Question 1

The journal entry to record the estimated advance premium payment for workers' compensation is

Accepted Answer

A)  Cash Prepaid Insurance, Workers' Compensation 
B)  Prepaid Insurance, Workers' Compensation Cash 
C)  Workers' Compensation Insurance Expense Cash 
D)  Workers' Compensation Insurance Payable Cash 
A)  Cash Prepaid Insurance, Workers' Compensation 
B)  Prepaid Insurance, Workers' Compensation Cash 
C)  Workers' Compensation Insurance Expense Cash 
D)  Workers' Compensation Insurance Payable Cash

Question 2

The employer records deductions from the employee's paycheque

Accepted Answer

A)  as debits to expense accounts. 
B)  as credits to liability accounts until paid. 
C)  as debits to asset accounts until paid. 
D)  as credits to capital accounts. 
A)  as debits to expense accounts. 
B)  as credits to liability accounts until paid. 
C)  as debits to asset accounts until paid. 
D)  as credits to capital accounts.

Question 3

The T4 Summary

Accepted Answer

A)  must equal the total of the year's T4 and T4A Forms. 
B)  is sent in monthly. 
C)  is sent in quarterly. 
D)  is completed for each employee. 
A)  must equal the total of the year's T4 and T4A Forms. 
B)  is sent in monthly. 
C)  is sent in quarterly. 
D)  is completed for each employee.

Question 4

The information needed to make the journal entries to record the wages and salaries expense comes from

Accepted Answer

A)  form TD1-A. 
B)  the look-back period. 
C)  the payroll register. 
D)  form PD7A. 
A)  form TD1-A. 
B)  the look-back period. 
C)  the payroll register. 
D)  form PD7A.

Question 5

Employers should use a PD7A form to remit monthly employee deductions to the Canada Revenue Agency.

Accepted Answer

A) True 
 B)False

Question 6

What type of account is Payroll Tax Expense?

Accepted Answer

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

Question 7

Companies have a business number given by the federal government that uniquely identifies them.

Accepted Answer

A) True 
 B)False

Question 8

If Wages and Salaries Payable is debited, what account would most likely be credited?

Accepted Answer

A)  Cash 
B)  Wages and Salaries Expense 
C)  Payroll Expense 
D)  CPP Payable 
A)  Cash 
B)  Wages and Salaries Expense 
C)  Payroll Expense 
D)  CPP Payable

Question 9

The following entry has been made by the bookkeeper of Walter's Windows:
Salaries Expense $\quad 8,000.00$
$\begin{array} { l r } \text { CPP Payable } & 200.00 \ \text { EI Payable } & 110.00 \ \text { Medical Plan Payable } & 80.00 \ \text { Income Tax Payable } & 1,000.00 \ \text { Wages and Salaries Payable } & 6,610.00 \end{array}$
$\quad$$\quad$To Record the Payroll
Required:
The amount of the Employee Benefits Expense related to the payroll. Walter's Windows matches its employee's medical plan contribution.

Accepted Answer

CPP 200.00

Question 10

The Wages and Salaries Payable account would be used to record

Accepted Answer

A)  gross earnings of the employees. 
B)  net earnings of the employees not paid. 
C)  cumulative earnings of the employees. 
D)  the paid portion of the earnings. 
A)  gross earnings of the employees. 
B)  net earnings of the employees not paid. 
C)  cumulative earnings of the employees. 
D)  the paid portion of the earnings.

Question 11

What type of an account is Wages and Salaries Payable?

Accepted Answer

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

Question 12

If the employees have had $300 in CPP contributions and $400 in EI contributions deducted from their paycheques, then the amount to be remitted to the Receiver General would be (excluding income taxes)

Accepted Answer

A)  $700. 
B)  $1,560. 
C)  $860. 
D)  $1,520. 
A)  $700. 
B)  $1,560. 
C)  $860. 
D)  $1,520.

Question 13

What is the purpose of the T4-T4A Summary and when is it to be submitted?

Accepted Answer

The T4-T4A Summary is used to verify the

Question 14

The employer's and the employee's contributions to CPP, EI and Income Tax must be remitted by all employers to the Provincial Government monthly.

