Question 1

Match the following items with the appropriate designation (Estimated liability, Contingent liability, or Known liability).
-Payroll taxes payable

Accepted Answer

A) Contingent liability 
B) Estimated liability 
C) Known liability 
A) Contingent liability 
B) Estimated liability 
C) Known liability  C

Question 2

Obligations to be paid within one year or the company's operating cycle,whichever is longer,are:

Accepted Answer

A)  Current assets. 
B)  Current liabilities. 
C)  Earned revenues. 
D)  Operating cycle liabilities. 
E)  Bills. 
A)  Current assets. 
B)  Current liabilities. 
C)  Earned revenues. 
D)  Operating cycle liabilities. 
E)  Bills. B

Question 3

A payroll register does not include:

Accepted Answer

A)  Pay period dates. 
B)  Hours worked. 
C)  Gross pay and net pay. 
D)  Deductions. 
E)  Prior year's earnings 
A)  Pay period dates. 
B)  Hours worked. 
C)  Gross pay and net pay. 
D)  Deductions. 
E)  Prior year's earnings E

Question 4

Match each of the following terms with the appropriate definitions.
-A special bank account used solely for paying employees; each pay period an amount equal to the total employees' net pay is deposited and the employees' payroll checks are drawn on that account.

Accepted Answer

A) Short-term note payable 
B) Deferred income tax liability 
C) Current liabilities 
D) Warranty 
E) Employee benefits
F)Federal depository bank
G)Payroll register
H)Gross pay
I)Payroll bank account
J)Times interest earned 
A) Short-term note payable 
B) Deferred income tax liability 
C) Current liabilities 
D) Warranty 
E) Employee benefits
F)Federal depository bank
G)Payroll register
H)Gross pay
I)Payroll bank account
J)Times interest earned

Question 5

Match the following items with the appropriate designation (Current liability, Long-term liability, or Not a liability).
-Debt guarantees

Accepted Answer

A) Long-term liability 
B) Not a liability 
C) Current liability 
A) Long-term liability 
B) Not a liability 
C) Current liability

Question 6

Gross pay less all deductions is called ________.

Accepted Answer

The answer of Gross pay less all deductions is called...

Question 7

________ are probable future payments of assets or services that a company is presently obligated to make as a result of past transactions or events.

Accepted Answer

The answer of ________ are probable future payments of assets...

Question 8

Calculate the total amount of FICA withholding for an employee whose pay is $2,400 for the first pay period of the year.The tax rate for FICA-Social Security is 6.2% and the tax rate for FICA-Medicare is 1.45%.

Accepted Answer

Social Sec

Question 9

Employers can use a wage bracket withholding table to compute federal income taxes withheld from each employee's gross pay.

Accepted Answer

A) True 
 B)False

Question 10

Match each of the following terms with the appropriate definitions.
-Obligations due within one year or the company's operating cycle,whichever is longer.

Accepted Answer

A) Short-term note payable 
B) Deferred income tax liability 
C) Current liabilities 
D) Warranty 
E) Employee benefits
F)Federal depository bank
G)Payroll register
H)Gross pay
I)Payroll bank account
J)Times interest earned 
A) Short-term note payable 
B) Deferred income tax liability 
C) Current liabilities 
D) Warranty 
E) Employee benefits
F)Federal depository bank
G)Payroll register
H)Gross pay
I)Payroll bank account
J)Times interest earned

Question 11

Banks authorized to accept deposits of amounts payable to the federal government,including amounts due for payroll taxes are ________.

Accepted Answer

federal de

Question 12

On May 22,Jarrett Company borrows $7,500 from Fairmont Financing,signing a 90-day,8%,$7,500 note.What is the journal entry needed to record the transaction by Jarrett Company?

Accepted Answer

A)  Debit Cash $7,500; credit Accounts Payable $7,500. 
B)  Debit Accounts Payable $7,500; credit Notes Payable $7,500. 
C)  Debit Cash $7,650; credit Notes Payable $7,650. 
D)  Debit Cash $7,500; credit Notes Payable $7,500. 
E)  Debit Notes Receivable $7,500; credit Cash $7,500. 
A)  Debit Cash $7,500; credit Accounts Payable $7,500. 
B)  Debit Accounts Payable $7,500; credit Notes Payable $7,500. 
C)  Debit Cash $7,650; credit Notes Payable $7,650. 
D)  Debit Cash $7,500; credit Notes Payable $7,500. 
E)  Debit Notes Receivable $7,500; credit Cash $7,500.

