Small Business Accounting
Question Bank
Course Introduction
Small Business Accounting provides students with a foundational understanding of accounting principles and practices as they relate to small enterprises. The course covers essential topics such as the accounting cycle, financial statement preparation, cash flow management, budgeting, and tax considerations specific to small businesses. Emphasis is placed on practical applications, including the use of accounting software and recordkeeping techniques that assist in informed decision-making. By the end of the course, students will be equipped to manage financial transactions, interpret financial data, and support the financial health of a small business.
Recommended Textbook
Payroll accounting 2016 2nd Edition by Jeanette Landin
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6 Chapters
424 Verified Questions
424 Flashcards
Source URL: https://quizplus.com/study-set/3043
Page 2
Chapter 1: Payroll Practices and System Functions
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60480
Sample Questions
Q1) Employers must request a(n) ________________________ for the Internal Revenue Service to track a firm's payroll tax obligations.
A) Social Security Number.
B) Employer Registration Number.
C) Tax Identification Number.
D) Employer Identification Number
Answer: D
Q2) Leslie is the accountant for a major movie production.She is approached by a group of people from the press who ask her questions about the salaries of the actors and actresses involved in the film.According to the AICPA Code of Ethics,which principle most closely governs the appropriate conduct in this situation?
A) Responsibilities
B) Due Care
C) Integrity
D) Public Interest
Answer: A
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Chapter 2: Payroll System Procedures
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60479
Sample Questions
Q1) Upon termination from a firm,employer must disburse the former employee's final pay ___________.
A) Immediately.
B) Within 24 hours.
C) At the next scheduled payday.
D) No federal regulation exists.
Answer: D
Q2) Computerized payroll records are considered a(n):
A) Open system.
B) Open access.
C) Closed system.
D) Closed access.
Answer: C
Q3) An employer must have an employee complete Form W-4:
A) Before each pay disbursement.
B) Each year, upon the employee's anniversary with the firm.
C) Every January 1.
D) At the time of hire.
Answer: D
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Page 4
Chapter 3: Gross Pay Computation
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60478
Sample Questions
Q1) Al works in the warehouse for his company and receives $12.75/hour.He occasionally works in the Quality Assurance (QA) department as a receiving clerk and earns a 15% differential for hours worked there.During a two-week pay period,he worked 72 hours in the warehouse and 12 hours in the QA department.He worked all overtime hours in the warehouse.Standard workweek has 40 hours.What is his gross pay for the pay period? (Do not round interim calculations.Round final answer to 2 decimal places.)
A) $1,071.00
B) $1.096.50
C) $1,042.95
D) $1,119.45
Answer: D
Q2) Salaried employees may not be classified as nonexempt.
A)True
B)False Answer: False
Q3) Federal policy clearly differentiates between exempt and nonexempt employees.
A)True
B)False Answer: False
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Page 5
Chapter 4: Employee Net Pay and Pay Methods
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/60477
Sample Questions
Q1) Paolo is a part-time security guard for a local facility.He earned $298.50 during the most recent weekly pay period.He is married with four withholding allowances.What is his Medicare tax liability for the pay period?
A) $43.23
B) $10.54
C) $8.65
D) $4.33
Q2) Maile is a full-time exempt employee who earns $1,370.15 per biweekly payday.She is married with seven withholding allowances,so her Federal income tax is $0.She contributes 4% of her gross pay to her 401(k) and has her health insurance premium of $50 deducted on a pre-tax basis.She has $10 deducted per pay period for a Salvation Army contribution and has union dues of $40 per pay period.What is her net pay? (Do not round interim calculations,only round final answer to two decimal points.)
A) $1,160.53
B) $1,114.35
)35.35
C) $1,124.23
D) $1,137.93
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Page 6
Chapter 5: Employer Payroll Taxes and Labor Planning
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72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/60476
Sample Questions
Q1) As of 2014,the IRS mandated that all electronic tax deposits be submitted through: A) AFTPS.
B) ESTPF.
C) EPS.
D) EFTPS.
Q2) 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.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
Q3) Which copy of Form W-2 should be retained by the employee?
A) Copy 1
B) Copy D
C) Copy 3
D) Copy C
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Available Study Resources on Quizplus for this Chatper
72 Verified Questions
72 Flashcards
Source URL: https://quizplus.com/quiz/60475
Sample Questions
Q1) In the following payroll transaction,what is the amount of the net pay? \(\begin{array}{|r|l|l|r|r|r|}
\hline
\text { Jun } & 23 & \text { Wages and salaries expense } & 522 & 2,349,839.00 & \\
\hline & & \text { Federal withholding taxpayable } & 220 & & 399,472.63 \\
\hline & & \text { Social Seourity taxpayable } & 221 & & 145,170.77 \\
\hline & & \text { Medicare tax payable } & 222 & & 33,951.23 \\
\hline & & 401(k) \text { oontributions payable } & 223 & & 93,993.56 \\
\hline & & \text { Health Insurance payable } & 224 & & 8,375.00 \\
\hline & & \text { State Income tax payable } & 227 & & 117,491.95 \\
\hline & & \text { Wages and salaries payable } & 226 & & ? ? ? \\
\hline
\end{array}\)
A) $399,472.63
B) $2,349,839.00
C) $93,993.56
D) $1,551,383.86
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