Answer the following statements true (T) or false (F)
1. Sales through credit cards and debit cards are journalized in the same way as sales on account.
2. Proceeds from credit and debit card transactions are deposited on the day of the actual sale.
3. The two common methods of processing credit and debit card transactions are gross and net.
4. A business keeps cash in a bank account because banks have established practices for safeguarding the business's money.
1. FALSE
2.FALSE
3. TRUE
4. TRUE
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Government agencies are known for having so many layers and rules that decisions are made slowly and inefficiently. In this case, the __________ resource is a detriment to taxpayers using and paying for the bureaucracy.
A. financial B. organizational C. physical D. technological
Answer the following statements true (T) or false (F)
1. The employee federal and state income tax and Social Security tax are optional payroll deductions. 2. Income taxes are withheld from the employee's paycheck. 3. Social Security (FICA) tax is withheld from the employees' pay and matched by the employer. 4. Andrew, an employee of Super Retailer, Inc., has gross salary for March of $5,500. The entire amount is under the OASDI limit of $118,500 and thus subject to FICA. The total amount of employee FICA tax is $841.50. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) 5. Medicare taxes are a required column in a payroll register.
Barriers, or interferences, to communication can be completely overcome by skilled communicators
Indicate whether the statement is true or false
Distribution of profits in order to pay wages owed to someone does not imply that there is a
partnership. Indicate whether the statement is true or false