Bookkeeping Test Bank - 526 Verified Questions

Bookkeeping Test Bank

Course Introduction

This course introduces the fundamental principles and practices of bookkeeping, providing students with the skills necessary to accurately record and organize financial transactions for businesses and organizations. Topics covered include the double-entry system, managing ledgers, preparing trial balances, and reconciling accounts. Emphasis is placed on understanding debits and credits, the accounting cycle, and producing basic financial statements. Students will also gain practical experience through hands-on exercises and introduction to bookkeeping software, preparing them for entry-level positions in accounting or for managing personal business finances.

Recommended Textbook

Payroll Accounting 2019 5th Edition by Jeanette Landin

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7 Chapters

526 Verified Questions

526 Flashcards

Source URL: https://quizplus.com/study-set/3734

Page 2

Chapter 1: Payroll Practices and System Fundamentals

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75 Verified Questions

75 Flashcards

Source URL: https://quizplus.com/quiz/74470

Sample Questions

Q1) Which Act extended medical benefits for certain terminated employees?

A)ADEA

B)COBRA

C)OSHA

D)ERISA

Answer: B

Q2) Prevailing local wages and wage classification strategies for government contractors were mandated by the ________.

A)Davis-Bacon Act

B)Walsh-Healey Public Contracts Act

C)Fair Labor Standards Act

D)Equal Pay Act

Answer: A

Q3) The ethical principle of ________ concerns what is right and just for all parties involved.

A)Due Care

B)Integrity

C)Public Interest

D)Objectivity and Independence

Answer: B

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Chapter 2: Payroll System Procedures

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78 Verified Questions

78 Flashcards

Source URL: https://quizplus.com/quiz/74469

Sample Questions

Q1) A company should assign ________ employee(s)the responsibility for signing payroll checks and disbursements.

A)a limited number of

B)only one

C)its most responsible

D)none of these

Answer: A

Q2) ________ payroll is processed every two weeks and will usually result in a lower gross pay per pay period than ________ payroll.

A)Weekly;monthly

B)Semimonthly;biweekly

C)Biweekly;semimonthly

D)Daily;biweekly

Answer: C

Q3) Employee file maintenance is the responsibility of the:

A)Employee.

B)Employer.

C)Payroll vendor.

D)State government.

Answer: B

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Chapter 3: Gross Pay Computation

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83 Verified Questions

83 Flashcards

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Sample Questions

Q1) Nonexempt employees are usually workers who:

A)Routinely supervise other employees.

B)Are exempt from certain company rules.

C)Occupy executive positions in the company.

D)Perform operative level tasks.

Answer: D

Q2) A firm is always exempt from FLSA provisions if it has fewer than 5 employees.

A)True

B)False

Answer: False

Q3) Which of the following is not a class of worker that may receive an hourly rate below the Federal minimum wage?

A)Disabled employees in occupations unrelated to their disability.

B)Full-time college students in agricultural occupations.

C)A 16 year-old employee in the first 90 days of work.

D)A student learner currently enrolled in a vocational education program.

Answer: A

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Chapter 4: Fringe Benefits and Voluntary Deductions

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75 Verified Questions

75 Flashcards

Source URL: https://quizplus.com/quiz/74467

Sample Questions

Q1) Hattie Bowers is a government employee who is provided a car for commuting and other work-related purposes only.In the last calendar year,her commute is 8 miles each way and she worked 220 days.What is the amount of the company-car fringe benefit that will appear on her W-2? (Do not round intermediate calculations. )

A)$2,140.00

B)$2,640.00

C)$4,680.00

D)$5,280.00

Q2) Contributions to FSAs in excess of what annual amount are treated as taxable income?

A)$1,660

B)$1,930

C)$2,370

D)$2,650

Q3) Employers benefit by offering POPs because they reduce ________.

A)income tax liability

B)cash paid to employees

C)FICA tax liability

D)employee turnover

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Chapter 5: Employee Net Pay and Pay Methods

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70 Verified Questions

70 Flashcards

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Sample Questions

Q1) Paolo is a part-time security guard for a local facility.He earned $298.50 during the most recent weekly pay period and has earned $5,296.00 year-to-date.He is married with four withholding allowances.What is his Medicare tax liability for the pay period?

A)$43.23

B)$10.54

C)$8.65

D)$4.33

Q2) The percentage method of determining an employee's Federal income tax deductions ________.

A)is used to promote complexity in payroll practices

B)allows payroll accountants to determine Federal income tax for the firm itself

C)is used primarily for high wage earners and computerized payroll programs

D)is less accurate than the results gained from using the wage-bracket method

Q3) How are income taxes and FICA taxes applied to grossed-up pay? (You may select more than one answer. )

A)Subtract the sum of the income tax rate and FICA tax rate from 100 percent.

B)Compute the sum of the income tax and FICA tax rates.

C)Divide the net pay by the net tax rate.

D)Multiply the gross pay by the sum of the income tax and FICA tax rates.

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Page 7

Chapter 6: Employer Payroll Taxes and Labor Planning

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73 Verified Questions

73 Flashcards

Source URL: https://quizplus.com/quiz/74465

Sample Questions

Q1) Patalano's Pros is a semiweekly schedule depositor.Which forms must they file to reconcile their payroll taxes?

A)Forms 940 and 944

B)Forms 941 and 944

C)Form 944 and Schedule B

D)Form 941 and Schedule B

Q2) Which of the following is not an example of an employer's payroll-related business expense?

A)Tax deposits and filings

B)Voluntary deduction receipt

C)Tax withholding and matching

D)Employee compensation and accountability

Q3) Timechex operates as a Nevada business.The employees' annual earnings for the past calendar year are as follows: Will,$28,440: Adalia,$35,786: Brian,$18,490;and Amanda,$6,500.

What is Timechex's FUTA tax liability for the year?

A)$28,000

B)$26,500

C)$168

D)$165

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Chapter 7: The Payroll Register, employees Earnings

Records, and Accounting System Entries

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72 Verified Questions

72 Flashcards

Source URL: https://quizplus.com/quiz/74464

Sample Questions

Q1) Which of the following columns would be used as part of a general journal entry? (You may select more than one answer. )

A)Net pay

B)Total overtime earnings

C)Earnings subject to FICA tax

D)Health insurance payable

Q2) Which of the following reports links the accounting and the human resources departments?

A)Form 941

B)Payroll register

C)Employee earnings record

D)Labor reports

Q3) The purpose of the ________ is to record all the financial transactions of a firm.

A)General Ledger

B)T-account

C)Payroll register

D)General Journal

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Page 9