How employers remit and record their employees’ deductions to the Canada Revenue Agency.
1) When remitting CPP, the entry would be
A) debit Cash, credit CPP Payable.
B) debit CPP Expense, credit Cash.
C) debit CPP Payable, credit Cash.
D) debit Cash, credit CPP Expense.
2) When remitting EI, the entry would be
A) debit EI Expense, credit Cash.
B) debit Cash, credit EI Expense.
C) debit Cash, credit EI Payable.
D) debit EI Payable, credit Cash.
3) The 'entry' to record payment of statutory payroll deductions is generally recorded first in the
A) general or cash payments journal.
B) general ledger.
D) chart of accounts.
4) An employer might agree to pay a portion of the following items to which the employees contribute.
A) Church donations
B) Income tax
D) Medical plan
5) What is the threshold at which employers would be required to send in their remittance more often than monthly?
6) The employer's remittance to CRA includes
A) CPP, EI, and extended health care.
B) income tax, CPP, and EI
C) income tax, CPP, EI, and extended health care.
D) income tax, CPP, EI, and Workers Compensation.
7) Employers share with their employees the total cost of
A) income tax.
B) EI and income tax.
C) CPP, EI, and income tax.
D) CPP and EI.
8) The Wages and Salaries Payable account would be used to record
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
9) If Wages and Salaries Payable is debited, what account would most likely be credited?
B) Wages and Salaries Expense
C) Payroll Expense
D) CPP Payable
10) Why would a company use a separate payroll cash account?
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
11) The employer records deductions from the employee's paycheque
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.
The Drogon Co. just issued a dividend of $2.46 per share on its common stock. The company is expected to maintain a constant 6 percent growth rate in its dividends indefi...Aug 10 2020
Select the solvent below that will most effectively dissolve NaCl.I understand the more polar one dissolves NaCl faster but how would I tell whether CH3OH or CH3CH2OH is ...May 19 2021
To make sure you have mastered chapter concepts in all three levels, read the following sentences and identify any faulty pronoun use. Write an improved form in the space...Jun 16 2021
A candidate key must satisfy all of the following conditions EXCEPT (a)The key must uniquely identify the row (b)The key must indicate the row’s position in the tabl...Dec 27 2017
1. What are some of the undesirable consequences of residual stresses?2. What is the cause of reaction-type residual stresses?3. How are reaction stresses affected by the...May 23 2020
A solution prepared by dissolving 4.00 g KCl in 36.0 g H2O is said to be:May 14 2021
In an effort to stop the migration of many of the automobile manufacturingfacilities from the Detroit area, Detroit’s city council is considering passing astatute that wo...Apr 30 2020
Evaluating a Limit In Exercises 29-32, evaluate the limit given andJul 30 2021
6 of 7 (0 complete) For the following amount at the given interest rate compounded continuously, find (a) the future vale after years, by the effective rate, and (c) the ...Apr 21 2021
You are required to provide a scenario analysis using the model developed in Q1(a) such that the findings can be scrutinised by the investment committee. The scenario ana...Nov 23 2019