Financial Accounting Exam Review
Course Introduction
Financial Accounting introduces students to the fundamental concepts and principles of accounting, focusing on the processes involved in recording, summarizing, and reporting financial transactions of business entities. The course covers the preparation and interpretation of key financial statements such as the balance sheet, income statement, and cash flow statement, and emphasizes the application of generally accepted accounting principles (GAAP). Students will learn how financial information is used by various stakeholders, including investors, creditors, and management, to make informed business decisions. Through practical exercises and real-world case studies, the course aims to develop the skills necessary to analyze and communicate financial data effectively.
Recommended Textbook
Payroll Accounting 2017 27th Edition by Bernard J. Bieg
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6 Chapters
396 Verified Questions
396 Flashcards
Source URL: https://quizplus.com/study-set/3346
Page 2
Chapter 1: The Need for Payroll and Personal Records
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/66490
Sample Questions
Q1) Which of the following laws establishes the minimum wage?
A) Fair Labor Standards Act
B) Federal Income Tax Act
C) Federal Insurance Contributions Act
D) Federal Unemployment Tax Act
E) Fair Employment Laws
Answer: A
Q2) Employers can exempt the following from the provision of the Family and Medical Leave Act:
A) All Salaried employees
B) Employees with less than a five year tenure with the employer
C) All employees under the age of 30
D) All Employees earning the minumum wage
E) Highest-paid 10 percent of their workforce
Answer: E
Q3) All states have set their minimum wage to be the same as the federal government.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Computing Wages and Salaries
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79 Verified Questions
79 Flashcards
Source URL: https://quizplus.com/quiz/66489
Sample Questions
Q1) Under the FLSA enterprise coverage test,hospitals and nursing homes are only covered if their annual charges for services are at least $500,000.
A)True
B)False
Answer: False
Q2) Refer to Instruction 2-1.Annette Henri is paid an hourly wage of $10.90 for a 32-hour workweek of 4 days,8 hours daily.For any work on the fifth day and on Saturdays,she is paid one and one-half times her regular hourly rate.During a certain week,in addition to her regular 32 hours,Henri worked 6 hours on the fifth day and 5 hours on Saturday.For this workweek,Henri's total earnings are __________.
Answer: 11ea7e83_1197_8678_ba34_dfc041902255_TB2268_00
Q3) Refer to Instruction 2-1.Elder is paid a monthly salary of $2,250.Overtime is paid for hours beyond 40 in each workweek.One week,Elder works 7 hours overtime.Elder's gross pay for the week is __________.
Answer: 11ea7e83_1197_d49c_ba34_13d5b46ebbd4_TB2268_00
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Chapter 3: Social Security Taxes
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70 Verified Questions
70 Flashcards
Source URL: https://quizplus.com/quiz/66488
Sample Questions
Q1) FICA defines all of the following as wages except:
A) year-end bonuses.
B) standby payments.
C) total cash tips of $15 received by a tipped employee in May.
D) employees' social security taxes paid for by the employer.
E) first six months of sick pay.
Answer: C
Q2) Ashe,an employer,has made timely deposits of FICA taxes and withheld income taxes during the first quarter of 2017.The latest date on which Ashe may file Form 941 is:
A) April 10.
B) April 30.
C) May 1.
D) May 10.
E) May 15.
Answer: D
Q3) FICA does not consider the first six months of sick pay as taxable wages.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Income Tax Withholding
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56 Verified Questions
56 Flashcards
Source URL: https://quizplus.com/quiz/66487
Sample Questions
Q1) An employer is required to submit a copy of the employee's Form W-4 to the IRS if the employee has claimed 15 or more withholding allowances.
A)True
B)False
Q2) Which of the following statements correctly describes the withholding of federal income taxes and social security taxes on tips?
A) Tips amounting to $10 or more in a calendar month must be reported by tipped employees to their employers.
B) The withholding of federal income taxes on employees' reported tip income is made from the amount of tips reported by employees.
C) When employees report taxable tips in connection with employment in which they also receive regular wages,the amount of tax to be withheld on the tips is computed as if the tips were a supplemental wage payment.
D) Employers do not withhold FICA taxes on the tipped employees' reported tip income.
E) None of the above statements is correct.
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6
Chapter 5: Unemployment Compensation Taxes
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67 Verified Questions
67 Flashcards
Source URL: https://quizplus.com/quiz/66486
Sample Questions
Q1) If the employer has made timely deposits that pay the FUTA tax liability in full,the filing of Form 940 can be delayed until:
A) December 31.
B) February 15.
C) February 10.
D) February 1.
E) March 31.
Q2) In order to obtain the maximum credit allowed against the federal unemployment tax,the employer must have paid its SUTA contributions by the due date of Form 940.
A)True
B)False
Q3) Educational assistance payments made to workers to improve skills required of their jobs are nontaxable for unemployment purposes.
A)True
B)False
Q4) Currently,none of the states imposes an unemployment tax on employees.
A)True
B)False
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Chapter 6: Analyzing and Journalizing Payroll
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54 Verified Questions
54 Flashcards
Source URL: https://quizplus.com/quiz/66485
Sample Questions
Q1) Companies usually provide a separate column in the payroll register to record the employer's payroll taxes.
A)True
B)False
Q2) Since the FUTA tax is a social security tax,it can be charged to the same expense account as the other payroll taxes on the employer,the payroll taxes account.
A)True
B)False
Q3) The wage and salaries expense account is an operating expense account debited for total net pay each payroll period.
A)True
B)False
Q4) The payroll taxes account is an expense account that is debited for the FICA,FUTA,and SUTA taxes on the employer.
A)True
B)False
Q5) Refer to Exhibit 6-1.Journalize the entry to record the payroll.
Q6) Refer to Exhibit 6-1.Journalize the entry to deposit the FICA and FIT taxes.
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