Introduction to Accounting Study Guide Questions
Course Introduction
Introduction to Accounting provides students with a foundational understanding of accounting principles and practices. The course covers essential topics such as the accounting cycle, double-entry bookkeeping, preparation and interpretation of financial statements, and the role of accounting information in decision-making. Students will gain familiarity with key accounting terminology, learn how to record business transactions, and explore the ethical and regulatory environment of accounting. This course serves as a basis for advanced study in accounting and equips students with practical skills for personal and professional financial management.
Recommended Textbook
Payroll Accounting 2018 28th Edition by Bernard J. Bieg
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6 Chapters
398 Verified Questions
398 Flashcards
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Page 2
Chapter 1: The Need for Payroll and Personal Records
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70 Verified Questions
70 Flashcards
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Sample Questions
Q1) 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
Q2) Which of the following is not allowed as part of a company's pre-hire inquiries:
A) Past employment and experience records
B) Social security numbers
C) Lie detector tests
D) Educational background
E) List of references
Answer: C
Q3) An exception to the protection that the Age Discrimination in Employment Act provides for all workers over 40 involves executives who are 65 or older and who have held high policy-making positions during the two-year period prior to retirement.
A)True
B)False
Answer: True
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3
Chapter 2: Computing Wages and Salaries
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) Under the continental system of recording time,9:00 a.m.is recorded as 900 while 9:00 p.m.is recorded as 2100.
A)True
B)False
Answer: True
Q2) If an employee works two jobs at two different wage rates for the same employer during the same pay week,any overtime pay must be calculated by using an overtime hourly rate of:
A) one and one-half the higher of the two wage rates.
B) one and one-half the lower of the two wage rates.
C) one-half of the higher of the two wage rates.
D) one-half of the two rates combined.
E) none of the above.
Answer: E
Q3) Refer to Instruction 2-1.Hall receives 18.5 cents for every unit produced.Hall produces 575 units in an 8-hour workday.Hall's daily wages are __________.
Answer: \[( 575 \times \$ 0.185 ) = \$ 106.38\]
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Page 4
Chapter 3: Social Security Taxes
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72 Verified Questions
72 Flashcards
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Sample Questions
Q1) Employees of a state government hired before January 1,1986,and covered by a public retirement plan,are exempt from FICA coverage.
A)True
B)False
Answer: True
Q2) Refer to Instruction 3-1.Eager,a tipped employee,reported to his employer that he had received $320 in tips during March.On the next payday,April 6,he was paid his regular salary of $400. a) The amount of OASDI taxes to wi thhold from Eager's pay is_______
b) The amount of HI taxes to withhold from Eager's pay is___________
Answer: a) \(( \$ 720 \times 6.2 \% ) = \$ 44.64\)
b) \(( \$ 720 \times 1.45 \% ) = \$ 10.44\)
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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Page 5
Chapter 4: Income Tax Withholding
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56 Verified Questions
56 Flashcards
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Sample Questions
Q1) Which of the following statements correctly describes the withholding of federal income taxes and social security taxes on tips?
A) Tips amounting to $10 or more in a calendar month must be reported by tipped employees to their employers.
B) The withholding of federal income taxes on employees' reported tip income is made from the amount of tips reported by employees.
C) When employees report taxable tips in connection with employment in which they also receive regular wages,the amount of tax to be withheld on the tips is computed as if the tips were a supplemental wage payment.
D) Employers do not withhold FICA taxes on the tipped employees' reported tip income.
E) None of the above statements is correct.
Q2) The payments to a cook employed by a college fraternity are excluded from federal income tax withholding.
A)True
B)False
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Chapter 5: Unemployment Compensation Taxes
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66 Verified Questions
66 Flashcards
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Sample Questions
Q1) Unemployment taxes (FUTA and SUTA)do not have to be paid by an employer who has only part-time employees.
A)True
B)False
Q2) Refer to Instruction 5-1.In the first quarter of the year,Henry Gibson earned $3,000 in wages and reported $2,400 in tips to his employer.How much would the employer's FUTA tax be for the first quarter on Gibson?
Q3) When making a payment of FUTA taxes,the employer must make the payment by the:
A) end of the month after the quarter.
B) 15th of the month after the quarter.
C) 10th of the month after the quarter.
D) end of the following quarter.
E) same day of the FICA and FIT deposits.
Q4) In order to obtain the maximum credit allowed against the federal unemployment tax,the employer must have paid its SUTA contributions by the due date of Form 940.
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
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Sample Questions
Q1) Since FUTA tax is paid only once a quarter,the FUTA tax expense is recorded only at the time of payment.
A)True
B)False
Q2) Since the credit against the FUTA tax (for SUTA contributions)is made on Form 940,the employer's payroll tax entries should include the FUTA tax at the gross amount (6.0%).
A)True
B)False
Q3) Refer to Exhibit 6-1.Journalize the entry to deposit the FICA and FIT taxes.
Q4) Since the FUTA tax is a social security tax,it can be charged to the same expense account as the other payroll taxes on the employer,the payroll taxes account. A)True B)False
Q5) The wage and salaries expense account is an operating expense account debited for total net pay each payroll period.
A)True B)False
Q6) Refer to Exhibit 6-1.Journalize the entry to record the payroll.
Page 8
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