The Usual Ordering of Accounts in the General Ledger Is

question 7

Multiple Choice

The usual ordering of accounts in the general ledger is

• A)assets, liabilities, shareholders' equity, revenues, and expenses.
• B)assets, liabilities, shareholders' equity, expenses, and revenues.
• C)liabilities, assets, shareholders' equity, revenues, and expenses.
• D)shareholders' equity, assets, liabilities, expenses, and revenues.

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Definitions:

SUTA

State Unemployment Tax Act; a tax paid by employers at a state level to fund unemployment benefits for workers who lose their jobs.

FUTA

The Federal Unemployment Tax Act, which imposes a payroll tax on businesses to fund state workforce agencies.

Wages Expense

The total cost incurred by a company for the payment of wages to employees during a specific period.

FICA Tax Rate

The percentage of income that is taken as tax to fund Social Security and Medicare, paid equally by employees and employers.