Question 13

Obligations due within one year or the company's operating cycle,whichever is longer,are ________.

Accepted Answer

The answer of Obligations due within one year or the...

Question 14

The difference between the amount received from issuing a note payable and the amount repaid at maturity is referred to as:

Accepted Answer

A)  Interest. 
B)  Principal. 
C)  Face Value. 
D)  Cash. 
E)  Accounts Payable. 
A)  Interest. 
B)  Principal. 
C)  Face Value. 
D)  Cash. 
E)  Accounts Payable.

Question 15

Match each of the following terms with the appropriate definitions.
-A seller's obligation to replace or correct a product or service that fails to perform as expected within a specified period.

Accepted Answer

A) Short-term note payable 
B) Deferred income tax liability 
C) Current liabilities 
D) Warranty 
E) Employee benefits
F)Federal depository bank
G)Payroll register
H)Gross pay
I)Payroll bank account
J)Times interest earned 
A) Short-term note payable 
B) Deferred income tax liability 
C) Current liabilities 
D) Warranty 
E) Employee benefits
F)Federal depository bank
G)Payroll register
H)Gross pay
I)Payroll bank account
J)Times interest earned

Question 16

Vacation benefits is an example of a known liability.

Accepted Answer

A) True 
 B)False

Question 17

Match each of the following terms with the appropriate definitions.
-Obligations of a company requiring payment in more than one year or operating cycle.

Accepted Answer

A) Long-term liability 
B) Warranty 
C) FUTA taxes 
D) FICA taxes 
E) Contingent liability
F)Net pay
G)Withholding allowance
H)Estimated liability
I)Merit rating
J)Wage bracket withholding table 
A) Long-term liability 
B) Warranty 
C) FUTA taxes 
D) FICA taxes 
E) Contingent liability
F)Net pay
G)Withholding allowance
H)Estimated liability
I)Merit rating
J)Wage bracket withholding table

Question 18

An employee earnings report is a cumulative record of each employee's hours worked,gross earnings,deductions,and net pay.

Accepted Answer

A) True 
 B)False

Question 19

Trey Morgan is an employee who is paid monthly.For the month of January of the current year,he earned a total of $4,538.The FICA tax for social security is 6.2% of the first $118,500 earned each calendar year,and the FICA tax rate for Medicare is 1.45% of all earnings for both the employee and the employer.The amount of federal income tax withheld from his earnings was $680.70.
-What is the total amount of taxes withheld from the Trey's earnings?

Accepted Answer

A)  $1,375.02 
B)  $746.50 
C)  $962.06 
D)  $1,027.86 
E)  $680.70 
A)  $1,375.02 
B)  $746.50 
C)  $962.06 
D)  $1,027.86 
E)  $680.70

Question 20

Employers' responsibilities for payroll do not include:

Accepted Answer

A)  Providing each employee with an annual report of his or her wages subject to FICA and federal income taxes along with the amount of these taxes withheld. 
B)  Filing Form 941, the Employer's Quarterly Federal Tax Return. 
C)  Filing Form 940, the Annual Federal Unemployment Tax Return. 
D)  Maintaining individual earnings records for each employee. 
E)  Recording an expense for the employee Federal Income Tax withholding. 
A)  Providing each employee with an annual report of his or her wages subject to FICA and federal income taxes along with the amount of these taxes withheld. 
B)  Filing Form 941, the Employer's Quarterly Federal Tax Return. 
C)  Filing Form 940, the Annual Federal Unemployment Tax Return. 
D)  Maintaining individual earnings records for each employee. 
E)  Recording an expense for the employee Federal Income Tax withholding.

Match the following items with the appropriate designation (Estimated liability, Contingent liability, or Known liability). -Payroll taxes payable

Obligations to be paid within one year or the company's operating cycle,whichever is longer,are:

A payroll register does not include:

Match each of the following terms with the appropriate definitions. -A special bank account used solely for paying employees; each pay period an amount equal to the total employees' net pay is deposited and the employees' payroll checks are drawn on that account.

