Reference no: EM132910640

Problem 1: When the bank pays a cheque written by the company, it would

A) credit the customer's bank account.
B) debit the customer's bank account.
C) debit the cash account on the company's books.
D) No increase or decrease is made to the company's bank account.

Problem 2: When a company transfers funds among parties electronically, without the use of paper cheques it is called

A) e-commerce.
B) automated reconciliation.
C) cheque truncation.
D) electronic funds transfer.

Problem 3: Which of the following pays no CPP premiums this month?

A) A person under 18 years of age
B) A person over 70 years of age
C) A person earning less than $200 this month
D) All of the above.

Problem 4:  If the employees' CPP deductions for the week total $500, the employer's CPP contribution will be

A) $500.
B) $50.
C) $20.
D) $700.

Problem 5:  If the employees have had $200 in CPP contributions and $300 in EI contributions deducted from their paycheques, then the Employer's Benefits Expense would be

A) $500.
B) $580.
C) $620.
D) $700.