Multiple Choice Questions

21. Worker’s compensation is based upon the principle that, victims of a work-related injury or illness:

A) are granted benefits regardless of who is responsible for the accident, injury, or illness.

B) must prove that the employer directly or indirectly caused the accident, injury, or illness in order to receive benefits.

C) must sue the company in order to receive benefits.

D) are most likely to sue OSHA for wrongful-doing.

E) should be granted compensation only at the discretion of the employer and the union.

22. Which of the following is associated with workers compensation?

A) Hazard communication

B) Right to know

C) Liability without fault

D) Comparable worth

E) Define contribution

23. OSHA does NOT have responsibility for which of the following?

A) Developing enforceable standards.

B) Record keeping and reporting.

C) Inspection of the workplace.

D) Inspection of record-keeping forms.

E) Inspection of employee payslips.

24. Under OSHA requirements:

A) employers with 8 or more employees must maintain records of occupational injuries and illnesses as they occur.

B) all employers irrespective of the size of their organization must maintain records of occupational injuries and illnesses as they occur.

C) employers with 11 or more employees must maintain records of occupational injuries and illnesses as they occur.

D) employers in only those industries listed as “most hazardous” must keep records of occupational injuries and illnesses as they occur.

E) all unions must maintain safety records.

25. Occupational injuries must be recorded in all of the following instances EXCEPT when the injury results in:

A) a restriction of motion.

B) first aid treatment.

C) transfer to another job.

D) one or more lost workdays.

E) loss of consciousness.

26. In Marshall v. Barlow’s Inc. (1978), the Supreme Court ruled that:

A) employers with 25 or more employees must maintain records of occupational injuries and illnesses as they occur.

B) pre-employment screening for accident proneness is illegal.

C) the employer must develop job safety and health standards.

D) all public-sector employers must maintain safety records.

E) OSHA may not conduct warrantless inspections without an employer’s consent.

27. Merit Voluntary Protection Programs:

A) is the most demanding and most prestigious of the OSHA voluntary protection programs.

B) are designed for worksites with Star level quality safety and health protection to test alternatives to current Star eligibility and performance requirements.

C) motivate other companies to achieve excellent safety and health results in the same outstanding way.

D) is by far the most effective employee approach to safety.

E) is required under Workers Compensation.

28. Employer responsibilities under OSHA include all of the following EXCEPT:

A) Refrain from discriminating against employees who properly exercise their rights under the act.

B) Employ color codes, posters, labels, or signs in several languages to warn employees of potential hazards.

C) Request a closing discussion with the compliance officer following an inspection.

D) Examine workplace conditions to ensure they conform to applicable standards.

E) Minimize or reduce safety and health hazards.

29. Employee rights under OSHA include all of the following EXCEPT:

A) Filing safety or health grievances.

B) Complaining to an employer, union, OSHA, or any other government agency about job safety and health hazards.

C) Provide medical examinations when required by OSHA standards.

D) Participating on a workplace safety and health committee or in union activities concerning job safety and health.

E) Participating in OSHA inspections, conferences, hearings, or other OSHA-related activities.

30. You are looking for a way to reduce or eliminate higher accident rates among younger workers. What is a safety intervention you might consider?

A) Hiring only candidates between the ages of 35 and 39.

B) Provide mandatory safety training for hazardous jobs.

C) Ensure that pay for performance plans only focus on quantity of work.

D) Provide training only post-accident.

E) Initiate a team based competition to increase production.

138.A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a(n):   

A. Account.

B. Trial balance.

C. Journal.

D. T-account.

E. Balance column account.

139.Smiles Entertainment had the following accounts and balances at December 31: 

AccountDebitCredit

Cash$10,000

Accounts Receivable2,000

Prepaid Insurance2,400

Supplies1,000

Accounts Payable $5,000

Common Stock 4,900

Service Revenue 7,000

Salaries Expense500

Utilities Expense   1,000

Totals$16,900$16,900

Using the information in the table, calculate the company's reported net income for the period.    

A. $1,100.

B. $4,000.

C. $4,500.

D. $10,400.

E. $5,500.

Net Income = Total Revenues - Total Expenses.(Service Revenue $7,000 - Salaries Expense $500 - Utilities Expense $1,000 = $5,500)

140.Jackson Consulting, Inc. had the following accounts and balances at December 31: 

AccountDebitCredit

Cash$20,000

Accounts Receivable   6,000

Prepaid Insurance1,500

Supplies5,000

Accounts Payable $500

Common Stock 16,200

Dividends1,000

Service Revenue 20,000

Utilities Expense2,000

Salaries Expense   1,200

Totals$36,700$36,700

Using the information in the table, calculate Jackson Consulting Inc.'s reported net income for the period.    

A. $16,800.

B. $15,800.

C. $15,300.

D. $10,300.

E. $32,000.

Net Income = Total Revenues - Total Expenses.Service Revenue $20,000 - Utilities Expense $2,000 - Salaries Expense $1,200 = $16,800

141.Bologna Lodging, Inc. had the following accounts and balances as of December 31: 

AccountDebitCredit

Cash$20,000

Accounts Receivable2,000

Salaries Expense500

Accounts Payable $4,000

Lodging Revenue 7,000

Utilities Expense500

Prepaid Insurance1,400

Supplies1,500

Common Stock             14,900

Totals$25,900$25,900

Using the information in the table, calculate the total assets reported on Bologna's balance sheet for the period.    

A. $24,900.

B. $25,400.

C. $22,500.

D. $25,900.

E. $23,400.

(Cash $20,000 + Accounts Receivable $2,000 + Prepaid Insurance $1,400 + Supplies $1,500 = $24,900)

142.At the end of its first month of operations, Michael's Consulting Services, Inc. reported net income of $25,000. They also had account balances of: Cash, $18,000; Office Supplies, $2,000 and Accounts Receivable $10,000. The stockholders' total investment for this first month was $5,000. Calculate the ending balance in Stockholders' Equity to be reported on the Balance Sheet.    

