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college accounting a practical approach

Questions and Answers of College Accounting A Practical Approach

The cash receipts journal records receipt of cash from any source.LO.1
The sundry column records the credit part of a transaction that does not occur frequently. Never post the total of sundry. Post items in sundry col¬ umn to the general ledger when entered.LO.1
A / in the PR column of the cash receipts journal means that the accounts receivable ledger (or the accounts receivable subsidiary ledger) has been updated (recorded) with a credit.LO.1
An X in the cash receipts journal PR column means no posting was necessary, because the totals of these columns will be posted at the end of the month.LO.1
Crossfooting means proving that the total of debits and the total of credits are equal in the special journal, thus verifying the accuracy of recording.LO.1
A schedule of accounts receivable is a listing of the ending balances of cus¬ tomers in the accounts receivable subsidiary ledger. This total should be the same balance as found in the controlling
what is the difference between a perpetual inventory system and a peri¬ odic inventory system.LO.1
Explain the purpose of a contra-revenue account.LO.1
What is the normal balance of sales discount?LO.1
Give two examples of contra-revenue accounts.LO.1
What is the difference between a discount period and a credit period?LO.1
Explain the terms:a. 2/10, n/30.b. n/10, EOM.LO.1
If special journals are used; what purpose will a general journal serve?LO.1
LO.1 Compare and contrast the controlling account Accounts Receivable to the accounts receivable subsidiary ledger.LO.1
Why is the accounts receivable subsidiary ledger organized in alphabetical order?LO.1
When is a sales journal used?LO.1
What is an invoice? What purpose does it serve?LO.1
Why is sales tax a liability to the business?LO.1
Sales discounts are taken on sales tax. Agree or disagree and tell why.LO.1
When a seller issues a credit memorandum (assume no sales tax), what accounts will be affected?LO.1
Explain the function of a cash receipts journal.LO.1
When is the sundry column of the cash receipts journal posted?LO.1
Explain the purpose of a schedule of accounts receivable.LO.1
The steps for buying merchandise from a company may include the following:a. The requesting department prepares a purchase requisition.b. The purchasing department prepares a purchase order.c. Seller
The purchases journal records the buying of merchandise or other items on account. LO.1
The accounts payable subsidiary ledger, organized in alphabetical order, is not in the same book as Accounts Payable, the controlling account in the general ledger. LO.1
At the end of the month the total of all creditors’ ending balances in the accounts payable subsidiary ledger should equal the ending bal¬ ance in Accounts Payable, the controlling account in the
A debit memorandum (issued by the buyer) indicates that the amount owed from a previous purchase is being reduced because some goods were defective or not up to a specific standard and thus were
All payments of cash (check) are recorded in the cash payments journal. LO.1
At the end of the month, the schedule of accounts payable, a list of ending amounts owed individual creditors, should equal the ending balance in Accounts Payable, the controlling account in the
Trade discounts are deductions off the list price that have nothing to do with early payments (cash discounts). Invoice amounts are recorded after the trade discount is deducted. Cash discounts are
Explain how net purchases is calculated. LO.1
What is the normal balance of Purchases Discount? LO.1
What is a contra-cost? LO.1
Explain the difference between F.O.B. shipping point and F.O.B. destination. LO.1
F.O.B. destination means that title to the goods will switch to the buyer when goods are shipped. Agree or disagree. Why? LO.1
What is the normal balance of each creditor in the accounts payable sub¬ sidiary ledger? LO.1
Why doesn’t the balance of the controlling account, Accounts Payable, equal the sum of the accounts payable subsidiary ledger during the month? LO.1
What is the relationship between a purchase requisition and a purchase order? LO.1
What purpose could a typical invoice approval form serve? LO.1
Explain the difference between merchandise and equipment. LO.1
Why would the purchaser issue a debit memorandum? LO.1
Explain the relationship between a purchases journal and a cash payments journal. LO.1
Explain why a trade discount is not a cash discount. LO.1
Calculating overtime pay, FICA deductions for Social Security and Medicare, and federal income tax with¬ holding. (p. 240)LO.1
Preparing a payroll register, (p. 246)LO.1
Journalizing and posting the payroll entry from the payroll register, (p. 253)LO.1
Maintaining an individual employee earnings record, (p. 255)LO.1
The use of a payroll register to record a company’s payroll is optional. False LO.1
F1CA —Social Security Payable is a liability on the income statement. False LO.1
Wages and Salaries Expense has a normal credit balance. False LO.1
Individual employee earnings records are used by employees to keep track of their wages. False LO.1
Every calendar quarter has 13 weeks. True LO.1
What payroll records does Fred need to keep for his donut shop?LO.1
