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1. In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer:   A.    Asset     B.    Liability     C.    Revenue     D.    Expense 2. Match the taxes or act to the year it was established. Social Security tax Employee Retirement Income Security Act Patient Protection and Affordable Care Act       2010 1974 1937 3. A _____ sets aside funds to be used for health-care expenses. Answer:   A.    flexible spending account     B.    Payroll Deduction IRA     C.    SIMPLE IRA plan     D.    403(b) plan

1. In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings? Answer:   A.    Asset     B.    Liability     C.    Revenue     D.    Expense 2. Match the taxes or act to the year it was established. Social Security tax Employee Retirement Income Security Act Patient Protection and Affordable Care Act       2010 1974 1937 3. A _____ sets aside funds to be used for health-care expenses. Answer:   A.    flexible spending account     B.    Payroll Deduction IRA     C.    SIMPLE IRA plan     D.    403(b) plan

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. In a journal entry for employee payroll, what type of account is credited to record each of the amounts withheld from employee earnings?
Answer:  
A.  
 Asset
 
  
B.  
 Liability
 
  
C.  
 Revenue
 
  
D.  
 Expense
2. Match the taxes or act to the year it was established.

Social Security tax

Employee Retirement Income Security Act

Patient Protection and Affordable Care Act
 
 
 

2010

1974

1937
3. A _____ sets aside funds to be used for health-care expenses.
Answer:  
A.  
 flexible spending account
 
  
B.  
 Payroll Deduction IRA
 
  
C.  
 SIMPLE IRA plan
 
  
D.  
 403(b) plan
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