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FPC Chapter 6 Questions & Answers
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FPC Chapter 6 Questions & Answers Which of the following transactions is posted as a debit? A. Decrease in an expense account B. $1,000.00 lease payment for payroll software, posted to the expense account C. Increase in a liability account D. Payroll tax liability of $55,000.00 not deposited...

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  • October 18, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fpc chapter 6 questions answers
  • which of the following transactions is posted as a
  • a journal is a a chronological record of daily

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  • FPC - Fundamental Payroll Certification
  • FPC - Fundamental Payroll Certification

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FPC Chapter 6 Questions & Answers
Which of the following transactions is posted as a debit?

A. Decrease in an expense account
B. $1,000.00 lease payment for payroll software, posted to the expense account
C. Increase in a liability account
D. Payroll tax liability of $55,000.00 not deposited, posted to the liability account -
answer B. $1,000.00 lease payment for payroll software, posted to the expense
account

***Whether you post a transaction as a debit or credit depends on the type of account***

Acct Type Norm Bal Debit Credit

Asset Debit Increase Decrease

Liabilities Credit Decrease Increase

Equity/Capital/Networth Credit Decrease Increase

Income/Revenue Credit Decrease Increase

Expenses Debit Increase Decrease

A journal is:

A. a chronological record of daily transactions.
B. the last place transactions are recorded.
C. a summary of transactions by date.
D. a record of transactions by account. - answer A. a chronological record of daily
transactions.

***A journal is a chronological record of the daily transactions of a business.***

What document is matched correctly with its use?

A. Balance sheet--Record of business transactions by account
B. Financial statements--Journal and general ledger
C. General ledger--Chronological recording of daily business transactions
D. Journal--First posting of data about a transaction - answer D. Journal--First
posting of data about a transaction

*** Information about each transaction is first entered in a journal entry.***

,Which of the following transactions is posted as a debit?

A. A decrease in a liability account
B. A decrease in an expense account
C. An increase in a liability account
D. A decrease in an asset account - answer A. A decrease in a liability account

***Whether you post a transaction as a debit or credit depends on the type of account***

Acct Type Norm Bal Debit Credit

Asset Debit Increase Decrease

Liabilities Credit Decrease Increase

Equity/Capital/Networth Credit Decrease Increase

Income/Revenue Credit Decrease Increase

Expenses Debit Increase Decrease

Which of the following journal entries is posted as a debit?

A. $8,000.00 purchase of W-2 forms, posted to expense account
B. $45,000.00 payroll checks issued to employees, posted to the payroll checking
account
C. $8,000.00 manual check, posted to the asset account
D. $6,000.00 deducted for medical insurance premiums, posted to the liability account -
answer A. $8,000.00 purchase of W-2 forms, posted to expense account

***Whether you post a transaction as a debit or credit depends on the type of account***

Acct Type Norm Bal Debit Credit

Asset Debit Increase Decrease

Liabilities Credit Decrease Increase

Equity/Capital/Networth Credit Decrease Increase

Income/Revenue Credit Decrease Increase

Expenses Debit Increase Decrease

What document is matched correctly with its use?

, A. General ledger--Chronological recording of daily business transactions
B. Cash flow statement--Report of company's net income
C. Income statement--Record of company's assets, liabilities, and net worth
D. Chart of accounts--Listing of all accounts by name and number - answer D. Chart
of accounts--Listing of all accounts by name and number

***In most companies, a chart of accounts lists each account by a name and an
identification number. ***

An accounting document containing records of all business transactions by account is
defined as a(n):

A. general ledger.
B. chart of accounts.
C. journal.
D. income statement. - answer A. general ledger.

***The general ledger is a record of business transactions posted to each account from
the journal entries.***

Which account is identified correctly?

A. Furniture owned by the company--Liability
B. Cash--Asset
C. Money in a checking account--Expense
D. Taxes withheld but not yet deposited--Asset - answer B. Cash--Asset

***Asset accounts:***
Cash: 110

A general ledger is:

A. a record of transactions by account.
B. a summary of transactions by date.
C. a chronological record of daily transactions.
D. the first place transactions are recorded. - answer A. a record of transactions by
account.

***The general ledger is a record of business transactions posted to each account from
the journal entries.***

What transaction is posted as a debit?

A. $6,000.00 liability for medical insurance premiums withheld from employees' wages
but not yet paid to provider, posted to the liability account

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