The outputs from a manual or an electronic payroll accounting system include all of the
following EXCEPT
a. payroll checks.
b. a payroll register.
c. an employee earnings record.
d. time cards.
Which of the following steps of the accounting cycle are in the correct order?
a. prepare a trial balance, post to general ledger accounts, journalize adjusting and
closing entries
b. make adjustments, complete a work sheet, post to general ledger accounts
c. prepare financial statements, make adjustments, prepare a trial balance
d. prepare a trial balance, make adjustments, prepare financial statements
Totals on the debit and credit sides to determine the balance of an account are known as
a. rulings.
b. credits.
c. debits.
d. footings.
Footings in T accounts
a. appear after each entry.
b. always appear on the right side.
c. are unnecessary when there is only one entry.
d. appear only in accounts carried over from the previous accounting period.
To record wages earned but not paid under the modified cash accounting method,
a. debit Wages Payable and credit Wages Expense.
b. debit Cash and credit Wages Expense.
c. debit Wages Expense and credit Wages Payable.
d. no entry is required.
The matching principle in accounting requires the matching of
a. revenue earned with the expenses incurred to produce the revenue.
b. revenue earned with the assets used to produce the revenue.
c. revenue earned with the liabilities incurred to produce the revenue.
d. revenue earned with the assets used less the liabilities incurred.
A typical account number for a contra-account would be
a. 185.
b. 185.c.
c. 185.1.
d. 185.contra.
____________________ are provided by many banks to allow depositors to make
deposits and withdrawals at all times by using a plastic card and a personal
identification number.
Entering the account number in the Posting Reference column of the journal is the first
step in the posting process.
Companies must accumulate payroll data both for the business as a whole and for each
employee.
The ledger is a reliable source of information only when all of the transactions entered
in the journal have been posted.
The balance of a T account is on the side with the larger footing.
The cash balance may be computed at any time during the accounting period.
It is permissible to enter information about a transaction in the ledger accounts first,
before entering the information in the journal.
With ____________________, the employee does not handle the paycheck; payment is
made by the employer directly to the employee’s bank.
A 12-month fiscal year can end any month of the calendar year.