Question 1

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

Accepted Answer

A) Cash 
B) Owners' Capital 
C) Salaries Payable 
D) Wages Expense 
A) Cash 
B) Owners' Capital 
C) Salaries Payable 
D) Wages Expense

Question 2

What effect do payroll entries have on a firm's accounting system?

Accepted Answer

A) They increase the firm's assets. 
B) They reduce the firm's liabilities. 
C) They increase the owners' equity. 
D) They increase the firm's expenses. 
A) They increase the firm's assets. 
B) They reduce the firm's liabilities. 
C) They increase the owners' equity. 
D) They increase the firm's expenses.

Question 3

The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal.

Accepted Answer

A) True 
 B)False

Question 4

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,assuming that the health insurance is qualified under Section 125?

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 5

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 6

Kierofree Air Tours has the following payroll data for its November 5 pay date:
 
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

Question 7

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

Accepted Answer

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

Question 8

As of the June 11 pay date,the General Ledger account for Burling Mills has a balance of $14,289 in its Federal withholding tax payable account.A credit of $16,250 is recorded on the June 25 pay date.What is the balance in the account?

Accepted Answer

A) Debit $1,961 
B) Debit $30,539 
C) Credit $1,961 
D) Credit $30,539 
A) Debit $1,961 
B) Debit $30,539 
C) Credit $1,961 
D) Credit $30,539

Question 9

Supermeg Dry Cleaners had the following payroll data for its May 14 pay date:
 
When the firm remits its health insurance premium for this pay date,what is the General Journal entry?

Accepted Answer

A) Debit Cash $13,618.71;Credit Health Insurance Payable $13,618.71 
B) Debit Cash $27,237.42;Credit Health Insurance Payable $27,237.42 
C) Debit Health Insurance Payable $13,618.71;Credit Cash $13,618.71 
D) Debit Health Insurance Payable $27,237.42;Credit Cash $27,237.42 
A) Debit Cash $13,618.71;Credit Health Insurance Payable $13,618.71 
B) Debit Cash $27,237.42;Credit Health Insurance Payable $27,237.42 
C) Debit Health Insurance Payable $13,618.71;Credit Cash $13,618.71 
D) Debit Health Insurance Payable $27,237.42;Credit Cash $27,237.42

Question 10

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 11

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 12

The payroll register contains ________.

Accepted Answer

A) the employee's name,social security number,and address 
B) the name of the firm and the payroll accountant 
C) the beginning and ending dates of the pay period 
D) the total gross pay,deductions,and net pay during the period 
A) the employee's name,social security number,and address 
B) the name of the firm and the payroll accountant 
C) the beginning and ending dates of the pay period 
D) the total gross pay,deductions,and net pay during the period

Question 13

To which items is information from the payroll register transferred? (You may select more than one answer. )

Accepted Answer

A) Employee earnings record 
B) General Journal 
C) Labor reports 
D) Company website 
A) Employee earnings record 
B) General Journal 
C) Labor reports 
D) Company website

Question 14

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 15

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

Question 16

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 17

A debit always decreases the balance of an account.

Accepted Answer

A) True 
 B)False

Question 18

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 19

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

Question 20

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

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

What effect do payroll entries have on a firm's accounting system?

The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal.

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,assuming that the health insurance is qualified under Section 125?

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

Kierofree Air Tours has the following payroll data for its November 5 pay date: How much is the net pay?

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

As of the June 11 pay date,the General Ledger account for Burling Mills has a balance of $14,289 in its Federal withholding tax payable account.A credit of $16,250 is recorded on the June 25 pay date.What is the balance in the account?

Supermeg Dry Cleaners had the following payroll data for its May 14 pay date: When the firm remits its health insurance premium for this pay date,what is the General Journal entry?

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

Which report contains employer share tax expenses for a period?

The payroll register contains ________.

To which items is information from the payroll register transferred? (You may select more than one answer. )

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

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

In what order are accounts presented on the trial balance?

A debit always decreases the balance of an account.

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?

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?

Payroll Practices and System Fundamentals

Payroll System Procedures

Gross Pay Computation

Fringe Benefits and Voluntary Deductions

Employee Net Pay and Pay Methods

Employer Payroll Taxes and Labor Planning

Filters

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

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

What effect do payroll entries have on a firm's accounting system?

The information in the payroll register forms the basis for entries in the Employee Earnings Records and the General Journal.

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,assuming that the health insurance is qualified under Section 125?

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

Kierofree Air Tours has the following payroll data for its November 5 pay date: How much is the net pay?

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

As of the June 11 pay date,the General Ledger account for Burling Mills has a balance of $14,289 in its Federal withholding tax payable account.A credit of $16,250 is recorded on the June 25 pay date.What is the balance in the account?

Supermeg Dry Cleaners had the following payroll data for its May 14 pay date: When the firm remits its health insurance premium for this pay date,what is the General Journal entry?

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

Which report contains employer share tax expenses for a period?

The payroll register contains ________.

To which items is information from the payroll register transferred? (You may select more than one answer. )

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

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

In what order are accounts presented on the trial balance?

A debit always decreases the balance of an account.

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?

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?

Payroll Practices and System Fundamentals

Payroll System Procedures

Gross Pay Computation

Fringe Benefits and Voluntary Deductions

Employee Net Pay and Pay Methods

Employer Payroll Taxes and Labor Planning

Filters

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