Accounting Worksheet Questions

A correction of a transaction posted to the wrong customer account results in

• a debit to Accounts Payable.

• none of these.

• a debit and credit to Accounts Payable.

• a credit to Accounts Payable.

At the end of the fiscal period, the balance of Dividends is closed to

• Income Summary.

• Dividends Payable.

• Retained Earnings.

• none of these.

Dividends is a temporary account of a corporation and is similar to which proprietorship account?

• Contributed Capital.

• Equity.

• none of these.

• Drawing.

Employee regular earnings are calculated as

• total hours plus overtime rate.

• regular hours times regular rate.

• overtime hours minus overtime rate.

• total hours divided by regular rate.

A business form used to record details affecting payments made to an employee is a(n)

• employee earnings record.

• payroll journal.

• employee accounts payable record.

• tax withholding form.

The Accumulated Earnings column of the employee earnings record

• shows net pay for one quarter.

• is the gross earnings for one quarter.

• is the total earnings since the first of the year.

• shows net pay for the year.

Each employee name is listed in a payroll register along with

• marital status.

• employee number.

• withholding allowances.

• all of these.

Individual payroll checks are usually written on a(n)

• employee earnings account.

• company's regular checking account.

• special purposes account.

• separate payroll checking account.

Federal income tax is withheld from employee earnings

• in states without a state income tax.

• only in those states electing to do so.

• only in states where a state income tax is levied.

• in all 50 states.

The withholding allowances of an employee affect

• federal income tax withheld.

• social security tax withheld.

• federal unemployment tax owed.

• state unemployment tax owed.