5 Written questions
5 Matching questions
- Government regulations require the withholding of taxes from employees and payment of certain taxes by both
- Single-entry systems require
- a The entire property of a person, association, corporation, or estate applicable or subject to the payment of debts.
- b employees and employers
- c the general journal, the cash payment journal, and the accounts receivable ledger.
- d The monetary value of a property or of an interest in a property in excess of claims or leins against it.
- e A paper describing a purchase and the amount due.
5 Multiple choice questions
- Federal Unemployment Tax Act
- Debts incurred and not yet paid.
- A financial statement for a specific date that shows the total assets, liabilities, and capital of the business.
- The state in which the total ending balances of patient ledgers equals the tatal of accounts receivable.
- should be done once a month after all posting has been completed and before the monthly statements are prepared. The purpose of process is to disclose any discrepancies between the journal and the ledger.
5 True/False questions
Cash basis of accounting → A method of accounting in which income is recorded when received and expenses are recorded when paid.
The amount of taxes to withheld is based on → Total earnings of the employee
Number of withholding allowances claimed
Marital status of the employee
Length of the pay period involved
Entry → A record or notation of an occurrence, transaction, or proceeding.
Petty cash fund → A fund maintained to pay small, unpredictable cash expenditures.
The cardinal rules of Bookkeeping → (1) Use good penmanship, (2) Use the same pen style and type of ink consistently, (3) Keep columns of figures straight, (4) Write well-formed figures, (5) Carry decimal points correctly.