Questions from College Accounting


Q: What is the purpose of depreciation?

What is the purpose of depreciation?

See Answer

Q: What is an asset’s depreciable cost?

What is an asset’s depreciable cost?

See Answer

Q: Why is it important for payroll accounting purposes to distinguish between an

Why is it important for payroll accounting purposes to distinguish between an employee and an independent contractor?

See Answer

Q: Explain why payroll processing centers and electronic systems are commonly used in

Explain why payroll processing centers and electronic systems are commonly used in payroll accounting.

See Answer

Q: Explain the purpose of the work sheet.

Explain the purpose of the work sheet.

See Answer

Q: Identify the five major column headings on a work sheet.

Identify the five major column headings on a work sheet.

See Answer

Q: What is a transposition error?

What is a transposition error?

See Answer

Q: Name three major categories of deductions from an employee’s gross pay.

Name three major categories of deductions from an employee’s gross pay.

See Answer

Q: Identify the four factors that determine the amount of federal income tax

Identify the four factors that determine the amount of federal income tax that is withheld from an employee’s pay each pay period.

See Answer

Q: In general, an employee is entitled to withholding allowances for what

In general, an employee is entitled to withholding allowances for what purposes?

See Answer