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50. Workers' compensation provides insurance for employees who are:

a. unemployed due to an economic downturn

b. unemployed due to a plant closing

c. injured while on the job

d. not paid enough

51. A FUTA tax credit:

a. is given to employers who pay their state unemployment taxes on time

b. is usually in the amount of 5.4%

c. is applied against the 6.2% standard rate

d. All of the above.

52) Workers' Compensation Insurance is paid by the employer to protect:

a. the employee against job-related injury or death

b. himself/herself against job-related accidents or death

c. the employee against non job-related injury or death

d. himself/herself against non job-related accidents and death

53. The Wages and Salaries Expense account would be used to record:

a. net earnings for the office workers

b. a credit to the amount owed to the office workers

c. gross earnings for the office workers

d. a debit for the amount of net pay owed to the office workers

54. Payroll Cash is a(n):

a. revenue

b. liability

c. asset

d. expense

55. The debit amount to Payroll Tax Expense represents:

a. the employer's portion of the payroll taxes

b. the employees' portion of the payroll taxes

c. the employer's and employees' portion of the payroll taxes

d. None of the above.

56. What is debited if State Unemployment Tax Payable (SUTA) is credited?

a. Payroll Tax Expense

b. Cash

c. Salaries Payable

d. Salaries Expense

57. The following amounts are an expense to the company except:

a. FICA-OASDI Payable

b. FUTA Payable

c. SUTA Payable

d. All of the above.

58. A company must pay Form 941 taxes electronically if:

a. they do business in multiple states

b. they pay more than $200,000 in a given year

c. they pay less than $200,000 in a given year

d. The company would never have to pay electronically

59. The side that increases the balance of the Sales Discount account is:

a. a credit

b. a debit

c. zero

d. It does not have a normal balance.

60. A reduction given to customers for early payment is a:

a. sales returns and allowance

b. purchase discount

c. sales discount

d. purchase return

61. A characteristic of the account, Sales Discount, is:

a. debit balance

b. contra-revenue account

c. records the cash discounts granted to customers

d. All of the above.

62. Merchandise is:

a. the same as inventory

b. an asset

c. the same as gross sales

d. a and b only

63. Gross sales equals:

a. net sales minus sales discount

b. sales discount less net income

c. the total of cash sales and credit sales

d. net income plus gross profit

64. A sales discount correctly taken by the charge customer was debited to Sales at the time the entry was recorded. This error will cause the:

a. net income for the period to be overstated

b. net income for the period to be understated

c. sales discount account to be understated

d. sales account to be overstated

65. Payment for merchandise sold on credit for $100 subject to 1/10 n/30 was received within the discount period$99 was received. This was recorded with a debit to Sales Discounts for $1, a debit to Cash for $99, and a credit to Accounts Receivable $100, but no mention was made of the subsidiary ledger account. This error will cause the:

a. net income for the period to be overstated

b. net income for the period to be understated

c. control account to not agree with the subsidiary ledger

d. assets to be overstated

66. When merchandise is bought for resale, which of the following accounts would be decreased?

a. Store Equipment

b. Purchases

c. Cash

d. Capital

67. Purchases Discount:

a. is a contra-cost account

b. has a normal debit balance

c. decreases Net Income

d. All of the above.

68. F.O.B. shipping point means:

a. the buyer pays for the freight

b. the seller pays for the freight

c. the title passes at time of shipment

d. a and c only

69. On November 30, Janoch's Dog Kennel purchased $600 of merchandise on account from the Ganster Company. The goods were shipped F.O.B. shipping point. The freight charge of $40 was paid by Ganster Company and added to the invoice. The amount to record in the Purchases account is:

a. $600

b. $640

c. $560

d. $550

70. The freight paid on goods purchased F.O.B. Shipping Point was not recorded. This error will cause:

a. net income to be overstated

b. net income to be understated

c. net income to not be affected

d. total liabilities to be overstated

71. A company purchased office supplies on account. This will be recorded with a:

a. debit to Accounts Payable and a credit to Supplies

b. debit to Supplies and a credit to Supplies Expense

c. debit to Supplies and a credit to Accounts Payable

d. credit to Supplies and a debit to Purchases

72. Hardware Restoration had net purchases of $50,000. If Purchases Returns and Allowances are $10,000 and Purchases Discounts are $1,500, what are gross purchases?

a. $38,500

b. $50,000

c. $61,500

d. $40,000

73. The freight paid on goods purchased F.O.B. shipping point was debited to the Freight Expense account. This error would cause:

a. the period end assets to be understated

b. the period end liabilities to be understated

c. the period's net income to be overstated

d. None of the above.

74. The return of merchandise was recorded as a debit to Accounts Payable and a credit to Purchases. This error would cause:

a. the period end assets to be understated

b. the period end liabilities to be understated

c. the period's net income to be understated

d. None of the above.

75. The weighted-average method:

a. calculates an average unit cost by dividing the total cost of goods sold by the total units sold

b. calculates an average unit cost by dividing the total cost of goods available for sale by the total units of goods available for sale

c. calculates an average unit cost by adding the total cost of goods available for sale to the total units of goods available for sale

d. None of the above.