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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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EXERCISE E-2

Purpose: (L.O. 1 thru 3) This exercise will quiz you about terminology used in this chapter.

A list of accounting terms with which you should be familiar appears below:

Bonus payroll dedutctions
Employee earnings record payroll register
Employee's Withholding Allowance Certificate (Form) Salaries
Federal unemployment taxes Statement of earnings
Fees State unemployment taxes
FICA taxes Wage and Tax Statement (Form W-2)
Gross earnings Wages
Net pay

Instructions

For each item below, enter in the blank the term that is described.

  1. ____________________________________ Specified amounts per month or per year paid to executive and administrative personnel.
  2. ____________________________________ Amounts paid to employees based on a rate per hour or on a piece-work basis.
  3. ____________________________________ Compensation to management personnel and other employees based on factors such as increased sales or the amount of net income.
  4. ____________________________________ Total compensation earned by an employee. Sometimes called gross pay.
  5. ____________________________________ Deductions from gross earnings to determine the amount of a paycheck.
  6. ____________________________________ A payroll record that accumulates the gross earnings, deductions, and net pay by employee for each pay period.
  7. ____________________________________ Gross earnings less payroll deductions. Sometimes called take-home pay.
  8. ____________________________________ An Internal Revenue Service ...

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