mcgraw hill...again

What are the common components of the posting reference Multiple select question. posting date and posting time journal entry and account number letter and number journal entry and page number

cd

What changes should be included in the employee earnings record? Multiple select question. Disciplinary actions Supervisor change Marital status Pay rate

cd

When the company pays for the state taxes withheld from the employee the entry would be Multiple choice question. debit to cash, credit to liability. debit to expense, credit to cash. debit to expense, credit to liability. credit to cash, debit to liability.

credit to cash, debit to liability.

Earnings records are supporting documents for Multiple choice question. property tax audit. bank reconciliation. union negotiations. computer backup.

d

The general journal entries will be in what order Multiple choice question. by posting reference. by account type. alphabetical. chronological.

d

What account would be classified as a liability account? Multiple choice question. salaries and wages expense. state income tax expense 401(k) contributions expense salaries and wages payable.

d

Which of the following taxes would NOT be included in the employer related payroll entry? Multiple choice question. State unemployment tax Medicare tax Social Security tax Federal withholding tax

d

Which of the following transactions would cause an asset to appear on the balance sheet related to payroll? Multiple choice question. Employee contributes to United Way Employee 401(k) contributions Employer matches 401(k) contributions Employee receives an advance of their pay

d

The General Journal entry for remittances follows the same pattern as voluntary deductions: _______ the liability account and ______ Cash.

debit, credit

Employer-only related payroll liabilities would include Multiple select question. employer only taxes. shared employer-employee taxes. payment of payroll to employees. employee only taxes.

employer only taxes. shared employer-employee taxes. payment of payroll to employees.

General journal entries are the original ______ ______for payroll events to be recorded in the accounting system.

entry point

The reversal of General Journal entries is used to represent accrued employer payroll _____ and _____at the end of the prior month.

expenditures, liabilities

True or false: The general ledger is the point where information gets entered into the accounting system database.

f

The _____ _____column in the General Ledger is a combination of letters and numbers

post ref

General ledger balances are used for Multiple choice question. paying taxes. paying employees. preparing reports. seeing the whole transaction.

preparing reports.

A reversing entry would Multiple select question. remove the accrual from the account balances. create the need for fewer entries. create the need for more entries. double payroll account balances.

remove the accrual from the account balances. create the need for more entries.

Financial statements for a company are prepared according to GAAP. True false question. True False

t

Employers must submit _____ ,_____ , and _____ deductions on behalf of the employees.

voluntary, mandatory, mandated

The second set of debit and credit balances in a general ledger will: Multiple select question. have amounts in both debit and credit per account would be used for reporting would be reduced by every transaction only be in either debit or credit per account

would be used for reporting only be in either debit or credit per account

Which of the following are reversed as part of the payroll adjustment process? Multiple select question. Employer taxes Shared taxes Employee taxes Employee payments

Employer taxes Shared taxes Employee taxes

Which of the following are true about the general ledger?

Transactions from the general journal are posted to individual accounts. Balances in the general ledger payroll accounts are used in payroll reports. Need help? Review these concept resources.

Identify the users of financial statements. (Check all that apply). Multiple select question. Unions Government officials Soccer teams Company management

Unions Government officials Company management

Which of the following taxes would be included in the employer related payroll entry? Multiple select question. State unemployment tax Medicare tax Social Security tax Federal withholding tax

abc

A computer error could cause Multiple choice question. journal entries to post to unknown accounts journal entries to post one-sided. general ledger entries to post backward. journal entries to post backward.

b

A posting reference in the general ledger should Multiple choice question. bring the accountant to the next entry in the general ledger. bring the accountant to the related entry in the general journal. refer to the employee being paid in the general journal. include all descriptions in the general journal.

