Question 1

What is the primary purpose of a labor report?

Accepted Answer

A)  It depicts the ideal distribution of labor in a firm. 
B)  It designates where labor is used in a firm. 
C)  It communicates departmental profitability. 
D)  It is a report designed to be read by parties external to the firm. 
A)  It depicts the ideal distribution of labor in a firm. 
B)  It designates where labor is used in a firm. 
C)  It communicates departmental profitability. 
D)  It is a report designed to be read by parties external to the firm.

Question 2

In what order are accounts presented on the trial balance?

Accepted Answer

A)  By dollar amount 
B)  Alphabetically 
C)  The same as the chart of accounts 
D)  By order of importance 
A)  By dollar amount 
B)  Alphabetically 
C)  The same as the chart of accounts 
D)  By order of importance

Question 3

In which order are transactions listed in the General Journal?

Accepted Answer

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

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

The purpose of the ________________________ is to record all the financial transactions of a firm.

Accepted Answer

A)  General Ledger 
B)  T-account 
C)  Payroll register 
D)  General Journal 
A)  General Ledger 
B)  T-account 
C)  Payroll register 
D)  General Journal

Question 6

How does the payroll register connect with the employees' earnings records?

Accepted Answer

A)  Both documents contain information about the employee's address and job title 
B)  Both documents contain details of employee earnings,deductions,and disbursement for a pay period 
C)  Both documents contain year-to-date totals of taxes 
D)  Both documents contain information from multiple pay periods 
A)  Both documents contain information about the employee's address and job title 
B)  Both documents contain details of employee earnings,deductions,and disbursement for a pay period 
C)  Both documents contain year-to-date totals of taxes 
D)  Both documents contain information from multiple pay periods

Question 7

McHale Enterprises has the following incomplete General Journal entry for the most recent pay date:
  What is the amount of the 401(k)contributions for the pay date?

Accepted Answer

A)  $2,253.00 
B)  $15,298.22 
C)  $12,576.05 
D)  $9,215.38 
A)  $2,253.00 
B)  $15,298.22 
C)  $12,576.05 
D)  $9,215.38

Question 8

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

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

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

Accepted Answer

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

Question 10

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

Accepted Answer

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

What is the primary purpose of a labor report?

In what order are accounts presented on the trial balance?

In which order are transactions listed in the General Journal?

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

The purpose of the ________________________ is to record all the financial transactions of a firm.

How does the payroll register connect with the employees' earnings records?

McHale Enterprises has the following incomplete General Journal entry for the most recent pay date: What is the amount of the 401(k)contributions for the pay date?

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

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

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

Payroll Practices and System Fundamentals

Payroll System Procedures

Gross Pay Computation

Employee Net Pay and Pay Methods

Employer Payroll Taxes and Labor Planning

Filters

Exam 6: Payroll Register, employees Earning Records, and Accounting System Entries

What is the primary purpose of a labor report?

In what order are accounts presented on the trial balance?

In which order are transactions listed in the General Journal?

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

The purpose of the ________________________ is to record all the financial transactions of a firm.

How does the payroll register connect with the employees' earnings records?

McHale Enterprises has the following incomplete General Journal entry for the most recent pay date: What is the amount of the 401(k)contributions for the pay date?

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

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

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

Payroll Practices and System Fundamentals

Payroll System Procedures

Gross Pay Computation

Employee Net Pay and Pay Methods

Employer Payroll Taxes and Labor Planning

Filters