Accepted Answer

A) True 
 B)False

Question 15

The following information from the payroll register of Orville's Oil Spray is available:
$$\begin{array} { l c r c c r } 
\text { Name } & \text { Gross Pay } & \text { CPP } & \text { EI } & \text { FIT } & \text { Net Pay } \
\text { Joachim } & 800 & 36.27 & 15.04 & 130.81 & 617.88 \
\text { Yourself } & 850 & 0.00 & 15.98 & 146.19 & 687.83 \
\text { Steve } & 900 & 41.22 & 16.92 & 162.02 & 679.84 \
& 2550 & 77.49 & 47.94 & 439.02 & 1985.55
\end{array}$$
Produce the general journal entry to record the employer's contributions.

Accepted Answer

Employee Benefits Ex

Question 16

The employer must contribute 1.4 times the employee's CPP contributions.

Accepted Answer

A) True 
 B)False

Question 17

The T4 Summary form is filed

Accepted Answer

A)  monthly. 
B)  with the T4s. 
C)  with the Statement of Account for Current Source Deductions. 
D)  quarterly. 
A)  monthly. 
B)  with the T4s. 
C)  with the Statement of Account for Current Source Deductions. 
D)  quarterly.

Question 18

The 'entry' to record payment of statutory payroll deductions is generally recorded first in the

Accepted Answer

A)  general or cash payments journal. 
B)  general ledger. 
C)  worksheet. 
D)  chart of accounts. 
A)  general or cash payments journal. 
B)  general ledger. 
C)  worksheet. 
D)  chart of accounts.

Question 19

As the Prepaid Workers Compensation is recognized, the amount will transfer to

Accepted Answer

A)  Workers Compensation Insurance Payable. 
B)  Workers Compensation Insurance Expense. 
C)  Cash. 
D)  Payroll Tax Expense. 
A)  Workers Compensation Insurance Payable. 
B)  Workers Compensation Insurance Expense. 
C)  Cash. 
D)  Payroll Tax Expense.

Question 20

The employer's EI contribution is 1.4 times that of the employee's deduction.

Accepted Answer

A) True 
 B)False

The journal entry to record the estimated advance premium payment for workers' compensation is

The employer records deductions from the employee's paycheque

The T4 Summary

The information needed to make the journal entries to record the wages and salaries expense comes from

Employers should use a PD7A form to remit monthly employee deductions to the Canada Revenue Agency.

What type of account is Payroll Tax Expense?

Companies have a business number given by the federal government that uniquely identifies them.

If Wages and Salaries Payable is debited, what account would most likely be credited?

The Wages and Salaries Payable account would be used to record

What type of an account is Wages and Salaries Payable?

If the employees have had $300 in CPP contributions and $400 in EI contributions deducted from their paycheques, then the amount to be remitted to the Receiver General would be (excluding income taxes)

What is the purpose of the T4-T4A Summary and when is it to be submitted?

The employer's and the employee's contributions to CPP, EI and Income Tax must be remitted by all employers to the Provincial Government monthly.

The employer must contribute 1.4 times the employee's CPP contributions.

The T4 Summary form is filed

The 'entry' to record payment of statutory payroll deductions is generally recorded first in the

As the Prepaid Workers Compensation is recognized, the amount will transfer to

The employer's EI contribution is 1.4 times that of the employee's deduction.

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

Exam 10: The Employers Tax Responsibilities: Principles and Procedures

The journal entry to record the estimated advance premium payment for workers' compensation is

The employer records deductions from the employee's paycheque

The T4 Summary

The information needed to make the journal entries to record the wages and salaries expense comes from

Employers should use a PD7A form to remit monthly employee deductions to the Canada Revenue Agency.

What type of account is Payroll Tax Expense?

Companies have a business number given by the federal government that uniquely identifies them.

If Wages and Salaries Payable is debited, what account would most likely be credited?

The Wages and Salaries Payable account would be used to record

What type of an account is Wages and Salaries Payable?

If the employees have had $300 in CPP contributions and $400 in EI contributions deducted from their paycheques, then the amount to be remitted to the Receiver General would be (excluding income taxes)

What is the purpose of the T4-T4A Summary and when is it to be submitted?

The employer's and the employee's contributions to CPP, EI and Income Tax must be remitted by all employers to the Provincial Government monthly.

The employer must contribute 1.4 times the employee's CPP contributions.

The T4 Summary form is filed

The 'entry' to record payment of statutory payroll deductions is generally recorded first in the

As the Prepaid Workers Compensation is recognized, the amount will transfer to

The employer's EI contribution is 1.4 times that of the employee's deduction.

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