Accounting 2nd 9-Weeks Part 2: Question Preview (ID: 7894)


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Paid to an employee as a percentage of the employee's sales
a) wage
b) salary
c) commission
d) overtime pay

Account used to record the total of the employer's payroll taxes
a) Payroll Tax Expense
b) Salaries Expense
c) Federal Income Tax Payable
d) State Income Tax Payable

Taxes paid by the employer to provide funds for workers who are temporarily out of work.
a) FICA
b) Federal Income Taxes
c) State Income Taxes
d) Unemployment Taxes

Used to record merchandise sold during the period
a) Sales
b) Purchases
c) Merchandise Inventory
d) Accounts Payable

A ___________ in the post reference column indicates the amount will be posted to two accounts.
a) Check Mark
b) Question Mark
c) Diagonal Line
d) Account Number

A business may allow its customers to return unsatisfactory merchandise for full credit or to keep the merchandise at a lesser price.
a) True
b) False
c) Don't Know
d) None of the Above

Business that sales to retailers
a) Service Business
b) Wholesaler
c) Retailer
d) Merchandise Business

Business that sales to the final user.
a) Service Business
b) Wholesaler
c) Retailer
d) Merchandise Business

A reduction in the sales price of an item that is given for prompt payment
a) Sale
b) Sale Discount
c) Purchase Discount
d) Cash Discount

Business that sales to retailers
a) Wholesaler
b) Retailer
c) Service Business
d) Merchandise Business

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