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Articles To Help Your Business
BOOKKEEPING TIPS is a twice monthly e-letter published by The American Institute
of Professional Bookkeepers (AIPB), Suite 500, 6001 Montrose Road, Rockville, MD 20852.
Tel.: 800-622-0121, Fax: 800-541-0066, email: info@aipb.org.
October 25, 2005
AreYou Up to Date?
A Self-Quiz for Bookkeepers
Each month, AIPB members receive a skills-and-knowledgen quiz in their monthly technical update, The General
Ledger newsletter (www.aipb.org/general_ledger.html), which is free to members. The quiz is generally, but not
exclusively, based on news from recent issues.
Below is a quiz that includes recent developments that we have reported to members as well as general-knowledge
questions for professional bookkeepers. We put the answers way below so you would not see them while taking the
quiz, so you will need to scroll down to find them. Good luck!
1. In 2006, employers can offer a Roth IRA as part of their 401(k) which (will/will not) have an income ceiling
and (will/will not) have antidiscrimination provisions that reduce contributions for high-income employees
and (will/will not) be available to one-person business 401(k)s.
2. If an employee does not submit a W-4, you are required to withhold as if the employee was _____ with __ allowances.
3. Can a Flexible Spending Account (FSA) be used to reimburse the employee for over-the-counter antacids, allergy
medicines, pain relievers, and cold treatments?
4. In 2005, cafeteria plans can allow employees a grace period of up to _____ days after the plan year ends to
spend their account balances instead of losing the balance—but only if the plan is _____ by the end of the
current calendar year.
5. If Jo works 10-6, M-F, must you pay her for drive-time to a seminar on Saturday: from 1-3 p.m.?
6. If Jo works 10-6, M-F, must you pay her for drive-time to a seminar on Saturday: from 8-10 a.m.?
7. In an operating lease, the lessee debits payments to an (asset/expense) account.
8. A capital lease gives the (lessor/lessee) the risks and rewards of ownership.
9. In a direct financing lease, the cost is the same as the _____ _____.
10. Employees who hold a(n) __, __, __ or __ visa are exempt from FICA.
Answers:
Please note the citations next to the answers for the recent-events questions. We always give our members
the appropriate citations in case they need special information for their particular business.
1. will not, will, will [Reg-152354-04; 70 F.R. 10062-10066, March 2, 2005]
2. single, zero
3. yes [Revenue Ruling 2005-24]
4. 45, amended [Notice 2005-42]
5. yes
6. no
7. expense
8. lessee
9. selling price
10. F, J, M, Q
Join now and get this important news in your November 2005 issue of The General Ledger newsletter,
yours free each month, when you join:
AIPB improves testing .and continuing education requirements for Certified Bookkeepers.
How the new §125-plan grace periods for year-end 2005 affect what you report on the W-2—what to report on
the W-2 and where to report it, and what not to report.
Your personal list of due dates for year-end 2005 and year-beginning 2006.
How to tax—or not tax—year-end bonuses, prizes, different kinds of gifts(turkeys, hams, gift certificates,
sports tickets and other gifts) and awards
Plus: Bookkeepers' quiz . . . bookkeepers' Q&A . . . and more.
Don't miss these important technical updates for bookkeepers. Why risk not knowing crucial information that
can affect your responsibilties, your company or your clients? Accept our invitation to become a member of
The American Institute of Professional Bookkeepers. To get the membership benefits that you
deserve (www.aipb.org/member_benefits.html) as a professional bookkeeper, join now.
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