General Accounting Final Exam

Which of the following forms is filed on a quarterly basis?

• Form W-2

• Form W-3

• Form 940

• Form 941

The overtime rate is usually:

• one and one-half times the regular hourly rate.

• one and one-quarter times the regular hourly rate.

• two times the regular hourly rate.

• the same as the regular hourly rate.

A person who is hired by a company and who is under the control and direction of the employer is called a(n):

• employee.

• owner.

• independent contractor.

• client.

Multiple copies of which form are provided to each employee by January 31 for the previous calendar year's earnings?

• Form W-2

• Form W-3

• Form 940

• Form 941

Checks issued by a firm and entered in its records that have not yet been paid by the bank are called:

• NSF checks.

• dishonored checks.

• canceled checks.

• outstanding checks.

State Unemployment Tax Payable is:

• debited when the tax is paid to the state.

• credited when the tax is paid to the state.

• increased when the tax is paid to the state.

• unchanged when the tax is paid to the state.

Both the employer and the employee are responsible for paying:

• Social Security, Medicare, and unemployment taxes.

• FUTA taxes.

• Social Security and Medicare.

• SUTA taxes.

Which of the following is paid by the company to carry out a specific task or job but is not under the direct supervision, control, and direction of the company?

• an employee

• an owner

• an independent contractor

• a client

Form 940 is used to report:

• Federal Unemployment Tax Act (FUTA) taxes

• Social Security and Medicare taxes

• Federal income tax withholding

• State income tax

On which of the following forms would an employer report the FUTA tax?

• Form W-2

• Form W-3

• Form 940

• Form 941