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Question 1

Multiple choice

Would each of the following entries be posted in the account as a debit (DR) or credit (CR)?

purchase of a desk in an asset account

purchase of stationary in an expense account

withdrawal from a payroll checking account

employer contributions to a 401k plan in an expense account

state income tax withheld but not deposited in a liability account

federal income tax withheld but not paid in a liability account

mortgage payment in a liability account

Question 2

Single choice

Which of the following events would require an employee to fill out an amended form w4 within 10 days of its occurrence?

employee becomes legally separated from his or her spouse who was claimed as a dependent

employees spouse quits job to stay home with a new baby

death of a spouse

adoption of a kid

Question 3

Single choice

Payroll documentation accomplishes all of the following EXCEPT:

provide uniformity

simplify training

ensure procedures are followed

provide a reference tool

Question 4

Single choice

A record of the daily transaction of a business is:

balance sheet

journal

ledger

chart of accounts

Question 5

Single choice

What advantages does a payroll checking account provide?

prevents fraud

facilitates reconciliations

ensures that reconciliations are completed in a timely manner

ensures that checks are issued correctly

Question 6

Single choice

All of the following regulate payments made by DD EXCEPT:

consumer financial protection bureau

NACHA

State laws

local laws

Question 7

Single choice

When should an employer remind employees to complete an amended Form W4 if their filing status or filing circumstances have changed?

it is not the employers responsibility

by december 31 of each year

on an employees anniversary date with the employer

by dec 1 of each year

Question 8

Single choice

All of the following issues are concerns of external auditors except:

safeguarding of the firms financial assets

risks to the companys financial well being

efficiency of payroll procedures

material misstatements of financial statements

Question 9

Single choice

Under what conditions can an employee claim exemption from withholding on form W4?

receiving overtime pay

had no tax liability last year and expects no tax liability this year

anticipates receiving a bonus

an employee takes her first job

Question 10

Single choice

which of the following plans applies only to employees of public schools, colleges and universities, and public charities?

401k

403b

457b

both b and c

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