CHECK YOUR LEARNING ANSWERS

Check Your Learning 1

1. False

2. True

3. False

4. True

5. register

6. professional

7. taxes; bank

Check Your Learning 2

1. False

2. True

3. True

4. allowances

5. offer

Check Your Learning 3

1. False

2. False

3. True

4. True

5. Overtime; 40

6. exception

7. piece

8. partial

THE ACTIVITIES OF BOOKKEEPING 119

 Check Your Learning 4
1. True

2. False

3. False

4. True

5. comprehensive

6. market; life; age

7. Medicare

Check Your Learning 5

1. True

2. False

3. False

4. exempt

5. Medicare

6. Social Security

Check Your Learning 6

1. False

2. True

3. False

4. True

5. Payroll

6. register; ink

Check Your Learning 7

1. True

2. False

3. True

4. accrual

5. manual

120 THE ACTIVITIES OF BOOKKEEPING

Check Your Learning 8
1. True

2. True

3. True

4. True

5. three; quarter

6. W-2

7. annualize

8. 941

Check Your Learning 9

1. False

2. True

3. False

4. False

5. purchase; receiving

6. expense

7. requisition

8. payment

Check Your Learning 10

1. True

2. False

3. True

4. False

5. Payable

6. use

7. assets

THE ACTIVITIES OF BOOKKEEPING 121

 Check Your Learning 11
1. True

2. True

3. True

4. False

5. requisition

6. date

7. repetitive

Check Your Learning 12

1. True

2. False

3. True

4. True

5. False

6. 1099

7. 18.25 percent

Check Your Learning 13

1. True

2. False

3. True

4. False

5. credit

6. credit report

7. billings

122 THE ACTIVITIES OF BOOKKEEPING

Check Your Learning 14
1. False

2. True

3. True

4. nexus

5. receivable

Check Your Learning 15

1. False

2. True

3. True

4. certificate

5. liability

Check Your Learning 16

1. True

2. True

3. False

4. False

5. license; secretary

6. forward

7. 365

8. invoice

Check Your Learning 17

1. False

2. True

3. True

4. credit; average

5. sales

THE ACTIVITIES OF BOOKKEEPING 123

 Check Your Learning 18
1. True

2. False

3. True

4. False

5. remittance advice

6. deposit; deposit (or check)

7. suspense

8. reducing

Check Your Learning 19

1. True

2. True

3. False

4. False

5. receipts

6. overnight

7. earnings

8. expense; days

Check Your Learning 20

1. False

2. True

3. True

4. Purchases

5. materials

124 THE ACTIVITIES OF BOOKKEEPING

Check Your Learning 21
1. True

2. False

3. True

4. True

5. False

6. variance

7. base

8. FIFO

Check Your Learning 22

1. True

2. True

3. False

4. book value

5. average

6. replacement

7. turnover

Check Your Learning 23

1. False

2. True

3. False

4. operational

5. land

6. book value

THE ACTIVITIES OF BOOKKEEPING 125

 Check Your Learning 24
1. False

2. False

3. True

4. True

5. balance

6. rate

7. derecognize

8. IRS

Check Your Learning 25

1. False

2. True

3. False

4. original

5. controls

Check Your Learning 26

1. True

2. False

3. True

4. liability

5. Simple

126 THE ACTIVITIES OF BOOKKEEPING