Arkansas Accounting Competency Questions 61-79
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Created by:
dmphmo1986 on November 1, 2011
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18 terms
Terms | Definitions |
|---|---|
 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 no |
| 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 |
| 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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