Finance And Accounting

Question: The term "the accounting process" refers to ______________.
A
the sequence of steps in accounting from transaction to financial report

B
the creation of financial reports

C
the internal controls set by Payroll

D
the interval between payroll checks

Note: Answer not sure
1. Report
Question: What is the purpose of accruing vacation expense?
A
To record vacation expense in the period earned

B
To build a savings account for vacations

C
To allow employers to pay employees for vacation time

D
To gain better tax write-offs

Note: Answer not sure
1. Report
Question: Employee B has an annual salary of $50,000 that is paid to him over 26 pay periods. He works 260 days per year. He retires after working 65 days, during which time he received 6 paychecks. Given this information, Employee B's gross wages for his final paycheck will be _____________.
A
$961.52

B
$1,203.42

C
$879.32

D
$343.54

Note: Answer not sure
1. Report
Question: What is the purpose of Form 941?
A
To report annual wages to employees

B
To report annual wages to the IRS

C
To reconcile taxes paid with tax liability for unemployment taxes

D
To reconcile, on a quarterly basis, taxes paid with tax liability for federal taxes

Note: Answer not sure
1. Report
Question: The term "internal control" refers to ______________.
A
a safe where petty cash is kept

B
a measure by which a company safeguards its accounting data

C
allowing employees access to the company credit card

D
a practice prohibited by the IRS

Note: Answer not sure
1. Report
Question: Which of the following should happen in the payroll system after an employee is terminated?
A
The employee should be given a one-time bonus.

B
The employee's hourly rate should be set to $99.

C
The employee's former employers should be contacted and notes made.

D
The employee should be flagged as terminated in the payroll system.

Note: Answer not sure
1. Report
Question: Why has the IRS allowed employers to combine federal taxes when computing withholding amounts?
A
The rates are all the same.

B
Payroll software cannot accommodate different rates.

C
There is no stated reason.

D
To make computing taxes easier for employers

Note: Answer not sure
1. Report
Question: A company that employs ______________ is subject to the Civil Rights Act of 1964.
A
at least 15 workers for 20 weeks per year

B
at least 100 workers

C
at least 1 worker who works 40 hours a week

D
at least 12 workers for 45 weeks per year

Note: Answer not sure
1. Report
Question: For an employer, which of the following is a benefit of using direct deposit?
A
Gets cash out of the company bank account faster

B
Less costly than printing and signing checks

C
Prevents employee fraud

D
No direct benefit

Note: Answer not sure
1. Report
Question: The term "earned income credit" refers to ______________.
A
a special credit for people who make over a certain amount

B
a credit given to people in the form of a monthly check

C
a direct reduction in taxes for employees with incomes below a stipulated level

D
a credit given to people who are unemployed

Note: Answer not sure
1. Report

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Question: The term "the accounting process" refers to ______________.

Question: What is the purpose of accruing vacation expense?

Question: Employee B has an annual salary of $50,000 that is paid to him over 26 pay periods. He works 260 days per year. He retires after working 65 days, during which time he received 6 paychecks. Given this information, Employee B's gross wages for his final paycheck will be _____________.

Question: What is the purpose of Form 941?

Question: The term "internal control" refers to ______________.

Question: Which of the following should happen in the payroll system after an employee is terminated?

Question: Why has the IRS allowed employers to combine federal taxes when computing withholding amounts?

Question: A company that employs ______________ is subject to the Civil Rights Act of 1964.

Question: For an employer, which of the following is a benefit of using direct deposit?

Question: The term "earned income credit" refers to ______________.