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college accounting a practical approach

Questions and Answers of College Accounting A Practical Approach

Withdrawals is a permanent account. True/False LO.1
Income Summary helps update withdrawals. True/False LO.1
Accumulated Depreciation is a temporary account. True/False LO.1
Cash, Rent Expense, and Accounts Receivable need to be closed at the end of the period. True/False LO.1
Closing entries do not relate to the worksheet. True/False LO.1
Revenue is closed by a credit. True/False LO.1
Expenses are placed on the debit side of the Income Summary account. True/False LO.1
A post-closing trial balance closely resembles the ending balance sheet. True/False LO.1
Accumulated Depreciation never has to be adjusted. True/False LO.1
Interim statements are always prepared monthly. True/False LO.1
A post-closing trial balance is prepared before adjustments are journalized. True/False LO.1
Income Summary is shown on the balance sheet. True/False LO.1
The process of closing entries will help update owners Capital. True/False LO.1
An increase in Income Summary is a debit. True/False LO.1
An increase in Income Summary is a credit. True/False LO.1
The income statement is listed in terms of debits and credits. True/False LO.1
Closing updates only permanent accounts. True/False LO.1
The completion of financial statements means that the Capital account in the ledger has been updated. True/False LO.1
Withdrawals is closed to Income Summary. True/False LO.1
_limit any further negotiations of a check. LO.1
Deposits in transitare_tothe bank balance. LO.1
All adjustments to the checkbook balance in the reconciliation process will require_. LO.1
Petty cash isan_foundon the balance sheet. LO.1
The auxiliary petty cash record is nota_. LO.1
A_isan asset used to make change for customer. LO.1
A cash overage willbe_onthe income statement. LO.1
_represents checks not processed by the bank at the time the bank statement was prepared. LO.1
When a bank debits your account, your balancewill_. LO.1
__isa procedure whereby the bank does not return the processed checks. LO.1
EXAMPLE: Check issued to establish petty cash b,d,e_ LO.1
Paid donation from petty cash _ LO.1
Paid postage from petty cash _ LO.1
Paid past purchases previously charged _ LO.1
Paid for business luncheon with pettycash_ LO.1
Issued check to pay for office supplies _ LO.1
Replenished petty cash _ LO.1
Paid local donation from petty cash _ LO.1
Paid for past purchases bought on account _ LO.1
Replenished petty cash LO.1
Checks outstanding have reached the bank but have not been recorded in the checkbook. True/False LO.1
Petty cash is a liability found on the balance sheet. True/False LO.1
Checks returned from the bank are placed in alphabetical order. True/False LO.1
The General Journal has a record of all checks written. True/False LO.1
Bank service charges represent an expense to the business. True/False LO.1
The bank statement is the same as the bank reconciliation. True/False LO.1
The balance in the company cash account will always equal the bank balance before the bank statement is received. True/False LO.1
Deposit slips are needed in writing checks. True/False LO.1
The signature must be presented when cashing a check. True/False LO.1
The auxiliary petty cash record is posted monthly. True/False LO.1
The petty cash account has a debit balance. True/False LO.1
Replenishment of petty cash requires a new check. True/False LO.1
The expenses paid from petty cash are journalized at time of replenishment. True/False LO.1
Internal control only affects large companies. True/False LO.1
A petty cash voucher records the expense into the ledger. True/False LO.1
The petty cash fund must be replenished monthly. True/False LO.1
The petty cash voucher identifies the account that will be charged. True/False LO.1
The establishment of petty cash may require some judgment as to the amount of petty cash needed. True/False LO.1
EFT is the same as safekeeping. True/False LO.1
The drawer is the person who receives the check. True/False LO.1
A debit memo will increase the depositor’s balance. True/False LO.1
A change fund uses only one denomination. True/False LO.1
The payer is the person or company the check is payable to. True/False LO.1
The_ _statesthe maximum hours a worker will work at regular rate of pay. LO.1
Form_aidsthe employer in knowing how much to deduct for federal income tax. LO.1
The base for FICA-Medicarewill_from year to year. LO.1
_of the employer’s tax guide has tables available for deductions for FIT and FICA (Social Security and Medicare). LO.1
_protects employees against losses due to injury or death incurred while on the job. LO.1
Data fromthe_willprovide the needed information to record the payroll entry in the general journal. LO.1
The_ _inthe payroll register identifies how the total gross earnings are to be charged to specific accounts. LO.1
The credit to Wages and Salaries Payable in recording the payroll entry in the general journal represents_. LO.1
FICA-Social Security Payable isa_foundon the balance sheet. LO.1
Each quarterhas_weeks. LO.1
The individual earnings record is updated from the general journal. True/False LO.1
The account distribution columns of the payroll register provide data to record which accounts will be debited to record the total payroll when a journal entry is prepared. True/False LO.1
FICA-Medicare Payable is an asset for the employer. True/False LO.1
Gross pay plus deductions equals net pay. True/False LO.1
Form W-4 aids in calculating FICA-Social Security. True/False LO.1
d he employer will match the employee’s contribution for FICA (Social Security and Medicare). True/False LO.1
Each quarter has 13 weeks. True/False LO.1
The normal balance of FIT Payable is a credit. True/False LO.1
The Wage-Bracket Table makes it more difficult to calculate the amount of deductions for FIT. True/False LO.1
A calendar year has no effect on taxes for FICA-Social Security. True/False LO.1
Onlythe_completesthe SS-4 Form. LO.1
The payroll tax expense for the employer is made upof_, _,and FUTA. LO.1
The employer is responsible for payingfor_. LO.1
SUTA is usuallypaid_. LO.1
FUTA Payable isa_foundonthe_ LO.1
Form 941 summarizes the taxes owedfor_and_. LO.1
_will tell if a deposit is to be made monthly, or semi-weekly for FIT and Social Security. LO.1
Form_isprepared quarterly to summarize tax liabilities for FICA (Social Security and Medicare) and FIT. LO.1
The_____isrequired to be given to employees by January 31 following the year employed. LO.1
Form 940EZ records the amount of tax liabilityfor_. LO.1
Prepaid Workers’ Compensation Insurance is an asset. True/False LO.1
Workers’ compensation need not be estimated at the beginning of the year. True/False LO.1
Payroll Tax Expense is made up of FICA, SUTA, and FIT. True/False LO.1
Frequency of deposits relating to Form 941 is based on amount of tax liability in lookback periods. True/False LO.1
The maximum tax credit for state unemployment tax is .8% against the FUTA tax. True/False LO.1
The individual earnings record provides the data to prepare W-2’s. True/False LO.1
A tax calendar provides little help to the employer involving the payment of tax liabilities. True/False LO.1
Form 941 is completed twice a year. True/False LO.1

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