Site Information

 Loading... Please wait...
  • My Account
  • Gift Certificates
  • Image 1

ACC 101 Quiz 4

$15.00
Quantity:
The Best Essay Writing Service - EssayBox.org

Product Description

Accounting Quiz 4

  

Question 1

 

The five fundamental principles of accounting information systems are: Select one:

a.Control, accountability, relevance, compatibility, and flexibility.

  1. b.  Historical cost, relevance, compatibility, flexibility, and cost-benefit.

c.Control, relevance, compatibility, flexibility, and safety.

  1. d.  Control, relevance, compatibility, timeliness, and cost-benefit.
  2. e.  Control, relevance, compatibility, flexibility, and cost-benefit.

 

Question 2

 

When the number of withholding allowances increases, the amount of income tax withheld increases.

Select one: True False

 

Question 3

 

Source documents: Select one:

a.Are input devices.

  1. b.  Provide the basic information processed by an accounting system.

c.Cannot be electronic files.

  1. d.  Store processed information for future use.
  2. e.  All of these.

 Question 4

 

FUTA is the abbreviation for social security taxes. Select one:

True False

Question 5

 

Unearned revenues are: Select one:

a.Also called deferred revenues.

  1. b.  Amounts received in advance from customers for future delivery of products or services.

c.Also called collections in advance.

  1. d.  Also called prepayments.
  2. e.  All of these.

 

Question 6

 

Question text

Employers can use a wage bracket withholding table to compute federal income taxes withheld from each employee's gross pay.

Select one: True False

Question 7

 

The Federal Insurance Contributions Act (FICA) requires that each employer file a:

Select one:

a.W-4.

  1. b.  Form 941.

c.Form 1040.

  1. d.  Form 1099.
  2. e.  All of these.

 

Question 8

 

Accounting information systems are so accurate that decision makers in practice do not need a basic knowledge of how the systems work.

Select one: True False

Question 9

 

Employers: Select one:

a.Pay FICA taxes equal to the amount of FICA taxes withheld from the employees.

  1. b.  Withhold employees' FICA taxes.

c.Pay unemployment taxes to the federal government.

  1. d.  Pay unemployment taxes to both the state and federal governments.
  2. e.  All of these.

 

Question 10

 

An approach that enters and processes data as soon as source documents are available is called:

Select one:

a.Date storage.

  1. b.  Batch processing.

c.Online processing.

  1. d.  Computer programming
  2. e.  Web communications.

 Question 11

 

The purchases journal is used to record cash purchases of merchandise. Select one:

True False

Question 12

 

An employee earned $4,300 working for an employer. The current rate for FICA social security is 6.2% and the rate for FICA Medicare 1.45%. The employer's total FICA payroll tax for this employee is:

Select one: a. $ 62.35. b. $266.60. c. $328.95. d. $657.90.

e. Zero, since the FICA tax is a deduction from an employee's pay, and not an employer tax.

 

 

Question 13

 

Due to electronic files and Web communications, source documents are no longer required.

Select one: True False

 Question 14

 

A company sells computers at a selling price of $1,800 each. Each computer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all computers sold will be returned under the warranty at an average cost of $150 each. During November, the company sold 30,000 computers, and 400 computers were serviced under the warranty at a total cost of $55,000. The balance in the Estimated Warranty Liability account at November 1 was $29,000. What is the company's warranty expense for the month of November?

Select one: a. $26,000 b. $45,000 c. $55,000 d. $60,000 e. $90,000

 

Question 15

 

The use of an Accounts Payable controlling account: Select one:

a.Reduces the number of accounts in the subsidiary ledger.

  1. b.  Reduces the total number of accounts maintained.

c.Reduces the number of entries in the general journals.

  1. d.  Reduces the number of accounts in the general ledger.
  2. e.  Increases the number of columns in the journals.

 Question 16

 

Internal controls include policies to direct operations toward common goals, procedures to ensure reliable financial reports, safeguards to protect company assets and methods to achieve compliance with laws and regulations.

Select one: True False

 

Question 17

 

A liability is a probable future payment of assets or services that a company is presently obligated to make as a result of past transactions or events.

Select one: True False

 

 

Question 18

 

Payment of payroll is usually done by check or an electronic funds transfer. Select one:

True False

 

Question 19

 

Phildell Phoenix is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,288. FICA tax for social security is 6.2% and the FICA tax for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1,375.17. What is the amount of the employer’s January payroll tax expense for this employee?

Select one: a. $56.00 b. $120.18 c. $378.00 d. $513.86

e. $1,068.04

 

Question 20

 

A procedure called direct posting of sales invoices can substitute for the sales journal.

Select one: True False

 

Question 21

 

A company performed warranty repair work for a customer that cost $1,000. The journal entry to record the work should be a debit of $1,000 to Warranty Expense and a credit of $1,000 to Estimated Warranty Liability.

Select one: True False

 

Question 22

 

Assume that a company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. A sales return for credit on account would be recorded in the:

Select one:

a.Sales journal.

  1. b.  General journal.

c.Cash receipts journal.

  1. d.  Accounts receivable ledger.
  2. e.  Cash disbursements journal.

 

 

Question 23

 

An employer's federal unemployment taxes (FUTA) are reported: Select one:

a.Annually.

  1. b.  Semiannually.

c.Quarterly.

  1. d.  Monthly.
  2. e.  Weekly.

Feedback

 Question 24

 

Segment information is often useful to investors for evaluating a company's profitability, risk, and growth.

Select one: True False

 

Question 25

 

Enterprise resource planning software: Select one:

a.Refers to programs that help manage a company's vital operations.

  1. b.  Can include programs that extend from order taking to manufacturing to accounting.

c.Can speed up business decision making and help reduce costs.

  1. d.  Can be designed to link every part of a company's operations.
  2. e.  All of these.

 

Product Reviews

Write Review

This product hasn't received any reviews yet. Be the first to review this product!

Find Similar Products by Category

Related Products

Click the button below to add the ACC 101 Quiz 4 to your wish list.