Question 1

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

Accepted Answer

A) Posting 
B) Annotating 
C) Computing 
D) Accruing 
A) Posting 
B) Annotating 
C) Computing 
D) Accruing

Question 2

Which of the following is an example of an asset account?

Accepted Answer

A) Payroll Tax Expense 
B) Revenue 
C) Salaries Payable 
D) Cash 
A) Payroll Tax Expense 
B) Revenue 
C) Salaries Payable 
D) Cash

Question 3

Frellies Gym has a credit balance of $31,485.27 in its Wages and Salaries Payable General Ledger account as of August 16. If the pay date is August 16, what transaction should appear in the Wages and Salaries Payable General Ledger account on that date?

Accepted Answer

A) Debit $31,485.27 
B) Debit $62,970.54 
C) Credit $31,485.27 
D) Credit $62,970.54 
A) Debit $31,485.27 
B) Debit $62,970.54 
C) Credit $31,485.27 
D) Credit $62,970.54

Question 4

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

Accepted Answer

A) Net pay; gross pay 
B) Payroll tax liabilities; gross pay 
C) Cash account; net pay 
D) Gross pay; net pay 
A) Net pay; gross pay 
B) Payroll tax liabilities; gross pay 
C) Cash account; net pay 
D) Gross pay; net pay

Question 5

When a ﬁrm has wages earned but not yet paid at the end of a ﬁnancial reporting period, what must it do to recognize the liabilities and expenses?

Accepted Answer

A) It must credit the asset accounts for the appropriate payroll amounts. 
B) It must create an adjusting entry to recognize the payroll accrual. 
C) It must pay its employees for the wages earned as of that date. 
D) It must wait until the next ﬁnancial period to record the payroll data. 
A) It must credit the asset accounts for the appropriate payroll amounts. 
B) It must create an adjusting entry to recognize the payroll accrual. 
C) It must pay its employees for the wages earned as of that date. 
D) It must wait until the next ﬁnancial period to record the payroll data.

Question 6

How do accrued, but not paid, wages appear on the balance sheet?

Accepted Answer

A) As assets 
B) As equity 
C) As expenses 
D) As liabilities 
A) As assets 
B) As equity 
C) As expenses 
D) As liabilities

Question 7

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

Accepted Answer

A) Employee earnings record 
B) Payroll register 
C) Labor reports 
D) Form 941 
A) Employee earnings record 
B) Payroll register 
C) Labor reports 
D) Form 941

Question 8

What is a use of a firm's labor trend reports? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

Accepted Answer

A) It allows managers to determine the effect of employee labor on departmental profits. 
B) It allows managers to predict future labor costs. 
C) It is a report designed for external stakeholders. 
D) It highlights issues and results of seasonal labor. 
A) It allows managers to determine the effect of employee labor on departmental profits. 
B) It allows managers to predict future labor costs. 
C) It is a report designed for external stakeholders. 
D) It highlights issues and results of seasonal labor.

Question 9

What are the General Journal entries that should appear on each pay date?

Accepted Answer

A) Employee pay accrual and employee pay disbursement 
B) Employee pay remittance and voluntary deduction remittance 
C) Employee pay disbursement and voluntary deduction remittance 
D) Employee pay recording and employer share payroll taxes recording 
A) Employee pay accrual and employee pay disbursement 
B) Employee pay remittance and voluntary deduction remittance 
C) Employee pay disbursement and voluntary deduction remittance 
D) Employee pay recording and employer share payroll taxes recording

Question 10

In the following payroll transaction, what is the amount of the net pay?

Accepted Answer

A) $399,472.63 
B) $2,349,839.00 
C) $93,993.56 
D) $1,551,383.86 
A) $399,472.63 
B) $2,349,839.00 
C) $93,993.56 
D) $1,551,383.86

Question 11

A debit always decreases the balance of an account.

Accepted Answer

A) True 
 B)False

Question 12

Didier and Sons had the following employer's share payroll tax general journal entry for the May 5 pay date:
 
What is the amount of the Social Security tax payable?

Accepted Answer

A) $1,582.39 
B) $2,572.59 
C) $1,715.56 
D) $1,875.98 
A) $1,582.39 
B) $2,572.59 
C) $1,715.56 
D) $1,875.98

Question 13

In which order are transactions listed in the General Journal?

Accepted Answer

A) Chronologically 
B) Order of importance 
C) Alphabetically 
D) Numerically 
A) Chronologically 
B) Order of importance 
C) Alphabetically 
D) Numerically

Question 14

Zipperle Company has the following payroll information for the pay period ending September 18, 20XX:
 
Which items would be debited in the General Journal entry to record the employees' share of the payroll?

