Questions from College Accounting

Q: A firm is preparing to make adjusting entries at the end of

A firm is preparing to make adjusting entries at the end of the accounting period. The balance of the merchandise inventory account is $200,000. If the firm is using the periodic inventory system, wha...

Q: Identify the three payroll records usually needed by an employer.

Identify the three payroll records usually needed by an employer.

Q: Name three types of temporary accounts.

Name three types of temporary accounts.

Q: Distinguish between the payroll register and the employee earnings record.

Distinguish between the payroll register and the employee earnings record.

Q: Explain what an employer does with the amounts withheld from an employee’s

Explain what an employer does with the amounts withheld from an employee’s pay.

Q: Why do employer payroll taxes represent an additional expense to the employer

Why do employer payroll taxes represent an additional expense to the employer, whereas the various employee payroll taxes do not?

Q: What is the purpose of Form 940, Employer’s Annual Federal Unemployment

What is the purpose of Form 940, Employer’s Annual Federal Unemployment Tax Return?

Q: At what rate and on what earnings base is the employer’s Social

At what rate and on what earnings base is the employer’s Social Security tax levied?

Q: What is the purpose of the EFTPS?

What is the purpose of the EFTPS?

Q: Distinguish between a cash discount and a trade discount.

Distinguish between a cash discount and a trade discount.