A. $30,000

B. $25,000

C. $20,000

D. $5,000

E. $7,000

Common Stock $5,000 + Net Income $25,000 = $30,000

143.Identify the accounts that would normally have balances in the debit column of a business's trial balance.    

A. Assets and expenses.

B. Assets and revenues.

C. Revenues and expenses.

D. Liabilities and expenses.

E. Liabilities and dividends.

144.Identify the accounts that would normally have balances in the credit column of a business's trial balance.    

A. Liabilities and expenses.

B. Assets and revenues.

C. Revenues and expenses.

D. Revenues and liabilities.

E. Dividends and liabilities.

145.Which of the following is not a step in the accounting process?    

A. Record relevant transactions and events in a journal.

B. Post journal information to the ledger accounts.

C. Prepare and analyze the trial balance.

D. Analyzing each transaction.

E. Verify that revenues and expenses are equal.

146.A bookkeeper has debited an account for $3,500 and credited a liability account for $2,000. Which of the following would be an incorrect way to complete the recording of this transaction:   

A. Credit another asset account for $1,500.

B. Credit another liability account for $1,500.

C. Credit an expense account for $1,500.

D. Credit the common stock account for $1,500.

E. Debit another asset account for $1,500.

147.A report that lists a business's accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n):   

A. Account balance.

B. Trial balance.

C. Ledger.

D. Chart of accounts.

E. General Journal.

138.A record in which the effects of transactions are first recorded and from which transaction amounts are posted to the ledger is a(n):   

A. Account.

B. Trial balance.

C. Journal.

D. T-account.

E. Balance column account.

139.Smiles Entertainment had the following accounts and balances at December 31: 

AccountDebitCredit

Cash$10,000

Accounts Receivable2,000

Prepaid Insurance2,400

Supplies1,000

Accounts Payable $5,000

Common Stock 4,900

Service Revenue 7,000

Salaries Expense500

Utilities Expense   1,000

Totals$16,900$16,900

Using the information in the table, calculate the company's reported net income for the period.    

A. $1,100.

B. $4,000.

C. $4,500.

D. $10,400.

E. $5,500.

Net Income = Total Revenues - Total Expenses.(Service Revenue $7,000 - Salaries Expense $500 - Utilities Expense $1,000 = $5,500)

140.Jackson Consulting, Inc. had the following accounts and balances at December 31: 

AccountDebitCredit

Cash$20,000

Accounts Receivable   6,000

Prepaid Insurance1,500

Supplies5,000

Accounts Payable $500

Common Stock 16,200

Dividends1,000

Service Revenue 20,000

Utilities Expense2,000

Salaries Expense   1,200

Totals$36,700$36,700

Using the information in the table, calculate Jackson Consulting Inc.'s reported net income for the period.    

A. $16,800.

B. $15,800.

C. $15,300.

D. $10,300.

E. $32,000.

Net Income = Total Revenues - Total Expenses.Service Revenue $20,000 - Utilities Expense $2,000 - Salaries Expense $1,200 = $16,800

141.Bologna Lodging, Inc. had the following accounts and balances as of December 31: 

AccountDebitCredit

Cash$20,000

Accounts Receivable2,000

Salaries Expense500

Accounts Payable $4,000

Lodging Revenue 7,000

Utilities Expense500

Prepaid Insurance1,400

Supplies1,500

Common Stock             14,900

Totals$25,900$25,900

Using the information in the table, calculate the total assets reported on Bologna's balance sheet for the period.    

A. $24,900.

B. $25,400.

C. $22,500.

D. $25,900.

E. $23,400.

(Cash $20,000 + Accounts Receivable $2,000 + Prepaid Insurance $1,400 + Supplies $1,500 = $24,900)

142.At the end of its first month of operations, Michael's Consulting Services, Inc. reported net income of $25,000. They also had account balances of: Cash, $18,000; Office Supplies, $2,000 and Accounts Receivable $10,000. The stockholders' total investment for this first month was $5,000. Calculate the ending balance in Stockholders' Equity to be reported on the Balance Sheet.    

A. $30,000

B. $25,000

C. $20,000

D. $5,000

E. $7,000

Common Stock $5,000 + Net Income $25,000 = $30,000

143.Identify the accounts that would normally have balances in the debit column of a business's trial balance.    

A. Assets and expenses.

B. Assets and revenues.

C. Revenues and expenses.

D. Liabilities and expenses.

E. Liabilities and dividends.

144.Identify the accounts that would normally have balances in the credit column of a business's trial balance.    

A. Liabilities and expenses.

B. Assets and revenues.

C. Revenues and expenses.

D. Revenues and liabilities.

E. Dividends and liabilities.

145.Which of the following is not a step in the accounting process?    

A. Record relevant transactions and events in a journal.

B. Post journal information to the ledger accounts.

C. Prepare and analyze the trial balance.

D. Analyzing each transaction.

E. Verify that revenues and expenses are equal.

146.A bookkeeper has debited an account for $3,500 and credited a liability account for $2,000. Which of the following would be an incorrect way to complete the recording of this transaction:   

A. Credit another asset account for $1,500.

B. Credit another liability account for $1,500.

C. Credit an expense account for $1,500.

D. Credit the common stock account for $1,500.

E. Debit another asset account for $1,500.

147.A report that lists a business's accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n):   

A. Account balance.

B. Trial balance.

C. Ledger.

D. Chart of accounts.

E. General Journal.

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