b

Informed business leaders can use payroll data for all except: Multiple choice question. determining the per department cost of business operations determining market price for company products determining seasonal workforce requirements the need for increased or decreased staff within a department

b

The second set of debit and credit columns in a general ledger show: Multiple choice question. current transaction in the payroll account current balance in the payroll account current amount of reduction to the payroll account lifetime balance in the payroll account

b

The use of reversing entries is: Multiple choice question. mandated under GAAP at the employer's discretion unnecessary under GAAP

b

A payroll accrual would be Multiple choice question. adjusted when employees are paid. adjusted in the next month. reversed in the next month. expensed in the next month.

c

All of the following are examples of payroll liabilities except: Multiple choice question. Federal Income Tax Garnishments Accounts Payable Union Dues

c

Credits show increases to Multiple choice question. expenses, equity, revenues. assets, liabilities, equity. revenue, equity, liabilities. revenues,assets, liabilities.

c

Earnings records are supporting documents for Multiple choice question. union negotiations. property tax audit. tax deposits. bank reconciliation.

c

The first pair of debit and credit columns on the general ledger are for: Multiple choice question. account number and date cumulative total on the account current entry amount per account type current entry amount and account

c

What can cause a journal entry to post on only one side (either debit or credit)? Multiple choice question. Type of entry Automated entries Computer glitch Closing entries

c

Where will entries for payroll show in the income statement? Multiple choice question. Wages and taxes expenses Wages and taxes payable Wages and cash expenses Contributions payable

a

Which account represents the employees' gross pay?

expense

The Salaries and Wages Payable account is classified as a .

liability

Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. The entries into the first pair of debit and credit columns for State Income Tax Payable will be: Multiple choice question. credit state withholding $1,234 debit state withholding $1,234

a

Labor reports would be provided to: Multiple choice question. management/department heads purchasing managers common stockholders taxing authorities

a

A payroll accrual occurs Multiple select question. when payroll spans two months. when payday is after the end of the month. when managers want to pay employees later. when payday is before the end of the month.

when payroll spans two months. when payday is after the end of the month.

Which items are included in the employees' earnings records? Multiple select question. Position Spouse name Hire date Name

1 34

Which of the following accounts will appear on the balance sheet? Multiple select question. Wages expense FUTA taxes payable SUTA taxes expense Wages payable

FUTA taxes payable Wages payable

Define the process of "posting." Multiple choice question. Entering the transactions in the general ledger. Entering the payroll journal entry. Entering the transactions in the general journal. Recording the individual balances of each paycheck.

a

Entries to the general ledger will post amounts in the first pair of debit or credit columns: Multiple choice question. after journal entries are recorded when new entries reduce the account balance before journal entries are recorded when entries increase the account balance

a

Each _____ used in the general _____transaction has a corresponding account in the general ledger.

account, journal

General ledger entries are made (after/before) general journal entries.

after

What is the account for employees' net pay? Multiple choice question. Salaries and wages expense Salaries and wages payable

b

Which portion of the accounting equation represents the amounts owed by the company? Multiple choice question. Assets Liabilities Owners' Equity Revenue

b

A labor report provided to management would display: Multiple select question. billiable and nonbillable time per employee wage reporting department breakdown of labor cost company breakdown of supply usage

billiable and nonbillable time department breakdown of labor cost

What is the original entry point for payroll information into the accounting system? Multiple choice question. employees' earnings records General ledger General journal payroll register

c

Labor reports for more than one year could provide: (Check all that apply). Multiple select question. changes in the number of employees staffing per income projections seasonal labor requirements amounts allocated per item produced

staffing per income projections seasonal labor requirements

Managers who use payroll data to assess performance require _____ of the financial data.

transparency

A _____ _____ report proves the equality of debits and credits

trial balance

Ways the general ledger is different from the general journal include: (Check all that apply). Multiple select question. A description is sometimes included. Each entry will balance within the posting account. Each entry will be on one side per account. the description is usually left blank.

A description is sometimes included. Each entry will be on one side per account. the description is usually left blank.

On which accounting reports would payroll-related assets appear? Multiple select question. Balance sheet Income Statement Trial Balance

Balance sheet Trial Balance