Home / Questions / How employers remit and record their employees’ deductions to the Canada Revenue Agency.
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.
Dec 06 2019 View more View Less
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