SUA CORE REVIEWS ANSWERS AND QUESTIONS SET
A+
✔✔Joy purchased inventory on account from Buffalo Bill Inc. on January 28 for $4,440.
The credit terms are 2/15, net 30. Joy paid her bill on February 10. How much should
she pay Buffalo Bill? - ✔✔$4,351.20
✔✔A place where gross pay, withholdings, and net pay are recorded for all employees.
The amounts are normally totaled and posted to the general ledger monthly - ✔✔Payroll
journal
✔✔Why are employees required to sign their time cards each week upon receipt of their
check? - ✔✔to acknowledge the number of hours they worked each week
to acknowledge that they received their check
✔✔In the real world, which of the following is NOT withheld from an employee's
paycheck? - ✔✔Unemployment taxes
✔✔Which of the following is not a portion of the employer's payroll expense? -
✔✔Federal income taxes
✔✔Waren never pays its employees for their lunch break - ✔✔False
✔✔True or False: The last step in the payroll cycle is Ray Kramer records the
employer's portion of the FICA taxes and unemployment taxes in the general journal -
✔✔False
✔✔Which of the following items on a bank reconciliation would require an adjusting
journal entry? - ✔✔An error by the company bookkeeper in recording a cash
disbursement.
, ✔✔The primary purpose of a bank reconciliation is to - ✔✔Identify any differences
between the bank balance per bank statement and balance per books
✔✔Name four internal controls for the payroll cycle. - ✔✔Adequate documents and
records.
Authorization of transactions
Use of time clocks
Segregation of duties
imprest payroll account
independent checks on performance - bank rec, recalculate hours to verify, account for
all time cards and payroll checks
✔✔Which of the following items on a bank reconciliation would require an adjusting
journal entry? - ✔✔An error by the company bookkeeper in recording a cash
disbursement.
✔✔An adjusting journal entry is needed to record any bank charges. - ✔✔True
✔✔The primary purpose of a bank reconciliation is to: - ✔✔Identify any differences
between the bank balance per bank statement and balance per books.
✔✔Which account is NOT included when determining cost of goods sold under the
periodic inventory method? - ✔✔Sales discounts
✔✔Why is the periodic inventory method used instead of the perpetual method for some
companies? - ✔✔The record keeping costs are lower
✔✔month-end or a year-end procedure for Waren Jim Adams posts the column totals
and individual transactions in "Other" columns to the appropriate General Ledger
account and updates each General Ledger account balance. - ✔✔Month- end
procedure
✔✔month-end or a year-end procedure for Waren Ray Kramer prepares a bank
reconciliation. - ✔✔Month- end procedure
✔✔month-end or a year-end procedure for Waren
Jim Adams calculates and records the unemployment taxes paid by the employers, and
Waren's portion of the F.I.C.A. payroll tax. - ✔✔Month- end procedure
✔✔month-end or a year-end procedure for Waren Nancy Ford foots the balances of
each subsidiary accounts receivable, accounts payable, employee earnings and fixed
assets subsidiaries, and compares the total to the appropriate general ledger control
account. She initials each general ledger control account to indicate that she has made
the comparison. - ✔✔Month- end procedure
A+
✔✔Joy purchased inventory on account from Buffalo Bill Inc. on January 28 for $4,440.
The credit terms are 2/15, net 30. Joy paid her bill on February 10. How much should
she pay Buffalo Bill? - ✔✔$4,351.20
✔✔A place where gross pay, withholdings, and net pay are recorded for all employees.
The amounts are normally totaled and posted to the general ledger monthly - ✔✔Payroll
journal
✔✔Why are employees required to sign their time cards each week upon receipt of their
check? - ✔✔to acknowledge the number of hours they worked each week
to acknowledge that they received their check
✔✔In the real world, which of the following is NOT withheld from an employee's
paycheck? - ✔✔Unemployment taxes
✔✔Which of the following is not a portion of the employer's payroll expense? -
✔✔Federal income taxes
✔✔Waren never pays its employees for their lunch break - ✔✔False
✔✔True or False: The last step in the payroll cycle is Ray Kramer records the
employer's portion of the FICA taxes and unemployment taxes in the general journal -
✔✔False
✔✔Which of the following items on a bank reconciliation would require an adjusting
journal entry? - ✔✔An error by the company bookkeeper in recording a cash
disbursement.
, ✔✔The primary purpose of a bank reconciliation is to - ✔✔Identify any differences
between the bank balance per bank statement and balance per books
✔✔Name four internal controls for the payroll cycle. - ✔✔Adequate documents and
records.
Authorization of transactions
Use of time clocks
Segregation of duties
imprest payroll account
independent checks on performance - bank rec, recalculate hours to verify, account for
all time cards and payroll checks
✔✔Which of the following items on a bank reconciliation would require an adjusting
journal entry? - ✔✔An error by the company bookkeeper in recording a cash
disbursement.
✔✔An adjusting journal entry is needed to record any bank charges. - ✔✔True
✔✔The primary purpose of a bank reconciliation is to: - ✔✔Identify any differences
between the bank balance per bank statement and balance per books.
✔✔Which account is NOT included when determining cost of goods sold under the
periodic inventory method? - ✔✔Sales discounts
✔✔Why is the periodic inventory method used instead of the perpetual method for some
companies? - ✔✔The record keeping costs are lower
✔✔month-end or a year-end procedure for Waren Jim Adams posts the column totals
and individual transactions in "Other" columns to the appropriate General Ledger
account and updates each General Ledger account balance. - ✔✔Month- end
procedure
✔✔month-end or a year-end procedure for Waren Ray Kramer prepares a bank
reconciliation. - ✔✔Month- end procedure
✔✔month-end or a year-end procedure for Waren
Jim Adams calculates and records the unemployment taxes paid by the employers, and
Waren's portion of the F.I.C.A. payroll tax. - ✔✔Month- end procedure
✔✔month-end or a year-end procedure for Waren Nancy Ford foots the balances of
each subsidiary accounts receivable, accounts payable, employee earnings and fixed
assets subsidiaries, and compares the total to the appropriate general ledger control
account. She initials each general ledger control account to indicate that she has made
the comparison. - ✔✔Month- end procedure
