Question 1

Employment Insurance is levied equally on the employee and the employer

Accepted Answer

A) True 
 B)False

Question 2

An example of a specialty component of an AIS is

Accepted Answer

A) Voucher. 
B) Cheque Register. 
C) Subsidiary ledger. 
D) Property, plant and equipment. 
E) Sales Journal. 
A) Voucher. 
B) Cheque Register. 
C) Subsidiary ledger. 
D) Property, plant and equipment. 
E) Sales Journal.

Question 3

Prepare a Sales Journal for Dina Company and journalize the appropriate transactions.

Accepted Answer

The answer of Prepare a Sales Journal for Dina Company...

Question 4

Explain the goals and uses of special journals

Accepted Answer

Special journals are used for recording

Question 5

A tax levied on the amount of a payroll or on the amount of an employee's gross pay isa(n):

Accepted Answer

A) Payroll tax. 
B) Employee tax. 
C) Excess profits tax. 
D) Employer tax. 
E) Federal program. 
A) Payroll tax. 
B) Employee tax. 
C) Excess profits tax. 
D) Employer tax. 
E) Federal program.

Question 6

In accounting for payrolls, the Payroll Register is a book of original entry which is usedfor journalizing payroll information.

Accepted Answer

A) True 
 B)False

Question 7

Explain how the balances in the subsidiary accounts are tested for accuracy

Accepted Answer

The two-step procedure begins after the

Question 8

What are the primary components within an accounting information system?

Accepted Answer

1. Accounts payable
2. Account

Question 9

The amount an employee earns before any deductions such as EI, CPP, and income tax withholdings is the:

Accepted Answer

A) Take home pay. 
B) Gross pay. 
C) Taxable income. 
D) Net pay. 
E) Deductible pay. 
A) Take home pay. 
B) Gross pay. 
C) Taxable income. 
D) Net pay. 
E) Deductible pay.

Question 10

Your neighbor runs a retail business and needs some advice. Her business is improving and she has several more financial transactions happening in thecompany. She discussed this situation with her accountant and he advised her to adopt special journals to make transaction recording more efficient. She isconcerned that this creates a new learning curve for her bookkeeper who isalready very busy. Your neighbor knows you are studying accounting and asks you what you know about the benefits of using special journals. How would you respond?

Accepted Answer

Respond to your neig

Question 11

After posting is completed, there may be an error if

Accepted Answer

A) The sum of the accounts receivable ledger does not equal the balance in the sales account. 
B) The balance in the sales journal does not equal the accounts receivable controlling account balance. 
C) The sum of the customer account balances does not equal the accounts receivable controlling account balance. 
D) The sum of the customer account balances does not equal the total in the sales journal. 
E) The sum of the accounts receivable ledger does not equal the balance in the sales journal. 
A) The sum of the accounts receivable ledger does not equal the balance in the sales account. 
B) The balance in the sales journal does not equal the accounts receivable controlling account balance. 
C) The sum of the customer account balances does not equal the accounts receivable controlling account balance. 
D) The sum of the customer account balances does not equal the total in the sales journal. 
E) The sum of the accounts receivable ledger does not equal the balance in the sales journal.

Question 12

Dole Company employees had the following earnings records at the close of theNovember 30 payroll period:   Dole Company's payroll benefits expense for each employee includes: 4.95% CPP and1.88% EI on the amount earned. What is the total payroll benefits expense for theNovember 30 pay period?

Accepted Answer

A) $796.11 ($10,500 × (.0188 × 1.4)+ ($10,500 × .0495)). 
B) $1,039.50 ($10,500 × .0495 × 2). 
C) $519.75 ($10,500 × .0495). 
D) $276.36 ($10,500 × (.0188 × 1.4)). 
E) $1,004.01 ($10,500 × ((.0495 + .0188)× 1.4)). 
A) $796.11 ($10,500 × (.0188 × 1.4)+ ($10,500 × .0495)). 
B) $1,039.50 ($10,500 × .0495 × 2). 
C) $519.75 ($10,500 × .0495). 
D) $276.36 ($10,500 × (.0188 × 1.4)). 
E) $1,004.01 ($10,500 × ((.0495 + .0188)× 1.4)).

Question 13

Under the perpetual system, special journals are not required

Accepted Answer

A) True 
 B)False

Question 14

Since federal income taxes withheld from an employee's wages are expenses of theemployee, not the employer, they should not be treated as liabilities of the employer.

