Miscellaneous Quiz / True or False: 2015 Accounting Review Take 2

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Can you name the 2015 Accounting Review Take 2?

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HintAnswer
Payroll taxes withheld represent a liability for an employer until payment is made.
Social security tax is only paid by the employee.
The first task in preparing payroll is determine the number of days worked by each employee.
Plant assets decrease in value because of use and passage of time.
The primary reason for using the same inventory costing method is to accurately report values.
Each employer is required by las to report payroll taxes to the government.
A single person will have less federal income tax withheld than a married person.
A factor that affect's a plant asset's useful life is its cost.
The interest accrued on a note payable is credited to interest expense.
Issuing a note payable eliminates the liability of the business.
HintAnswer
The simple interest formula is I = P * R * T.
Time in the simple interest formula can be expressed as a fraction of a year.
A periodic inventory is taken every day by most businesses.
Assessed values are used for the purpose of calculating property taxes.
Planning, recording, and interpreting financial information is called journalizing.
The source doc for paying an expense is a check.
Cash is an example of a plant asset account.
Anything of value a business owns is a liability.
A business owned by on person is a proprietorship.
When the LIFO method is used, ending inventory units are valued at the average price.

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