Match the following items with the appropriate designation (Current liability, Long-term liability, or Not a liability). -Debt guarantees

Gross pay less all deductions is called ________.

________ are probable future payments of assets or services that a company is presently obligated to make as a result of past transactions or events.

Calculate the total amount of FICA withholding for an employee whose pay is $2,400 for the first pay period of the year.The tax rate for FICA-Social Security is 6.2% and the tax rate for FICA-Medicare is 1.45%.

Employers can use a wage bracket withholding table to compute federal income taxes withheld from each employee's gross pay.

Match each of the following terms with the appropriate definitions. -Obligations due within one year or the company's operating cycle,whichever is longer.

Banks authorized to accept deposits of amounts payable to the federal government,including amounts due for payroll taxes are ________.

On May 22,Jarrett Company borrows $7,500 from Fairmont Financing,signing a 90-day,8%,$7,500 note.What is the journal entry needed to record the transaction by Jarrett Company?

Obligations due within one year or the company's operating cycle,whichever is longer,are ________.

The difference between the amount received from issuing a note payable and the amount repaid at maturity is referred to as:

Match each of the following terms with the appropriate definitions. -A seller's obligation to replace or correct a product or service that fails to perform as expected within a specified period.

Vacation benefits is an example of a known liability.

Match each of the following terms with the appropriate definitions. -Obligations of a company requiring payment in more than one year or operating cycle.

An employee earnings report is a cumulative record of each employee's hours worked,gross earnings,deductions,and net pay.

Employers' responsibilities for payroll do not include:

Accounting in Business

Analyzing for Business Transactions

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash, fraud, and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Reporting Cash Flows

Analysis of Financial Statements

Time Value of Money

Investments

Partnership Accounting

Filters

Exam 9: Accounting for Current Liabilities

Match the following items with the appropriate designation (Estimated liability, Contingent liability, or Known liability). -Payroll taxes payable

Obligations to be paid within one year or the company's operating cycle,whichever is longer,are:

A payroll register does not include:

Match each of the following terms with the appropriate definitions. -A special bank account used solely for paying employees; each pay period an amount equal to the total employees' net pay is deposited and the employees' payroll checks are drawn on that account.

Match the following items with the appropriate designation (Current liability, Long-term liability, or Not a liability). -Debt guarantees

Gross pay less all deductions is called ________.

________ are probable future payments of assets or services that a company is presently obligated to make as a result of past transactions or events.

Calculate the total amount of FICA withholding for an employee whose pay is $2,400 for the first pay period of the year.The tax rate for FICA-Social Security is 6.2% and the tax rate for FICA-Medicare is 1.45%.

Employers can use a wage bracket withholding table to compute federal income taxes withheld from each employee's gross pay.

Match each of the following terms with the appropriate definitions. -Obligations due within one year or the company's operating cycle,whichever is longer.

Banks authorized to accept deposits of amounts payable to the federal government,including amounts due for payroll taxes are ________.

On May 22,Jarrett Company borrows $7,500 from Fairmont Financing,signing a 90-day,8%,$7,500 note.What is the journal entry needed to record the transaction by Jarrett Company?

Obligations due within one year or the company's operating cycle,whichever is longer,are ________.

The difference between the amount received from issuing a note payable and the amount repaid at maturity is referred to as:

Match each of the following terms with the appropriate definitions. -A seller's obligation to replace or correct a product or service that fails to perform as expected within a specified period.

Vacation benefits is an example of a known liability.

Match each of the following terms with the appropriate definitions. -Obligations of a company requiring payment in more than one year or operating cycle.

An employee earnings report is a cumulative record of each employee's hours worked,gross earnings,deductions,and net pay.

Employers' responsibilities for payroll do not include:

Accounting in Business

Analyzing for Business Transactions

Adjusting Accounts for Financial Statements

Accounting for Merchandising Operations

Inventories and Cost of Sales

Cash, fraud, and Internal Controls

Accounting for Receivables

Accounting for Long-Term Assets

Accounting for Long-Term Liabilities

Corporate Reporting and Analysis

Reporting Cash Flows

Analysis of Financial Statements

Time Value of Money

Investments

Partnership Accounting

Filters