Question 1

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

Accepted Answer

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

Question 2

On December 1,20XX,Riley Sanders invested $250,000 to open Sanders Enterprises.What is the General Journal entry to record this transaction?

Accepted Answer

A)  Debit R. Sanders Capital, $250,000; Credit Cash, $250,000 
B)  Debit Revenue, $250,000; Credit Cash, $250,000 
C)  Debit Cash, $250,000; Credit Revenue, $250,000 
D)  Debit Cash, $250,000; Credit R. Sanders Capital, $250,000 
A)  Debit R. Sanders Capital, $250,000; Credit Cash, $250,000 
B)  Debit Revenue, $250,000; Credit Cash, $250,000 
C)  Debit Cash, $250,000; Credit Revenue, $250,000 
D)  Debit Cash, $250,000; Credit R. Sanders Capital, $250,000 D

Question 3

Kierofree Air Tours has the following payroll data for its November 5 pay date: $$\begin{array} { | l | l | l | l | l | r | } 
\hline \text { Nov } & 5 & \text { Wages and salaries expense } & 522 & \$ 199,023.00 & \
\hline & & \text { Federal withholding tax payable } & 220 & & \$ 33,833.91 \
\hline & & \text { Social Security tax payable } & 221 & & 11,442.35 \
\hline & & \text { Medicare tax payable } & 222 & & 2,676.03 \
\hline & & 401 \text { k) contributions payable } & 223 & & 6,965.81 \
\hline & & \text { Health Insurance payable } & 224 & & 14,468.97 \
\hline & & \text { Union Dues payable } & 227 & & 4,975.58 \
\hline & & \text { Wages and salaries payable } & 226 & & ? ? ? \
\hline
\end{array}$$ How much is the net pay?

Accepted Answer

A)  $199,023.00 
B)  $185,216.26 
C)  $142,578.94 
D)  $124,660.35 
A)  $199,023.00 
B)  $185,216.26 
C)  $142,578.94 
D)  $124,660.35 D

Question 4

The _________________ reflects all unpaid payroll liabilities at any point in the financial period.

Accepted Answer

A)  Income statement 
B)  Statement of Owners' Equity 
C)  Payroll register 
D)  Balance sheet 
A)  Income statement 
B)  Statement of Owners' Equity 
C)  Payroll register 
D)  Balance sheet

Question 5

To rule the payroll register means that the payroll accountant establishes procedures about the payroll register.

Accepted Answer

A) True 
 B)False

Question 6

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 7

Which of these accounts is not increased by a debit?

Accepted Answer

A)  Expenses 
B)  Revenue 
C)  Assets 
D)  Drawing 
A)  Expenses 
B)  Revenue 
C)  Assets 
D)  Drawing

Question 8

What is the term for transferring data from the General Journal to the General Ledger?

Accepted Answer

A)  Cross-referencing 
B)  Ledgering 
C)  Posting 
D)  Transcribing 
A)  Cross-referencing 
B)  Ledgering 
C)  Posting 
D)  Transcribing

Question 9

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

Accepted Answer

A)  Form W-4 
B)  Form W-2 
C)  Payroll register 
D)  Employee earnings record 
A)  Form W-4 
B)  Form W-2 
C)  Payroll register 
D)  Employee earnings record

Question 10

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

Accepted Answer

A)  Cash 
B)  Payroll Taxes Expense 
C)  Salaries and Wages Expense 
D)  FUTA Payable 
A)  Cash 
B)  Payroll Taxes Expense 
C)  Salaries and Wages Expense 
D)  FUTA Payable

Question 11

Which one of the following groups contains columns that will always appear on a payroll register?

Accepted Answer

A)  Employee name, gross pay, net pay, Federal income tax 
B)  Marital status, hire date, wages earned, health insurance 
C)  Federal withholding tax, state withholding tax, gross pay, net pay 
D)  Disbursement date, net pay, employee name, number of withholding allowances 
A)  Employee name, gross pay, net pay, Federal income tax 
B)  Marital status, hire date, wages earned, health insurance 
C)  Federal withholding tax, state withholding tax, gross pay, net pay 
D)  Disbursement date, net pay, employee name, number of withholding allowances

Question 12

A(n) ________________ is a collection of cash and other items that are used in the operation of the business.

Accepted Answer

A)  Liability 
B)  Asset 
C)  Revenue 
D)  Equity 
A)  Liability 
B)  Asset 
C)  Revenue 
D)  Equity

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

Computing the sum of rows and columns is known by the term

Accepted Answer

A)  Compute. 
B)  Total. 
C)  Prove. 
D)  Rule. 
A)  Compute. 
B)  Total. 
C)  Prove. 
D)  Rule.

