Deck 8: Payroll

Question 1

IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE.
The __________ is the report that lists transactions in debit/credit format.

Answer 1

" The         is the report that lists transactions in debit/credit format. "
Answer:
Journal
Justification:
Journal:
Journal is an accounting record where all business transactions are initially entered. Journal entries are typically recorded in chronological order and by using the double entry method of bookkeeping.
Double-entry system :
Every business transaction has equal and opposite effects, which are recorded as debits and credits in two journal entries. One account will be debited as it receives value and the other account will be credited as it gives value.
It satisfies the accounting equation:

Question 2

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
When the payroll liabilities to be paid have been selected, QuickBooks will _______.

A) create a separate check for each liability
B) consolidate the liabilities paid and create one check for each vendor
C) automatically process a Payroll Liability Balances Report
D) prepare any tax return forms necessary

Answer 2

"When the payroll liabilities to be paid have been selected, QuickBooks will       ."
Answer:
B) Consolidate the liabilities paid and create one check for each vendor
Justification:
QuickBooks follows the given payroll taxes and other payroll liabilities. For payment of the tax liability, QuickBooks prepares one check for the consolidated amount. In QuickBooks, several taxes are considered as one vendor liability. Therefore, QuickBooks does not prepare a separate check for each tax.

Question 3

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
To change the amount of a deduction entered on an employee's check that has been created, you _______.

A) must void the check and issue a new one
B) adjust the next check to include the change
C) unlock and change the Paycheck Detail for the check and reprint it
D) must delete the check

Answer 3

"To change the amount of a deduction entered on an employee's check that has been created, you       ."
Answer:
C) Unlock and change the paycheck detail for the check and reprint it
Justification:
The paycheck is printed one at a time. If there is any difference between payroll summary and paycheck detail on screen, the corrections should be made through unlocking net pay and entering the corrections.

Question 4

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
If a salaried employee uses vacation pay, QuickBooks will automatically distribute the correct amount of earnings to Vacation Salary once the number of vacation hours has been entered.

Question 5

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
Once a paycheck has been prepared, you must unlock the paycheck detail before editing it.

Question 6

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
The Journal may be prepared ________.

A) for any range of dates
B) for a specific month
C) for a specific day
D) all of the above

Question 7

IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE.
The reports that show an employee's gross pay, sick and vacation hours and pay, deductions, taxes, and other details are the _________ and the __________.

Question 8

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
Processing the Payroll Liabilities Balances Report also generates the checks for payment of the liabilities.

Question 9

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
When paying tax liabilities, you may ________.

A) pay all liabilities at one time
B) select individual tax liabilities and pay them one at a time
C) pay all the tax liabilities owed to a vendor
D) all of the above

Question 10

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
Changes made to an employee's pay rate will become effective _______.

A) immediately
B) at the end of the next payroll period
C)at the end of the quarter
D) after a W-2 has been prepared for the employee

Question 11

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
Paychecks may be printed only as a batch.

Question 12

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
All payroll reports must be printed before payroll liabilities may be paid.

Question 13

IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE.
When the Employee Center is on the screen, the _______________ button is used to add a new employee.

Question 14

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
A new employee may be added ______.

A) at any time
B) only at the end of the week
C) only at the end of the pay period
D) only when current paychecks have been printed

Question 15

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
While a payroll check may voided, it may never be deleted.

Question 16

IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE.
The report listing the company's unpaid payroll liabilities as of the report date is the _________ Report.

Question 17

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
Pay stub information may be printed _______.

A) as part of a voucher check
B) separate from the paycheck
C) only as an individual employee report
D) both A and B

Question 18

You will be working with a company called Your Name Pool Spa. Transactions for employees, payroll, and payroll liabilities will be completed.

Question 19

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
Once an employee is hired, you may not change the pay period from semi-monthly to monthly.

Question 20

IN THE SPACE PROVIDED, WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE.
In the ___________, the individual employee's name, address, and telephone number is displayed in the Employee Information area.

Question 21

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
The Employee Earnings Summary Report lists payroll information for each employee categorized by ______.

A) employee
B) department
C) payroll item
D) date paid

Question 22

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
When completing paychecks manually, you ________.

A) provide the information about hours worked
B) provide the amounts for deductions
C) provide the number of sick and/or vacation hours used
D) all of the above

Question 23

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
An employee may be added at any time.

Question 24

What is the difference between voiding a paycheck and deleting a paycheck Why should a business prefer to void paychecks rather than delete them

Question 25

WRITE THE LETTER OF THE CORRECT ANSWER IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
A voided check _______.

A) shows an amount of 0.00
B) has a Memo of VOID
C) remains as part of the company records
D) all of the above

Question 26

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
When you process payroll manually, QuickBooks automatically prepares your paychecks and files all of your payroll tax reports

Question 27

ANSWER THE FOLLOWING QUESTIONS IN THE SPACE PROVIDED BEFORE THE QUESTION NUMBER.
If several taxes are owned to a single agency, QuickBooks generates a separate check to the agency for each tax liability item.