1) A $100 petty cash fund has cash of $14 and valid receipts for $82. The
entry to replenish the fund would include a:
A) credit to Cash for $82.
B) debit to Cash Short/Over for $4.
C) debit to Cash for $82.
D) debit to Petty Cash for $86.
2) Robbins Supply journal entry to establish a $100 petty cash fund for the offi
ce would include a:
A) credit to Petty Cash for $100.
B) credit to Cash for $100.
C) debit to Offi ce Expense for $100.
D) debit to Cash for $100.
3) The entry to replenish the petty cash fund debited Supplies instead of Postage
Expense. This would cause:
A) expenses to be overstated.
B) revenues to be understated.
C) expenses to be understated.
D) revenues to be overstated.
4) An error recording a $72 check as $27 would be included on the bank reconciliation
A) subtraction from the balance per bank.
B) subtraction from the balance per books.
C) addition to the balance per books.
D) addition to the balance per bank..
5) The amount of federal income tax withheld is computed using the:
A) FICA tax tables.
B) net earnings and Form W 4.
C) employee s income, number of allowances, and marital status.
D) W 2 charts.
6) A form completed by employees showing the number of allowances is:
A) Form W 4.
B) Form W 2.
C) Form 941.
D) Form 8109.
7) The amount of FICA OASDI and FICA Medicare taxes an employer must pay
A) equal to the amount withheld from the employee.
B) not dependent on the amount withheld from the employee.
C) greater than the amount withheld from the employee.
D) less than the amount withheld from the employee.
8) The payroll register includes sections for recording:
A) assets, liabilities, equity, revenues, and expenses.
B) gross pay, deductions, and net pay.
C) accrued expenses, unearned revenues, and net pay.
D) trade accounts receivable and short term note receivables.
9) Net pay is the same as:
A) before taxes pay.
B) gross pay.
C) pay before deductions.
D) take home pay.
10) Both employees and employers pay which of the following taxes?
A) FICA taxes (Social Security and Medicare)
B) Excise tax
C) Federal income tax
D) FUTA tax