Accounting - Chapter 12
Flashcard
•
Specialty
•
9th - 12th Grade
•
Practice Problem
•
Hard
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21 questions
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1.
FLASHCARD QUESTION
Front
Do businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government?
Back
True
2.
FLASHCARD QUESTION
Front
Qualified retirement plans are approved by an act of Congress.
Back
False
3.
FLASHCARD QUESTION
Front
The first task in preparing a payroll is to determine the number of days worked by each employee.
Back
False
4.
FLASHCARD QUESTION
Front
Total earnings are sometimes referred to as net pay.
Back
False
5.
FLASHCARD QUESTION
Front
Payroll taxes withheld represent a liability for an employer until payment is made.
Back
True
6.
FLASHCARD QUESTION
Front
When an employee’s earnings exceed the tax base, no more social security tax is deducted.
Back
True
7.
FLASHCARD QUESTION
Front
The amount of income tax withheld from each employee’s total earnings is determined solely from the number of withholding allowances.
Back
False
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