Payroll MCQs

On which of the following financial statements is Revenue reported?

The term "the accounting process" refers to ______________.

What is the purpose of accruing vacation expense?

Employee B has an annual salary of $50,000 that is paid to him over 26 pay periods. He works 260 days per year. He retires after working 65 days, during which time he received 6 paychecks.

Given this information, Employee B's gross wages for his final paycheck will be _____________.

What is the purpose of Form 941?

An employee damages equipment and a court orders their wages are withheld as repayment. This is known as:

Why is payroll important from an accounting standpoint?

When can voluntary deductions be made?

What is a contractor?

True or false? A new employee must fill out a W-4.