Quiz Week9

APA 2111 Week 9 Quiz Help 

Question 1: The key documents and forms required in opening and using a checking account are the signature card, deposit tickets, checks, and bank statements.
Student Answer: True False

Question 2: To complete transactions with the bank, electronic funds transfer (EFT) systems use Student Answer: a computer. checks. currency. drafts or money orders.

Question 3: A check involves three parties. The person who orders the bank to pay a certain amount of money is called the
Student Answer: drawer. drawee. payee. endorser. Points Received: 3 of 3 Comments:

Question 4: Whenever the bank mails a credit memo to the depositor indicating the amount of interest credited to the account, the transaction that would be entered in the accounting records of the depositor would include
Student Answer: debiting Interest Earned and crediting Cash. debiting Interest Expense and crediting Cash. debiting Cash and crediting Interest Earned. debiting Cash and crediting Interest Expense.

Question 5: The process of bringing the book and the bank balance into agreement is called
Student Answer: reconciling the bank statement. proving the cash. preparing a statement of payment. preparing a statement of disbursements.

Question 6: The difference between the balance in the cash account on the depositor's books and the bank's books is usually due to timing.
Student Answer: True False

Question 7: Sandra Wilson is paid one and one-half times the regular hourly rate for all hours worked in excess of 40 hours per week and double time for work on Sunday. Wilson's regular rate is $10 per hour. During the week ended July 3, she worked 9 hours each day from Monday through Friday, 6 hours on Saturday, and 4 hours on Sunday. Wilson's overtime earnings for the week ended July 3 are Student Answer: $110. $245. $320. $430.

Question 8: FICA taxes include amounts for both Social Security and Medicare programs.
Student Answer: True False

Question 9: Joel Trump is paid one and one-half times the regular hourly rate for all hours worked in excess of 40 hours per week and double time for work on Sunday. Trump's regular rate is $8 per hour. During the week ended October 10, he worked 9 hours each day from Monday through Friday, 6 hours on Saturday, and 4 hours on Sunday. Trump's total earnings for the week ended October 10 are
 Student Answer: $110. $320. $430. $516.

Question 10: The account that is credited for the Social Security tax withheld from employee's earnings and the Social Security tax imposed on the employer is
Student Answer: Social Security Tax Expense. Social Security Tax Payable. Payroll Taxes Expense. Payroll Expense.

Question 11: The Fair Labor Standards Act provides that all employees covered by the act must be paid one and one-half times the regular rate for all hours worked over 40 per week.
Student Answer: True False

Question 12 : Each employee is required to furnish the employer with which of the following forms?
Student Answer: W-2, 941, W-4, 1040

Question 13: Form 941 is a(n)
Student Answer: Employee Withholding Allowance Certificate. Employer's Quarterly Federal Tax Return. Wage and Tax Statement. Employer's Annual Federal Unemployment Tax Return.

Question 14: The employer must pay the amount owed for Social Security and Medicare by the business plus the amount withheld from the employee to the IRS.
Student Answer: True False

Question 15: If an employer wishes, the FUTA tax may be deducted from employees' earnings. Student Answer: True False