Accounting Basics: Chapter 6

What is one of the two FICA taxes?

• FUTA

• Federal Income Tax

• SUTA

• Medicare Tax

Which tax is considered a "matching tax"?

• SUTA

• Social Security Tax

• FUTA

• Union Dues

Which of the following would be an appropriate use of Petty Cash?

• withdrawal by the owner

• purchase of stamps

• pay off a loan

• cash for an employee's birthday card

Which of the following would NOT require a journal entry from a correction made on a bank reconciliation?

• deposit in transit

• error in payment

• bank charge

• NSF Check

What account is debited in the transaction to record payroll?

• Gross Pay Expense

• Payroll Tax Expense

• Wages Expense

• Payroll Expense

What does NSF stand for?

• not-sufficient friends

• non-sufficient funds

• not-so-fun

• never sniff fries

What total percent makes up both Social Security and Medicare Tax?

• 0.6%

• 5.4%

• 6.2%

• 7.65%

What is one tax employer's pay but employee's do not?

• union dues

• retirement

• unemployment

• federal income tax

What is the journal entry to establish a Petty Cash account?

• Debit - Petty Cash; Credit - Cash

• Debit - Cash; Credit - Petty Cash

• Debit - Expenses; Credit - Cash

• none of the above

Getting paid bi-weekly means you get _____paychecks per year.

• 12

• 24

• 25

• 26