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Multiple Choice Quiz
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1

A general journal is a group of accounts.
A)True
B)False
2

Double entry accounting is where two or more accounts are affected and the total of debits and credits are equal.
A)True
B)False
3

A chart of accounts :
A)is a list of all the general ledger accounts
B)lists all the accounts that appear in the firm’s financial statements
C)serves as a guide for the recording of transactions
D)All of the above
4

The "Wages Payables" account is normally credited when the paychecks are paid or distributed to employees.
A)True
B)False
5

An asset account will increase by:
A)A debit
B)A credit
C)All of the above
D)None of the above
6

The “Payroll Taxes Payable - Social Security ” account increases by:
A)Debit
B)Credit
C)All of the above
D)None of the above
7

Mabel’s computer services completed the payroll for February 22. The employers taxes are: employer’s FICA (Social Security) taxes $7600, FUTA taxes $175 and SUTA taxes $565. The journal entry for the employer’s payroll taxes will include:
A)A debit to FICA (Social Security) Taxes payable for $7600
B)A credit to FICA (Social Security)Taxes payable for $7600
C)A credit to Payroll Taxes expense for $565
D)None of the above
8

On the ledger, the last two money columns are used to show the updated balance of the account.
A)True
B)False
9

When payroll taxes are deposited or paid the appropriate liability accounts are debited.
A)True
B)False
10

All employees’ earnings are subject to Medicare (HI) tax.
A)True
B)False





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