Reference no: EM132588966
Problem 1: What are current liabilities?
a. liabilities due but not receivable for more than one year
b. liabilities due and payable within one year
c. liabilities due but not payable for more than one year
d. liabilities due and receivable within one year
Problem 2: HST paid on items that are not for resale is debited to which account?
a. HST Paid on Purchases
b. the same account as the related purchased item
c. HST Charged on Sales
d. Sales Tax Expense
Problem 3: PST paid on items that are not for resale is debited to which account?
a. PST Paid on Purchases
b. Sales Tax Expense
c. PST Payable
d. the same account as the related purchased item
Problem 4: In what type of account are federal and provincial income taxes withheld from an employee's gross pay recorded?
a. as a payroll expense
b. as a contra account
c. as an asset
d. as a liability
Problem 5: Which of the following refers to the total earnings of an employee for a payroll period?
a. pay net of taxes
b. gross pay
c. net pay
d. take-home pay
Problem 6: Which of the following are included in the employer's portion of payroll expenses?
a. CPP and EI premiums
b. charitable donations
c. union dues
d. federal and provincial taxes
Problem 7: Most employers must pay a premium on payrolls for which of the following?
a. union dues
b. sales tax
c. workers' compensation insurance premiums
d. medical insurance premiums
Problem 8: Which of the following forms is typically given to employees at the end of the calendar year so that employees can file their individual income tax return?
a. Employer's Corporate Tax Return
b. Employee's Personal Income Tax Return
c. Personal Tax Credit Return (Form TD1)
d. Statement of Remuneration Paid (Form T4)
Problem 9: Which of the following columns would NOT be found in the payroll register?
a. earnings
b. cumulative earnings
c. deductions
d. payment
Problem 10: The Canada Labour Code establish regulations for employees regarding what?
a. rate of pay
b. CPP contribution rate
c. hours worked
d. income tax rate
Problem 11: Which of the following is an aid in internal control over payrolls that indicates employee attendance?
a. a payroll register
b. a time card
c. a voucher system
d. an employee's earnings record
Problem 12: What is the minimum vacation allowance % of pay?
a. 4.75%
b. 4%
c. 3.75%
d. 2%
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