Accepted Answer

A) Net pay 
B) Gross pay 
C) Garnishment 
D) 401(k) contributions 
A) Net pay 
B) Gross pay 
C) Garnishment 
D) 401(k) contributions

Question 15

Enchanted Creations has the following data in its Federal withholding tax payable General Ledger account:
 
What is the balance of the account as of April 30?

Accepted Answer

A) Debit $49,485 
B) Credit $16,495 
C) Debit $16,495 
D) Credit $49,485 
A) Debit $49,485 
B) Credit $16,495 
C) Debit $16,495 
D) Credit $49,485

Question 16

The payroll register is identical for each company.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following payroll items is included on the Balance Sheet?

Accepted Answer

A) Health insurance expense 
B) Salaries and wages expense 
C) Payroll taxes expense 
D) Federal withholding tax payable 
A) Health insurance expense 
B) Salaries and wages expense 
C) Payroll taxes expense 
D) Federal withholding tax payable

Question 18

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?

Accepted Answer

A) It is the fourth entry in the General Journal on that date. 
B) The account appears fourth in the list of liability accounts. 
C) It is the fourth repetition of the same entry. 
D) The transaction appears on page four of the General Journal. 
A) It is the fourth entry in the General Journal on that date. 
B) The account appears fourth in the list of liability accounts. 
C) It is the fourth repetition of the same entry. 
D) The transaction appears on page four of the General Journal.

Question 19

The _____ is the master document that contains an employee's marital status, deductions, and year-to- date earnings.

Accepted Answer

A) Form W-4 
B) Payroll register 
C) Employee earnings record 
D) Personnel ﬁle 
A) Form W-4 
B) Payroll register 
C) Employee earnings record 
D) Personnel ﬁle

Question 20

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

Accepted Answer

A) Salaries and wages expense 
B) Payroll taxes expense 
C) Health insurance expense 
D) Federal withholding tax payable 
A) Salaries and wages expense 
B) Payroll taxes expense 
C) Health insurance expense 
D) Federal withholding tax payable

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

Which of the following is an example of an asset account?

Frellies Gym has a credit balance of $31,485.27 in its Wages and Salaries Payable General Ledger account as of August 16. If the pay date is August 16, what transaction should appear in the Wages and Salaries Payable General Ledger account on that date?

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

When a ﬁrm has wages earned but not yet paid at the end of a ﬁnancial reporting period, what must it do to recognize the liabilities and expenses?

How do accrued, but not paid, wages appear on the balance sheet?

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

What are the General Journal entries that should appear on each pay date?

In the following payroll transaction, what is the amount of the net pay?

A debit always decreases the balance of an account.

Didier and Sons had the following employer's share payroll tax general journal entry for the May 5 pay date: What is the amount of the Social Security tax payable?

In which order are transactions listed in the General Journal?

Zipperle Company has the following payroll information for the pay period ending September 18, 20XX: Which items would be debited in the General Journal entry to record the employees' share of the payroll?

Enchanted Creations has the following data in its Federal withholding tax payable General Ledger account: What is the balance of the account as of April 30?

The payroll register is identical for each company.

Which of the following payroll items is included on the Balance Sheet?

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 _____ is the master document that contains an employee's marital status, deductions, and year-to- date earnings.

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

The Need for Payroll and Personnel Records

Computing Wages and Salaries

Social Security Taxes

Income Tax Withholding

Unemployment Compensation Taxes

Filters

Exam 7: Payroll Project

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

Which of the following is an example of an asset account?

Frellies Gym has a credit balance of $31,485.27 in its Wages and Salaries Payable General Ledger account as of August 16. If the pay date is August 16, what transaction should appear in the Wages and Salaries Payable General Ledger account on that date?

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

When a ﬁrm has wages earned but not yet paid at the end of a ﬁnancial reporting period, what must it do to recognize the liabilities and expenses?

How do accrued, but not paid, wages appear on the balance sheet?

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

What are the General Journal entries that should appear on each pay date?

In the following payroll transaction, what is the amount of the net pay?

A debit always decreases the balance of an account.

Didier and Sons had the following employer's share payroll tax general journal entry for the May 5 pay date: What is the amount of the Social Security tax payable?

In which order are transactions listed in the General Journal?

Zipperle Company has the following payroll information for the pay period ending September 18, 20XX: Which items would be debited in the General Journal entry to record the employees' share of the payroll?

Enchanted Creations has the following data in its Federal withholding tax payable General Ledger account: What is the balance of the account as of April 30?

The payroll register is identical for each company.

Which of the following payroll items is included on the Balance Sheet?

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 _____ is the master document that contains an employee's marital status, deductions, and year-to- date earnings.

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

The Need for Payroll and Personnel Records

Computing Wages and Salaries

Social Security Taxes

Income Tax Withholding

Unemployment Compensation Taxes

Filters

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