What other information might Fred want so as to schedule working hours for each employee?LO.1
How does the payroll register help Fred pre¬ pare the payroll? Consult the process out¬ lined on page 257.LO.1
What is the purpose of the Fair Labor Standards Act (also called Federal Wage and Flour Law)?LO.1
Explain how to calculate overtime.LO.1
Define and state the purpose of completing a W-4 form (called the Employee’s Withholding Allowance Certificate).LO.1
The more allowances an employee claims on a W-4 form, the more take- home pay the employee gets with each paycheck. True or false.LO.1 FICA PAYROLL REGISTER Deductions Distribution of Expense
Why should a business prepare a payroll register before employees are paid? Please explain.LO.1
The taxable earnings column of a payroll register records the amount of tax due. True or false?LO.1
Define and state the purpose of FICA taxes.LO.1
Explain how to calculate Social Security and Medicare taxes.LO.1
The employer doesn’t have to contribute to Social Security. Agree or dis¬ agree. Please explain.LO.1
Explain how federal and state income tax withholding are determined.LO.1
What is a calendar year?LO.1
An employer must always use a calendar year for payroll purposes. True or false?LO.1
What purpose does the individual employee earnings record serve?LO.1
Why does payroll information center on 13-week quarters?LO.1
Please draw a diagram showing how the following items relate to each other: (a) a weekly payroll, (b) a payroll register, (c) individual employees’ earnings, (d) general journal entries for
If you earned $130,000 this year, you would pay more Social Security and Medicare taxes than your partner who earned $75,000. Do you agree or disagree? Please provide calculations to support your
[www.tei-employment.com] Suppose that Starbucks decided to follow one of the great trends in American employment, that of “leasing” employees from a temporary agency. One such agency is Temporary
Visit their website and describe how Starbucks, or any other employer, could save money by hiring temporary employees.LO.1
While there are advantages to hiring temporary workers there are also disadvantages. List some of the disadvantages.LO.1
[www.americanpayroll.org/mission.html] The American Payroll Association (APA) is an organization of payroll professionals, and it pro¬ vides a semiannual certification examination. APA provides an
From your viewing of their website discuss how this organization fills a niche in the field of Human Resources and payroll administration.LO.1
What would be the organization’s advantage to you if you were to pur¬ sue a career in payroll administration?LO.1
Calculating and journalizing employer payroll tax expenses, (p. 272) LO.1
Completing the Employer’s Quarterly Federal Tax Return and Deposit Coupon (Forms 941 and 8109) and paying tax obligations for FICA tax (Social Security and Medicare) and federal income tax. (p.
Preparing Forms W-2, W-3 and 940-EZ and estimates of workers’ compensation insurance premiums, (p. 285) ; LO.1
What is the dollar amount of the Form 941 tax deposit and when must it be made under the monthly deposit rule? Use Figure 8-5 (p. 279) for the date. LO.1
Assume that Carol Ann’s is classified as a semiweekly depositor. Please calculate the amount of each Form 941 tax deposit and when it would be made by completing the table on the next page (use
W-4s must be received by employees by January 31 of the following year. LO.1
Form W-3 is sent to the Social Security Administration yearly. LO.1
A Form 940 is prepared by a business that employs workers in only one state. LO.1
The Employer’s Annual Federal Unemployment Tax Return records the employer’s FICA and FIT tax liabilities. LO.1
A FUTA tax liability of $100 must be paid 10 days after the quarter ends. LO.1
Premiums for workers’ compensation insurance may be adjusted based on actual payroll figures. LO.1
George had warned Fred not to use technical lan¬ guage in preparing his remarks, so Fred didn’t men¬ tion Form 941 taxes. Define Form 941 taxes. LO.1
Fred is classified as a monthly depositor of Form 941 taxes. Why? LO.1
Assume Fred owed $2,679.90 in Form 941 taxes for November. When would it be due? What would happen if that day were a Sunday? LO.1
Federal Form 941 is prepared and filed no later than one month after the calendar quarter ends. It reports the amount of Social Security, Medicare, and federal income taxes withheld from employees
Social Security, Medicare, and federal income taxes are known as Form 941 taxes. LO.1
The total amount of Form 941 taxes paid by a business during a specific period of time determines how often the business will have to make its payroll tax deposits. This time period is called a
Businesses will make their payroll tax deposits either monthly or semi¬ weekly when paying Form 941 taxes. LO.1
Different deposit rules apply to monthly and semiweekly depositors. LO.1
Form 941 payroll tax deposits must be made using Form 8109 known as the Federal Tax Deposit Coupon. LO.1
Information to prepare W-2 forms can be obtained from the individual employee earnings records. LO.1
Form W-3 is used by the Social Security Administration in verifying that taxes have been withheld as reported on individual employee W-2 forms. LO.1

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