior to this pay. a) The amount of OASDI taxes to wi thhold from Dee's pay is______

b) The amount of HI taxes to withhold from Dee's pay is________

Answer: a) $(\$ 1,300 \times 6.2 \%)=\$ 80.60$

b) $(\$ 2,345 \times 1.45 \%)=\$ 34.00$

Q3) In computing their own FICA taxes,employers may exclude the total amount of tips reported to them by their tipped employees.

A)True

B)False

Answer: False

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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) Persons eligible for deductible IRA contributions may put aside a specified amount of their compensation without paying federal income taxes on that amount.

A)True

B)False

Q2) Under the federal income tax withholding law,income taxes are not withheld from the value of meals that employers furnish workers on the employers' premises for the employers' convenience.

A)True

B)False

Q3) 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.

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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) If the employer has made timely deposits that pay the FUTA tax liability in full,the filing of Form 940 can be delayed until:

A) December 31.

B) February 15.

C) February 10.

D) February 1.

E) March 31.

Q2) Refer to Instruction 5-1.John Gercke is an employee of The Woolson Company.During the first part of the year,he earned $6,800 while working in State A.For the remainder of the year,the company transferred him to State B where he earned $16,500.The Woolson Company's tax rate in State A is 4.2%,and in State B it is 3.15% on the first $7,000.Assuming that reciprocal arrangements exist between the two states,determine the SUTA tax that the company paid to: a) State $A$___________

b) State B____________-

Q3) Even if a state repays its Title XII advances,all employers in that state are subject to a credit reduction in the year of the advance.

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) The employee's earnings record provides information for each of the following except:

A) completing Forms W-2.

B) completing the journal entry to record the payroll.

C) determining when the accumulated wages of an employee reach cutoff levels.

D) preparing reports required by state unemployment compensation laws.

E) preparing the payroll register.

Q2) Under the provisions of the Consumer Credit Protection Act,an employer can discharge an employee simply because the employee's wage is subject to garnishment for a single indebtedness.

A)True

B)False

Q3) Companies usually provide a separate column in the payroll register to record the employer's payroll taxes.

A)True

B)False

Q4) An employee's marital status and number of withholding allowances never appear on the payroll register.

A)True

B)False

Page 8

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