Final Exam: COGSCI C100 Guide (Latest 2024/ 2025
Update) Questions and Verified Answers| 100%
Correct| Grade A
A source document prepared by the seller that lists the items shipped, their cost,
and the method of shipment is commonly referred to by the seller as the -
ANSWERsales invoice.
Form 941 is a(n) - ANSWEREmployer's Quarterly Federal Tax Return.
(Appendix) A purchase was made for $200 on account with credit terms of 2/10,
n/30. The purchase was recorded using the net-price method. If payment is made 25
days later, the entry to record the payment will be to - ANSWERdebit Accounts
Payable for $196, debit Purchases Discounts Lost for $4, and credit Cash for $200.
When a single-check for payroll is prepared and deposited into a special payroll bank
account, which of the following entries is made to record the deposit? -
ANSWERdebit Wages and Salaries Expense; credit Cash
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A schedule of accounts receivable is prepared to - ANSWERverify that the sum of the
accounts receivable ledger balances equals the Accounts Receivable balance.
Employers usually prepare which of the following types of payroll records? -
ANSWERpayroll register, employee earnings record, and payroll check
The payroll register for the week ended February 14 for Luxury Homes Construction
Company indicates gross earnings of $4,000 and total deductions of $1,200. The
entry for the Wages and Salaries Expense ending February 14 would be a -
ANSWER$4,000 debit.
The act that requires most employers to withhold certain amounts from employees'
earnings for contributions to the Social Security and Medicare programs is called the
- ANSWERFederal Insurance Contributions Act.
Copies of a sales invoice are used to do all of the following EXCEPT - ANSWERrecord
the sale.
Melissa Taylor has gross earnings of $425 and withholdings of $26.35 for Social
Security tax, $6.16 for Medicare tax, and $35 for federal income tax. Her employer
pays $26.35 for Social Security tax, $6.16 for Medicare tax, $3 for FUTA tax, and $9
for SUTA tax. The total cost of Melissa to her employer is - ANSWER$469.51.
The employer usually pays the entire cost of - ANSWERWorkers' Compensation
Insurance.
, Each employee is required to furnish the employer with which of the following
forms? - ANSWERW-4
An amount of an employee's gross pay which is exempt from federal income tax
withholding is a(n) - ANSWERwithholding allowance.
An independent contractor performs a service for a fee and does not work under the
control and direction of the company paying for the service. - ANSWERTrue
A self-employment tax is required of an individual who owns his or her own business
and makes - ANSWER$400 or more
For this text, it is assumed that the maximum amount of earnings subject to FICA
taxes is - ANSWER$110,500.
If the seller permits merchandise to be returned or an allowance to be made, it is
customary for the seller to issue a(n) - ANSWERcredit memorandum.
The employer pays which of the following to the Internal Revenue Service? -
ANSWERthe employer's Social Security and Medicare taxes
The federal unemployment tax is levied on - ANSWERemployers and is deducted
from employees' earnings.
The needs of management and the requirements of various federal and state laws
make it necessary for employers to keep records that will provide all of the following
information for each employee EXCEPT - ANSWERnumber of hours the employee
works as a volunteer for the community.
A discount offered as an inducement for prompt payment of an invoice is called a(n)
- ANSWERcash discount.
After estimating its payroll for the year, an employer usually pays workers'
compensation insurance - ANSWERat the beginning of the year.
To journalize the payment of Social Security taxes to the IRS, the correct entry would
be - ANSWERdebit Social Security Tax Payable and credit Cash.
The account that is debited for the total amount of the gross earnings of all
employees for each pay period is - ANSWERWages and Salaries Expense.
A key source of information for computing employer payroll taxes is the -
ANSWERpayroll register.
(Appendix) When the net-price method of recording purchases is used, the debit to
Purchases is for the - ANSWERamount of the invoice less available cash discounts.
Update) Questions and Verified Answers| 100%
Correct| Grade A
A source document prepared by the seller that lists the items shipped, their cost,
and the method of shipment is commonly referred to by the seller as the -
ANSWERsales invoice.
Form 941 is a(n) - ANSWEREmployer's Quarterly Federal Tax Return.
(Appendix) A purchase was made for $200 on account with credit terms of 2/10,
n/30. The purchase was recorded using the net-price method. If payment is made 25
days later, the entry to record the payment will be to - ANSWERdebit Accounts
Payable for $196, debit Purchases Discounts Lost for $4, and credit Cash for $200.
When a single-check for payroll is prepared and deposited into a special payroll bank
account, which of the following entries is made to record the deposit? -
ANSWERdebit Wages and Salaries Expense; credit Cash
Hide Feedback
A schedule of accounts receivable is prepared to - ANSWERverify that the sum of the
accounts receivable ledger balances equals the Accounts Receivable balance.
Employers usually prepare which of the following types of payroll records? -
ANSWERpayroll register, employee earnings record, and payroll check
The payroll register for the week ended February 14 for Luxury Homes Construction
Company indicates gross earnings of $4,000 and total deductions of $1,200. The
entry for the Wages and Salaries Expense ending February 14 would be a -
ANSWER$4,000 debit.
The act that requires most employers to withhold certain amounts from employees'
earnings for contributions to the Social Security and Medicare programs is called the
- ANSWERFederal Insurance Contributions Act.
Copies of a sales invoice are used to do all of the following EXCEPT - ANSWERrecord
the sale.
Melissa Taylor has gross earnings of $425 and withholdings of $26.35 for Social
Security tax, $6.16 for Medicare tax, and $35 for federal income tax. Her employer
pays $26.35 for Social Security tax, $6.16 for Medicare tax, $3 for FUTA tax, and $9
for SUTA tax. The total cost of Melissa to her employer is - ANSWER$469.51.
The employer usually pays the entire cost of - ANSWERWorkers' Compensation
Insurance.
, Each employee is required to furnish the employer with which of the following
forms? - ANSWERW-4
An amount of an employee's gross pay which is exempt from federal income tax
withholding is a(n) - ANSWERwithholding allowance.
An independent contractor performs a service for a fee and does not work under the
control and direction of the company paying for the service. - ANSWERTrue
A self-employment tax is required of an individual who owns his or her own business
and makes - ANSWER$400 or more
For this text, it is assumed that the maximum amount of earnings subject to FICA
taxes is - ANSWER$110,500.
If the seller permits merchandise to be returned or an allowance to be made, it is
customary for the seller to issue a(n) - ANSWERcredit memorandum.
The employer pays which of the following to the Internal Revenue Service? -
ANSWERthe employer's Social Security and Medicare taxes
The federal unemployment tax is levied on - ANSWERemployers and is deducted
from employees' earnings.
The needs of management and the requirements of various federal and state laws
make it necessary for employers to keep records that will provide all of the following
information for each employee EXCEPT - ANSWERnumber of hours the employee
works as a volunteer for the community.
A discount offered as an inducement for prompt payment of an invoice is called a(n)
- ANSWERcash discount.
After estimating its payroll for the year, an employer usually pays workers'
compensation insurance - ANSWERat the beginning of the year.
To journalize the payment of Social Security taxes to the IRS, the correct entry would
be - ANSWERdebit Social Security Tax Payable and credit Cash.
The account that is debited for the total amount of the gross earnings of all
employees for each pay period is - ANSWERWages and Salaries Expense.
A key source of information for computing employer payroll taxes is the -
ANSWERpayroll register.
(Appendix) When the net-price method of recording purchases is used, the debit to
Purchases is for the - ANSWERamount of the invoice less available cash discounts.
