When You Use Five-Digit Account Numbers -

question 2

Multiple Choice

When you use five-digit account numbers -

• A)this changes the way you select an account in a journal
• B)you can type four or five digits to enter the account number if the final digit is zero
• C)it is more difficult to locate the account you need for a transaction
• D)you increase the number of accounts you can create for a company data file

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Definitions:

Withholding Allowances

Claims made on a W-4 form that determine the amount of an employee’s income not subject to federal income tax withholding.

Percentage Method

A way to calculate taxes or other financial figures by applying a specific percentage rate to a base amount.

Federal Income Tax

An annual financial obligation enforced by the IRS on earnings of persons, businesses, trusts, and other legal entities.

FICA Taxes

Taxes collected under the Federal Insurance Contributions Act, funding Social Security and Medicare, deducted from employees' paychecks and matched by employers.