Arkansas Accounting Competency Questions 61-79

Created by dmphmo1986 

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When expense accounts closing entries are posted, each account will have a:

Zero Balance

An accounting system in which data are recorded and reported mostly by hand is called ______.

Manual Accounting

Using a computer in accounting _______ change accounting concepts.

Does not

The computer ______ post directly to general ledger accounts stored on secondary storage.

Automatically

Records pertaining to social security payments and payroll deductions must be retained.

Three Years

All employees must report their withholding allowances on a ________.

W4

The total pay due for a pay period before deductions is called ______.

Gross Earnings

Each employee's earnings for a ____ are written in the appropriate columns of a payroll register.

Pay Period

Regular, overtime, and total earnings for all employees is recorded on a ______ .

Payroll Register

In order to find total earnings of an employee from the beginning of the year, you would look at ______.

Accumulated Earnings

A business form used to record details affecting earnings, withholding's, and net pay of one employee is a/an ________.

Employee Earnings Record

Individual payroll checks are usually written on a/an _____.

Special Payroll Checking Account

Each employer must file a quarterly tax return by ______.

The last day of the month following the end of a calendar quarter.

The federal unemployment tax is ____ of wages paid.

6.2%

Which of the following is not considered capital.

Buildings, Land, Machines, or Money

How often is depreciation expense recorded for plant assets.

Each fiscal period the asset is used/Annually

The journal entry to record the adjustment for office equipment depreciation is debit Depreciation Expense-Office Equipment and credit

Accumulated Depreciation-Office Equipment

The interest rate of a note payable is a percentage of the _____.

Principal of the note

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