1) Prepaid workers’ compensation insurance is what type of account? a

1) Prepaid workers’ compensation insurance is what type of account? a. Asset b. Expense c. Liability d. Revenue 2. What type of an account is Wages and Salaries Payable? a. Asset b. Liability c. Revenue D. Expense 3. Wages and Salaries Expense is: a. equal to net pay b. equal to gross pay c. equal to the employer’s taxes d. None of the above. 4. A calendar quarter is made up of: a. 4 months b. 13 weeks c. 12 weeks D) however many weeks are needed to complete the month 5. FUTA taxes are paid: a. by the end of January of the following year if the amount owed is less than $500 b. by the end of the month following the end of the calendar quarter if the amount owed is more than $500 c. at the same time as the Form 941 taxes d. Both a and b are correct.