liabilities and equity in accounting coursera week 2 quiz answers

Sales Tax Liability Practice Quiz

1. In the same state, shoes, bananas, and a haircut would all be subject to the same sales tax rate.

  • False/ It depends
  • True

2. Funds in the Sales Tax Payable account can be treated as if they were Sales Revenue.

  • True
  • False

3. A customer purchases a pair of leopard spot fuzzy dice for $30 and the purchase is subject to 8% tax.

What’s the total amount Crankshaft Customs should collect from the customer? (Format your answer as $xx.xx)

  • $32.40
  • $32.08
  • $30.80
  • $38.00

4. Which account is missing in this journal entry for the $32.40 sale that includes $2.40 in tax?

  • Inventory
  • Sales Tax Payable
  • Accounts Receivable
  • Sales Tax Receivable

5. Which feature of accounting software can provide information about how much sales tax is owed to each tax agency?

  • Sales Tax Liability Report
  • Customer Summary Report
  • Bill Payments List
  • Profit and Loss by Month

Matching Principle and Payroll Practice Quiz

6. A salesperson makes a 5% commission on every sale they make in the month of January, but their commission isn't paid until February. This means that if they sell $100 worth of products in January, the company will pay them $5 in February.

When will the commission be recorded on the books?

  • January
  • February

7. An employee earns a bonus of $10,000 in 2019 based on their performance in the workplace. The bonus isn't paid out to them until 2020.

When will the bonus be recorded on the income statement?

  • 2019
  • 2020

8. Let's say a full time hourly employee’s pay period ends on April 20th, but they didn’t get paid until May 3rd. This expense needs to be recorded in which month?

  • April
  • May

Shuffle Q/A 1

Payroll Practice Quiz

9. The following could be payroll deductions on an employee’s paystub, except:

  • SUTA
  • Health insurance
  • FICA
  • Garnishment

10. The following are reasons for running payroll reports, except:

  • They help inform decision making and tracking
  • You might need to issue a report on a specific employee if there is a dispute on hours paid
  • You might be asked to update the business owner on the cost of payroll
  • They produce financial statements that are helpful
Next

Leave a Reply