Question 1

The form that contains information about gross earnings given to each employee by February 28 of the year following is the

Accepted Answer

A)  T4 Summary. 
B)  ROE. 
C)  T4. 
D)  TD1. 
A)  T4 Summary. 
B)  ROE. 
C)  T4. 
D)  TD1. C

Question 2

Prepaid Worker's Compensation Insurance is what type of account?

Accepted Answer

A)  Asset 
B)  Expense 
C)  Liability 
D)  Revenue 
A)  Asset 
B)  Expense 
C)  Liability 
D)  Revenue A

Question 3

After sending the monthly payroll remittance, CPP Payable would decrease.

Accepted Answer

A) True 
 B)False  True

Question 4

The Super Sandwich Company had made the following entry to record the payroll:
$$\begin{array}{l}
\text { Salaries Expense } \quad 10,000.00\
\begin{array} { l r } 
\text { CPP Payable } & 385.00 \
\text { EI Payable } & 188.00 \
\text { Income Tax Payable } & 2,090.00 \
\text { Wages \& Salaries Payable } & 7,337.00
\end{array}
\end{array}$$
Produce the entry to record the employer's contributions.

Accepted Answer

Employee Benefits Ex

Question 5

Which of the following is NOT a form required by CRA in the payroll process?

Accepted Answer

A)  T4 
B)  T4 Summary 
C)  T4X 
D)  PD7A 
A)  T4 
B)  T4 Summary 
C)  T4X 
D)  PD7A

Question 6

Businesses with payroll deductions under $15,000 must remit payroll withholdings quarterly.

Accepted Answer

A) True 
 B)False

Question 7

Why is income tax NOT considered an expense of the employer?

Accepted Answer

Income tax is only paid by the employee.

Question 8

If the employees had $250 CPP, $350 EI and $450 Income Tax deducted from their paycheques, then the Employer's Benefits expense would be

Accepted Answer

A)  $1,790. 
B)  $600. 
C)  $740. 
D)  $1,050. 
A)  $1,790. 
B)  $600. 
C)  $740. 
D)  $1,050.

Question 9

When remitting CPP, the entry would be

Accepted Answer

A)  debit Cash, credit CPP Payable. 
B)  debit CPP Expense, credit Cash. 
C)  debit CPP Payable, credit Cash. 
D)  debit Cash, credit CPP Expense. 
A)  debit Cash, credit CPP Payable. 
B)  debit CPP Expense, credit Cash. 
C)  debit CPP Payable, credit Cash. 
D)  debit Cash, credit CPP Expense.

Question 10

In addition to CPP and EI, employers often share the expense of

Accepted Answer

A)  garnishees. 
B)  savings plans. 
C)  health care plans. 
D)  income tax. 
A)  garnishees. 
B)  savings plans. 
C)  health care plans. 
D)  income tax.

Question 11

An employer might agree to pay a portion of the following items to which the employees contribute.

Accepted Answer

A)  Provincial tax 
B)  Federal tax 
C)  Union dues 
D)  Medical plan 
A)  Provincial tax 
B)  Federal tax 
C)  Union dues 
D)  Medical plan

Question 12

The totals of EI, CPP and Income Tax deducted reported on the T4 Summary must agree with the total of the deductions of CPP, EI and Income Tax reported on the employee's T4s.

Accepted Answer

A) True 
 B)False

Question 13

Using the information below, determine the amount of the payroll benefits expense for Quinn's Quizzes.
                   Employee Gross Pay        CPP Deducted      EI Deducted               J. Gross         1,000       46.17       18.80              P. James         500       21.42       9.40               Q. Quan       600       26.37       11.28

Accepted Answer

CPP 93.96 × 1 = 93.9

Question 14

Most smaller companies must send in their remittance every week if they have a weekly pay period.

Accepted Answer

A) True 
 B)False

Question 15

The last step in the payroll process for the year is

Accepted Answer

A)  calculating gross pay. 
B)  mail the T4 Summary and the T4 Supplementary. 
C)  completing the payroll register. 
D)  mailing the record of employment. 
A)  calculating gross pay. 
B)  mail the T4 Summary and the T4 Supplementary. 
C)  completing the payroll register. 
D)  mailing the record of employment.

Question 16

When remitting EI, the entry would be

Accepted Answer

A)  debit EI Expense, credit Cash. 
B)  debit Cash, credit EI Expense. 
C)  debit Cash, credit EI Payable. 
D)  debit EI Payable, credit Cash. 
A)  debit EI Expense, credit Cash. 
B)  debit Cash, credit EI Expense. 
C)  debit Cash, credit EI Payable. 
D)  debit EI Payable, credit Cash.

Question 17

For a weekly payroll, the journal entry to record the employer's portions should also be done weekly.

Accepted Answer

A) True 
 B)False

Question 18

An employer must always use a calendar year for payroll purposes.

Accepted Answer

A) True 
 B)False

Question 19

Use a Statement of Account for Current Source Deductions to remit monthly employee deductions to the Canada Revenue Agency.

Accepted Answer

A) True 
 B)False

Question 20

Why would a company use a separate payroll cash account?

Accepted Answer

A)  Provides for better internal control 
B)  Ease of account reconciliation 
C)  Determine whether or not the employee has cashed their cheque 
D)  All of the above are correct. 
A)  Provides for better internal control 
B)  Ease of account reconciliation 
C)  Determine whether or not the employee has cashed their cheque 
D)  All of the above are correct.