Accepted Answer

A) True 
 B)False

Question 15

A list of the balances of all the accounts in the Accounts Receivable Ledger that isadded to show the total of accounts receivable outstanding is called a:

Accepted Answer

A) Special journal. 
B) Controlling account. 
C) Subsidiary ledger. 
D) Schedule of accounts receivable. 
E) Schedule of accounts payable. 
A) Special journal. 
B) Controlling account. 
C) Subsidiary ledger. 
D) Schedule of accounts receivable. 
E) Schedule of accounts payable.

Question 16

Under the perpetual system cash sales are recorded at the point of sale

Accepted Answer

A) True 
 B)False

Question 17

A Sales Journal is used to record cash sales

Accepted Answer

A) True 
 B)False

Question 18

Source documents

Accepted Answer

A) Provide basic information processed by an accounting system. 
B) Can be electronic files. 
C) Are input devices. 
D) Both provide basic information processed by an accounting system and can be electronic files. 
E) All of these answers are correct. 
A) Provide basic information processed by an accounting system. 
B) Can be electronic files. 
C) Are input devices. 
D) Both provide basic information processed by an accounting system and can be electronic files. 
E) All of these answers are correct.

Question 19

A schedule of accounts receivable is a listing of all creditor accounts and account balances.

Accepted Answer

A) True 
 B)False

Question 20

The Accounts Payable ledger has a controlling account in the General Ledger and a separate subsidiary account for each creditor in the Accounts Payable ledger.

Accepted Answer

A) True 
 B)False

Employment Insurance is levied equally on the employee and the employer

An example of a specialty component of an AIS is

Prepare a Sales Journal for Dina Company and journalize the appropriate transactions.

Explain the goals and uses of special journals

A tax levied on the amount of a payroll or on the amount of an employee's gross pay isa(n):

In accounting for payrolls, the Payroll Register is a book of original entry which is usedfor journalizing payroll information.

Explain how the balances in the subsidiary accounts are tested for accuracy

What are the primary components within an accounting information system?

The amount an employee earns before any deductions such as EI, CPP, and income tax withholdings is the:

After posting is completed, there may be an error if

Dole Company employees had the following earnings records at the close of theNovember 30 payroll period: Dole Company's payroll benefits expense for each employee includes: 4.95% CPP and1.88% EI on the amount earned. What is the total payroll benefits expense for theNovember 30 pay period?

Under the perpetual system, special journals are not required

Since federal income taxes withheld from an employee's wages are expenses of theemployee, not the employer, they should not be treated as liabilities of the employer.

A list of the balances of all the accounts in the Accounts Receivable Ledger that isadded to show the total of accounts receivable outstanding is called a:

Under the perpetual system cash sales are recorded at the point of sale

A Sales Journal is used to record cash sales

Source documents

A schedule of accounts receivable is a listing of all creditor accounts and account balances.

The Accounts Payable ledger has a controlling account in the General Ledger and a separate subsidiary account for each creditor in the Accounts Payable ledger.

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Inventory Costing and Valuation

Internal Control and Cash

Receivables

Filters

Exam 9: Appendix

Employment Insurance is levied equally on the employee and the employer

An example of a specialty component of an AIS is

Prepare a Sales Journal for Dina Company and journalize the appropriate transactions.

Explain the goals and uses of special journals

A tax levied on the amount of a payroll or on the amount of an employee's gross pay isa(n):

In accounting for payrolls, the Payroll Register is a book of original entry which is usedfor journalizing payroll information.

Explain how the balances in the subsidiary accounts are tested for accuracy

What are the primary components within an accounting information system?

The amount an employee earns before any deductions such as EI, CPP, and income tax withholdings is the:

After posting is completed, there may be an error if

Dole Company employees had the following earnings records at the close of theNovember 30 payroll period: Dole Company's payroll benefits expense for each employee includes: 4.95% CPP and1.88% EI on the amount earned. What is the total payroll benefits expense for theNovember 30 pay period?

Under the perpetual system, special journals are not required

Since federal income taxes withheld from an employee's wages are expenses of theemployee, not the employer, they should not be treated as liabilities of the employer.

A list of the balances of all the accounts in the Accounts Receivable Ledger that isadded to show the total of accounts receivable outstanding is called a:

Under the perpetual system cash sales are recorded at the point of sale

A Sales Journal is used to record cash sales

Source documents

A schedule of accounts receivable is a listing of all creditor accounts and account balances.

The Accounts Payable ledger has a controlling account in the General Ledger and a separate subsidiary account for each creditor in the Accounts Payable ledger.

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Inventory Costing and Valuation

Internal Control and Cash

Receivables

Filters