Accounts Payable, Finance And Accounting

Question: Lime & Co.'s payroll for the month ended January 31,2007 is summarized as follows: Total wages $10000 Federal income tax withheld $1200 All wages paid were subject to FICA. FICA tax rates were 7% each for the employees and the employer. The company remits payroll taxes on the 15th of the following month. In its financial statements for the month ended January 31, 2007, what amounts should it report as total payroll tax liability and as payroll tax expense?
A
$1200 $1400

B
$1900 $1400

C
$1900 $700

D
$2600 $700

Note: Not available
1. Report
Question: The correct journal entry to record a purchase of inventory on credit using a perpetual inventory system includes:
A
debit Cost of Goods Sold, credit Inventory

B
debit Accounts Payable, credit Inventory

C
debit Accounts Receivable, credit Sales Revenue

D
debit Inventory, credit Accounts Payable

Note: Not available
1. Report
Question: Of the following, which is a typical situation involving a deposit?
A
The company uses a recruiting firm to find key employees

B
In order to buy office supplies, the company has to put a deposit down

C
The business has leased a new location and is required to put a deposit for the last month's rent

D
Federal taxes for the upcoming year

Note: Not available
1. Report
Question: If a prepaid expense is expiring (the final month is expensed), and the company has not received an invoice for the upcoming prepaid period, the accounting should:
A
Continue to book the monthly expense in the upcoming month and contact the company to find if an invoice will be issued for the coming year

B
Do not book the monthly expense and assume your company is no longer in business with the company

C
Send an email to the CFO

D
Delete the line from Excel and assume no further expense

Note: Not available
1. Report
Question: A bill is a form on which you record details of _________ .
A
the sales made

B
the expenses incurred

C
a purchase made by a vendor to whom the Company owe money

D
the income accrued

Note: Not available
1. Report
Question: Streamlined Sales Tax is a national effort by which of the following?
A
The State Government

B
The Local Government

C
The private sector to simplify and modernize sales and use tax collection

D
All of the above

Note: Not available
1. Report
Question: How will you track the deposits that clients pay to the vendors?
A
Track deposits as negative balances in Accounts Payable

B
Record the deposit in the Enter Bills window

C
Neither of the above

Note: Not available
1. Report
Question: When are invoices treated as having been paid short?
A
If any discount for early payment is allowed

B
If there are any damaged goods

C
If there are any prior credits

D
All of the above.

Note: Not available
1. Report
Question: What is the difference between Accounts Payable and Accounts Receivable?
A
Accounts receivable are amounts owed by the suppliers on account whereas the Accounts Payable are amounts owed to the customers on account.

B
Accounts receivable are amounts owed by the customers on account whereas the Accounts Payable are amounts owed to the suppliers on account.

C
Accounts receivable are amounts owed by the customers on account whereas the Accounts Payable are amounts owed to the bankers on account.

D
None of the above

Note: Not available
1. Report
Question: What is the report generated to find the net purchases from each vendor regardless of how payments were recorded called?
A
Inventory valuation summary

B
Expenses by vendor summary

C
Unpaid bills details

D
Purchases by vendor summary

Note: Not available
1. Report

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Question: The correct journal entry to record a purchase of inventory on credit using a perpetual inventory system includes:

Question: Of the following, which is a typical situation involving a deposit?

Question: If a prepaid expense is expiring (the final month is expensed), and the company has not received an invoice for the upcoming prepaid period, the accounting should:

Question: A bill is a form on which you record details of _________ .

Question: Streamlined Sales Tax is a national effort by which of the following?

Question: How will you track the deposits that clients pay to the vendors?

Question: When are invoices treated as having been paid short?

Question: What is the difference between Accounts Payable and Accounts Receivable?

Question: What is the report generated to find the net purchases from each vendor regardless of how payments were recorded called?