Question 15

Which report contains employer share tax expenses for a period?

Accepted Answer

A)  The income statement 
B)  The statement of owners' equity 
C)  The balance sheet 
D)  The labor report 
A)  The income statement 
B)  The statement of owners' equity 
C)  The balance sheet 
D)  The labor report

Question 16

The following data is for the January 19 pay date for Waryzbok Inc.: Which of the following represents the missing Social Security and Medicare taxes?
$$\begin{array} { | l | l | l | r | r | r | } 
\hline \text { Jan } & 19 & \text { Wages and salaries expense } & 522 & \$ 12,987.00 & \
\hline & & \text { Federal withholding taxpayable } & 220 & & \$ 2,207.79 \
\hline & & \text { 5ocial Seourity tax payable } & 221 & & ? ? ? \
\hline & & \text { Medicare taxpayable } & 222 & & ? ? ? \
\hline & & 401 ( k ) \text { contributions payable } & 223 & & 454.55 \
\hline & & \text { Health Insurance payable } & 224 & & 944.15 \
\hline & & \text { State Income tax payable } & 227 & & 324.68 \
\hline & & \text { Wages and salaries payable } & 226 & & 8,134.55 \
\hline & & & & & \
\hline \text { Jan } & 19 & \text { Wages and salaries payable } & 226 & 8134.55 & \
\hline & & \text { Cash } & 101 & & 8,134.55 \
\hline
\end{array}$$

Accepted Answer

A)  Social Security tax, $746.66; Medicare tax, $174.62 
B)  Social Security tax, $188.31; Medicare tax, $805.19 
C)  Social Security tax, $204.15: Medicare tax, $792.35 
D)  Social Security tax, $792.35; Medicare tax, $204.15 
A)  Social Security tax, $746.66; Medicare tax, $174.62 
B)  Social Security tax, $188.31; Medicare tax, $805.19 
C)  Social Security tax, $204.15: Medicare tax, $792.35 
D)  Social Security tax, $792.35; Medicare tax, $204.15

Question 17

In general,how are the expenses associated with the payroll accountant's labor allocated in a firm?

Accepted Answer

A)  They are billed directly to a customer. 
B)  They are allocated to one department. 
C)  They are reported as part of the firm's overhead. 
D)  They are billed directly to each department manager. 
A)  They are billed directly to a customer. 
B)  They are allocated to one department. 
C)  They are reported as part of the firm's overhead. 
D)  They are billed directly to each department manager.

Question 18

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 19

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

Question 20

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

Accepted Answer

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

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

On December 1,20XX,Riley Sanders invested $250,000 to open Sanders Enterprises.What is the General Journal entry to record this transaction?

The _________________ reflects all unpaid payroll liabilities at any point in the financial period.

To rule the payroll register means that the payroll accountant establishes procedures about the payroll register.

What is the primary purpose of a labor report?

Which of these accounts is not increased by a debit?

What is the term for transferring data from the General Journal to the General Ledger?

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

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

Which one of the following groups contains columns that will always appear on a payroll register?

A(n) ________________ is a collection of cash and other items that are used in the operation of the business.

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

Computing the sum of rows and columns is known by the term

Which report contains employer share tax expenses for a period?

In general,how are the expenses associated with the payroll accountant's labor allocated in a firm?

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

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

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

Payroll Practices and System Functions

Payroll System Procedures

Gross Pay Computation

Employee Net Pay and Pay Methods

Employer Payroll Taxes and Labor Planning

Filters

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

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

On December 1,20XX,Riley Sanders invested $250,000 to open Sanders Enterprises.What is the General Journal entry to record this transaction?

The _________________ reflects all unpaid payroll liabilities at any point in the financial period.

To rule the payroll register means that the payroll accountant establishes procedures about the payroll register.

What is the primary purpose of a labor report?

Which of these accounts is not increased by a debit?

What is the term for transferring data from the General Journal to the General Ledger?

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

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

Which one of the following groups contains columns that will always appear on a payroll register?

A(n) ________________ is a collection of cash and other items that are used in the operation of the business.

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

Computing the sum of rows and columns is known by the term

Which report contains employer share tax expenses for a period?

In general,how are the expenses associated with the payroll accountant's labor allocated in a firm?

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

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

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

Payroll Practices and System Functions

Payroll System Procedures

Gross Pay Computation

Employee Net Pay and Pay Methods

Employer Payroll Taxes and Labor Planning

Filters