Questions from Accounting Principles


Q: What are the primary uses of the employee earnings record?

What are the primary uses of the employee earnings record?

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Q: a. Identify the three types of employer payroll taxes.

a. Identify the three types of employer payroll taxes. b. How are tax liability accounts and payroll tax expense accounts classified in the financial statements?

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Q: Pinewood Corporation purchased a piece of equipment for $70,000

Pinewood Corporation purchased a piece of equipment for $70,000. It estimated an 8-year life and $2,000 salvage value. At the end of year four (before the depreciation adjustment), it estimated the ne...

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Q: You are a newly hired accountant with Nolasco Company. On your

You are a newly hired accountant with Nolasco Company. On your first day, the controller asks you to identify the main internal control objectives related to payroll accounting. How would you respond?...

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Q: What are the four functions associated with payroll activities?

What are the four functions associated with payroll activities?

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Q: Identify two additional types of fringe benefits associated with employees’ compensation.

Identify two additional types of fringe benefits associated with employees’ compensation.

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Q: Often during job interviews, the candidate asks the potential employer about

Often during job interviews, the candidate asks the potential employer about the firm’s paid absences policy. What are paid absences? How are they accounted for?

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Q: Petrocelli Company obtains $40,000 in cash by signing a

Petrocelli Company obtains $40,000 in cash by signing a 7%, 6-month, $40,000 note payable to First Bank on July 1. Petrocelli’s fiscal year ends on September 30. What information should be reported fo...

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Q: What are two types of postretirement benefits?

What are two types of postretirement benefits?

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Q: Explain how a 401(k) plan works.

Explain how a 401(k) plan works.

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