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ACC 281 Week 3 Quiz

ACC 281 Week 3 Quiz

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ACC 281 Week 3 Quiz

 

 

1. Question :Regulations and Rules in the Accounting Practice:There are basic accounting rules that all organizations must follow.  The purpose of these rules is to make sure that sound accounting principles are being followed.  There are private entity rules and governmental entity rules.  Which of the following acronym would best describe these regulations and rules?

2. Question :Determining which type of organization to form can take some time to figure it out and can be based on your preferences.  Why do many health organizations choose the corporate structure?

3. Question :Which type of organization divides equity by percentage of ownership?

4. Question :The Discount on Notes Payable account

5. Question :Assume that Robert Conrad, a nurse, worked 45 hours last week. He is paid $28 per hour, with hours in excess of 40 being compensated at one and one half times the regular rate. Income tax withholdings amounted to $270; his medical insurance deduction was $30. The Social Security tax rate is 6% on the first $55,000 earned per employee, and Medicare is 1.5% on the first $130,000. Cumulative gross pay before considering the preceding data totaled $54,202. What is Conrad’s take-home pay?

6. Question :London Corporation paid $1,000 of accounts payable with cash on the last day of the month. The company had a current ratio of 4 before the disbursement. As a result of this payment, the current ratio will

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