ACCT 011

​ACCT 011 Accounting Update

Some text here about the topic of discussion

Multiple Choice

1.       Which of the following is not expensed as a part of gross pay?

• a.       EmployEE 401(k) withholding

• b.       EmployEE Social security withholding

• c.       EmployER social security tax

Multiple Choice

2.       Which of the following is true?

• a.       FASB and GASB calculate compensated absences in the same manner

• b.       GASB compensated absences will be changing

• c.       There are no accounting policy elections currently in GASB for compensated absences

• d.       Vacation and sick are currently determined in the same manner for FASB

Multiple Choice

3.       If a client claimed an ERC they were not entitled to

• a.       It depends on facts and circumstances how it is recorded

• b.       It should always be recorded as a contingent liability

• c.       It should always be recorded as a liability (error)

Multiple Choice

4.       In the FASB definition, which of the following conditions and events indicate substantial doubt about the entity’s ability to continue as a going concern

• a.       It is probable the entity will be unable to meet its obligations as they become due

• b.       It is probable the entity will have a stock sale

• c.       It is probable the entity will not be able to continue

Multiple Choice

5.       In the FASB definition of substantial doubt about an entity’s ability to continue as a going concern, what is the time period that is considered?

• a.       One year after the balance sheet date

• b.       One year after the date the financial statements are available to be issued

• c.       One year from the date you start financial statement preparation