Exam 7: The Payroll Register, Employees Earnings Records, and Accounting System Entries

What is a use of a firm's labor trend reports? (Select all that apply.)

Payroll accruals reflect the amount of payroll paid but not earned at the end of the financial period.

How does a payroll accountant keep track of employee's year-to-date earnings for wage bases on taxes like FICA, FUTA, and SUTA?

It is important that the payroll accountant understand the flow of the payroll transactions, especially when working with ________.

When journalizing the employees' pay accrual, the ________ is/are the debit(s), and the ________ is one of the credits.

Which of the following reports links the accounting and the human resources departments?

Which report contains employer share tax expenses for a period?

________ is the transferring of information from the General Journal to the General Ledger.

Which of the following payroll items is not reflected on the income statement?

Rushing River Boats has the following data in its Social Security tax payable General Ledger account: For the entry on January 31, what does the J4 signify?

The payroll register contains ________.

In the following General Journal transaction, to what do the numbers 101 and 301 refer?

Which columns might an employer include to facilitate employer-share payroll tax General Journal entries? (Select all that apply.)

In the General Ledger, the debit column reflects the balance of the account.

To which items is information from the payroll register transferred? (Select all that apply.)

Employee earnings records form the link between accounting and the human resources department.

Which of the following is true about the fundamental accounting equation?

The General Journal contains records of a firm's financial transactions, which appear chronologically.

How does a debit balance in the wages and salaries expense account affect a firm's income statement?

Which of the following is an example of a liability account?