The form that contains information about gross earnings given to each employee by February 28 of the year following is the

Prepaid Worker's Compensation Insurance is what type of account?

After sending the monthly payroll remittance, CPP Payable would decrease.

The Super Sandwich Company had made the following entry to record the payroll: Salaries Expense 10,000.00 CPP Payable 385.00 EI Payable 188.00 Income Tax Payable 2,090.00 Wages \& Salaries Payable 7,337.00 Produce the entry to record the employer's contributions.

Which of the following is NOT a form required by CRA in the payroll process?

Businesses with payroll deductions under $15,000 must remit payroll withholdings quarterly.

Why is income tax NOT considered an expense of the employer?

If the employees had $250 CPP, $350 EI and $450 Income Tax deducted from their paycheques, then the Employer's Benefits expense would be

When remitting CPP, the entry would be

In addition to CPP and EI, employers often share the expense of

An employer might agree to pay a portion of the following items to which the employees contribute.

The totals of EI, CPP and Income Tax deducted reported on the T4 Summary must agree with the total of the deductions of CPP, EI and Income Tax reported on the employee's T4s.

Using the information below, determine the amount of the payroll benefits expense for Quinn's Quizzes.

Employee Gross Pay CPP Deducted EI Deducted

J. Gross 1,000 46.17 18.80

P. James 500 21.42 9.40

Q. Quan 600 26.37 11.28

Most smaller companies must send in their remittance every week if they have a weekly pay period.

The last step in the payroll process for the year is

When remitting EI, the entry would be

For a weekly payroll, the journal entry to record the employer's portions should also be done weekly.

An employer must always use a calendar year for payroll purposes.

Use a Statement of Account for Current Source Deductions to remit monthly employee deductions to the Canada Revenue Agency.

Why would a company use a separate payroll cash account?

Accounting Concepts and Procedures: an Introduction

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle: Journalizing, Posting, and the Trial Balance

The Accounting Cycle Continued: Preparing Worksheets and Financial Statements

The Accounting Cycle Completed: Closing and Post-Closing Trial Balance

Special Journals and Subsidiary Ledgers: the Basics: Sales and Cash

Special Journals and Subsidiary Ledgers: the Basics: Purchases and Cash Payments Journals

Banking Procedures and Control of Cash

Payroll Procedures: the Employees Perspective

Special Journals With Taxes

Preparing a Worksheet for a Merchandising Company

Completion of the Accounting Cycle for a Merchandising Company

Filters

	Employee Gross Pay	CPP Deducted	EI Deducted
J. Gross	1,000	46.17	18.80
P. James	500	21.42	9.40
Q. Quan	600	26.37	11.28

Exam 10: The Employers Tax Responsibilities: Principles and Procedures

The form that contains information about gross earnings given to each employee by February 28 of the year following is the

Prepaid Worker's Compensation Insurance is what type of account?

After sending the monthly payroll remittance, CPP Payable would decrease.

The Super Sandwich Company had made the following entry to record the payroll: Salaries Expense 10,000.00 CPP Payable 385.00 EI Payable 188.00 Income Tax Payable 2,090.00 Wages \& Salaries Payable 7,337.00 Produce the entry to record the employer's contributions.

Which of the following is NOT a form required by CRA in the payroll process?

Businesses with payroll deductions under $15,000 must remit payroll withholdings quarterly.

Why is income tax NOT considered an expense of the employer?

If the employees had $250 CPP, $350 EI and $450 Income Tax deducted from their paycheques, then the Employer's Benefits expense would be

When remitting CPP, the entry would be

In addition to CPP and EI, employers often share the expense of

An employer might agree to pay a portion of the following items to which the employees contribute.

The totals of EI, CPP and Income Tax deducted reported on the T4 Summary must agree with the total of the deductions of CPP, EI and Income Tax reported on the employee's T4s.

Using the information below, determine the amount of the payroll benefits expense for Quinn's Quizzes. Employee Gross Pay CPP Deducted EI Deducted J. Gross 1,000 46.17 18.80 P. James 500 21.42 9.40 Q. Quan 600 26.37 11.28

Most smaller companies must send in their remittance every week if they have a weekly pay period.

The last step in the payroll process for the year is

When remitting EI, the entry would be

For a weekly payroll, the journal entry to record the employer's portions should also be done weekly.

An employer must always use a calendar year for payroll purposes.

Use a Statement of Account for Current Source Deductions to remit monthly employee deductions to the Canada Revenue Agency.

Why would a company use a separate payroll cash account?

Accounting Concepts and Procedures: an Introduction

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle: Journalizing, Posting, and the Trial Balance

The Accounting Cycle Continued: Preparing Worksheets and Financial Statements

The Accounting Cycle Completed: Closing and Post-Closing Trial Balance

Special Journals and Subsidiary Ledgers: the Basics: Sales and Cash

Special Journals and Subsidiary Ledgers: the Basics: Purchases and Cash Payments Journals

Banking Procedures and Control of Cash

Payroll Procedures: the Employees Perspective

Special Journals With Taxes

Preparing a Worksheet for a Merchandising Company

Completion of the Accounting Cycle for a Merchandising Company

Filters

Using the information below, determine the amount of the payroll benefits expense for Quinn's Quizzes.

Employee Gross Pay CPP Deducted EI Deducted

J. Gross 1,000 46.17 18.80

P. James 500 21.42 9.40

Q. Quan 600 26.37 11.28