FCP EXAM STUDY GUIDE COMPLETE RATED
A
Chart of Accounts
Correct Answer -a list of all account names/numbers used to record
transactions of a company
Assets
Correct Answer -resources owned by a business, tangible, intangible
and deferred
Normally a debit
Debit Increases
Credit Decreases
Expense
Correct Answer -the cost of goods or services used to operate a
business. Payroll Expenses include:
wages
benefits
maintenance for facilities
equipment costs
ER share of payroll taxes
Normally a credit
Debit Decreases
,Credit Increases
Liabilities
Correct Answer -company debts not yet paid.
Examples:
Income taxes
benefit contributions
wages payable
any other 3rd party deductions not yet paid.
Liabilities are normally posted as a credit
Debit decreases liability...so a debit from a liability would typically
create a credit to an asset account.
Form 944
Correct Answer -Employer's Annual Federal Tax Return. The federal
return used by filers with LESS THAN $1000 of federal employment tax
liability IN THE PREVIOUS YEAR
Form 943
Correct Answer -Employer's Annual Federal Tax Return for Agricultural
Employees
Form 945
Correct Answer -Annual Return of Withheld Federal Income Tax- used to
, report backup tax & certain federal income tax withheld from non-wage
income. Pensions, gambling winnings, retirement, military retirement
Form SS4
Correct Answer -Application for Employer ID
Form SS5
Correct Answer -Application for a Social Security Card/Updated SS
Card (name change, etc.)
Form SS8
Correct Answer -Determination of Worker Status (IC or Employee)
Form W-2
Correct Answer -A summary of your earnings and withholdings for the
year for a job
Form W-2c
Correct Answer -Corrected Wage and Tax Statement
Form W-3
Correct Answer -Transmittal of Wage and Tax Statements; summarizes
the information contained on the employees' Forms W-2 and
accompanies the Forms W-2 sent to the federal government.
A
Chart of Accounts
Correct Answer -a list of all account names/numbers used to record
transactions of a company
Assets
Correct Answer -resources owned by a business, tangible, intangible
and deferred
Normally a debit
Debit Increases
Credit Decreases
Expense
Correct Answer -the cost of goods or services used to operate a
business. Payroll Expenses include:
wages
benefits
maintenance for facilities
equipment costs
ER share of payroll taxes
Normally a credit
Debit Decreases
,Credit Increases
Liabilities
Correct Answer -company debts not yet paid.
Examples:
Income taxes
benefit contributions
wages payable
any other 3rd party deductions not yet paid.
Liabilities are normally posted as a credit
Debit decreases liability...so a debit from a liability would typically
create a credit to an asset account.
Form 944
Correct Answer -Employer's Annual Federal Tax Return. The federal
return used by filers with LESS THAN $1000 of federal employment tax
liability IN THE PREVIOUS YEAR
Form 943
Correct Answer -Employer's Annual Federal Tax Return for Agricultural
Employees
Form 945
Correct Answer -Annual Return of Withheld Federal Income Tax- used to
, report backup tax & certain federal income tax withheld from non-wage
income. Pensions, gambling winnings, retirement, military retirement
Form SS4
Correct Answer -Application for Employer ID
Form SS5
Correct Answer -Application for a Social Security Card/Updated SS
Card (name change, etc.)
Form SS8
Correct Answer -Determination of Worker Status (IC or Employee)
Form W-2
Correct Answer -A summary of your earnings and withholdings for the
year for a job
Form W-2c
Correct Answer -Corrected Wage and Tax Statement
Form W-3
Correct Answer -Transmittal of Wage and Tax Statements; summarizes
the information contained on the employees' Forms W-2 and
accompanies the Forms W-2 sent to the federal government.
