Client Assets do not match their Liabilities and Equity. What is this called?
What is out of balance?
100
Places or individuals that the church collects money from throughout the year.
What is an Income Source?
100
Checking a benefit as Exempt from FICA will affect Social Security and _______.
What is Medicare?
100
Client can run this report to find out the total deposit amount that should have been paid to the government during the quarter.
What is the Tax Liability Report?
100
The number of employees on the Federal Quarterly Listing report will always match the number of employees listed for box 1 on the 941. This is a sure way for the client to know if box 1 is correct. T/F
Group will also need to state why.
False
200
Special Equity Account that hold the Net Income until the end of the year.
What is Retained Earnings?
200
Client entered a donation as a Receivable and posted the deposit. She then noticed the distribution account is incorrect. What does the client need to do with the cash receipt to correct the transaction?
What is void the cash receipt?
Client will need to void the cash receipt then correct the distribution on the receivable and post the deposit again.
200
Client purchased the Payroll Module during the second quarter of the year. Where can the client enter employee paycheck totals for the first quarter?
What is QTD & YTD Totals?
200
This box on the 941 form should show "current quarter's adjusments for fractions of cents".
What is box/line 7?
200
Client purchased Ledger Payroll in February, they
hand-entered the payroll amounts for January on the Employee QTD & YTD totals screen. When they run Test Totals the employees show as errors. The representative should tell the client to click Allow Recalculation of Totals when running the Test Totals process to correct this. T/F
Group will also need to state why?
False
300
This type of accounting requires Receivable and Payable Accounts.
What is Accrual Basis Accounting?
300
Client paid an invoice using an incorrect distribution account. He has not closed the month yet. How would the client correct the expense account used?
What is Change Distribution?
300
This is where the client would set up Employee Health Insurance, for the first time, as a new deduction in the software.
What is Employee Benefits?
300
This process compares totals from paychecks with QTD & YTD Totals window.
What is Test Totals?
300
The client stated the percentage taken out for Employee Social Security was 7.2% instead of 6.2%. The client would like to correct this on the employee’s next paycheck. To correct this, the client will insert a line for the fixed amount owed using type ______ as ________ amount.
What is social security-extra, negative?
400
What is the method that allows clients to track several separate Chart of Accounts at the same time.
What is Fund Accounting?
400
Client begin using Ledger in August. She would like to enter checks she wrote to the Landscaper in July. What can the client use to record the checks written in July?
What is a Disbursement?
400
Having a blank _______ will cause line 7 on the 941 to be more than a fraction of cents.
What is W-4 Filing Status?
400
Kenton White is paid a gross wage of $7500.00 for the quarter. His 401K deduction is $300.00 for the quarter, and is marked Exempt from FICA. What is his Taxable Social Security wage on the Federal Quarterly Listing report?
What is $7,200.00?
400
If a client makes changes to what a benefit is exempt from after running paychecks for the 2nd quarter, this will not affect the 2nd quarter 941. T/F
False
500
These account types increase with a credit.
What are Liability, Equity, and Income Accounts?
500
Name the 6 tabs available under Transactions.
What is Accounting Overview, Income, Expense, JE, Import, and End of Period.
500
Client can view this report to see a breakdown of how an employee's paycheck is calculated.
What is the Print Actuals Report?
500
The tax liability report is located under Transactions, End of Period, and ________
What is Payroll End of Month?
500
Client will preview the __________ report before reaching the 941. This report will show any errors with an _______.