Question 1

In the General Ledger,the debit column reflects the balance of the account.

Accepted Answer

A) True 
 B)False  False

Question 2

Which columns might an employer include to facilitate employer-share payroll tax General Journal entries? (You may select more than one answer. )

Accepted Answer

A)  Worker's Compensation
B)  FUTA
C)  SUTA
D)  Employer's Federal Income tax B,C

Question 3

Which of the following columns would be used as part of a general journal entry? (You may select more than one answer. )

Accepted Answer

A)  Net pay
B)  Total overtime earnings
C)  Earnings subject to FICA tax
D)  Health insurance payable A,D

Question 4

Two complete payroll-related General Journal entries are recorded each pay period: one for the employees' payroll,one for the employer's share of the taxes.

Accepted Answer

A) True 
 B)False

Question 5

On which financial report will employer-paid portions of health insurance premiums be listed?

Accepted Answer

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

Question 6

Which of the following best describes the purpose of the payroll register?

Accepted Answer

A)  It is a list of all persons and companies that the company pays money during a period.
B)  It is a report that becomes published with other financial reports.
C)  It is a worksheet that accountants use to ensure payroll accuracy.
D)  It is an individual register maintained for each employee,listing of all the payroll information.

Question 7

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

Question 8

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

Question 9

Which of these accounts is increased by a debit? (You may select more than one answer. )

Accepted Answer

A)  Expenses
B)  Revenue
C)  Assets
D)  Owners' Capital

Question 10

The payroll register is identical for each company.

Accepted Answer

A) True 
 B)False

Question 11

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

Question 12

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

Accepted Answer

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

Question 13

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

Accepted Answer

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

Question 14

On October 15,Eco Brewers had a balance of $4,390 in its Social Security tax payable account.It posted an additional $4,390 on its October 31 pay date.Since Eco Brewers is a monthly schedule depositor,what entry should appear on November 15 for the remittance of the month's Social Security taxes?

Accepted Answer

A)  Credit $8,780
B)  Debit $8,780
C)  Credit $4,390
D)  Debit $4,390

Question 15

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

Question 16

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

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

Which of these accounts is increased by a credit? (You may select more than one answer. )

Accepted Answer

A)  Owners' capital
B)  Revenue
C)  Assets
D)  Expenses

Question 19

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

Question 20

Besides containing the supporting data for periodic tax reports,the employee earnings record serves as a backup in the event of computer failure.

Accepted Answer

A) True 
 B)False

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

In the General Ledger,the debit column reflects the balance of the account.

Which columns might an employer include to facilitate employer-share payroll tax General Journal entries? (You may select more than one answer. )

Which of the following columns would be used as part of a general journal entry? (You may select more than one answer. )

Two complete payroll-related General Journal entries are recorded each pay period: one for the employees' payroll,one for the employer's share of the taxes.

On which financial report will employer-paid portions of health insurance premiums be listed?

Which of the following best describes the purpose of the payroll register?

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

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

Which of these accounts is increased by a debit? (You may select more than one answer. )

The payroll register is identical for each company.

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

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

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

On October 15,Eco Brewers had a balance of $4,390 in its Social Security tax payable account.It posted an additional $4,390 on its October 31 pay date.Since Eco Brewers is a monthly schedule depositor,what entry should appear on November 15 for the remittance of the month's Social Security taxes?

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

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

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

Which of these accounts is increased by a credit? (You may select more than one answer. )

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

Besides containing the supporting data for periodic tax reports,the employee earnings record serves as a backup in the event of computer failure.