Question 1

Enterprise-application software is a stand-alone program not commonly used in North America.

Accepted Answer

A) True 
 B)False

Question 2

Employers never make deductions from employees' wages for

Accepted Answer

A) Federal income taxes. 
B) Union dues. 
C) Employment Insurance. 
D) Canada Pension Plan. 
E) Workers' Compensation. 
A) Federal income taxes. 
B) Union dues. 
C) Employment Insurance. 
D) Canada Pension Plan. 
E) Workers' Compensation.

Question 3

The amount of federal income tax to be withheld from each employee's wages is determined solely by the amount of wages earned.

Accepted Answer

A) True 
 B)False

Question 4

The payroll tax liabilities arising from a given pay period are likely to be smaller than the payroll tax expenses.

Accepted Answer

A) True 
 B)False

Question 5

Employment Insurance is withheld from wages earned, with the withholding to stop in2015 as soon as the employee has earned $4,500.

Accepted Answer

A) True 
 B)False

Question 6

A company has 10 employees who earned a total of $30,000 in January ($3,000 each).CPP taxes are 4.95% paid by employees and 4.95% paid by the employer. Income tax withholdings amount to $4,500. The employee EI rate is 1.88% of the total, and the employer EI contribution is 1.4 times the employee portion. The gross pay of the 10 employees during January is:

Accepted Answer

A) $28,230. 
B) $30,000. 
C) $29,190. 
D) $33,209. 
E) $33,113. 
A) $28,230. 
B) $30,000. 
C) $29,190. 
D) $33,209. 
E) $33,113.

Question 7

If a company experiences a low turnover rate, vacation pay should be expensed when an employee actually takes the vacation.

Accepted Answer

A) True 
 B)False

Question 8

Overtime premium pay is not subject to income tax deductions

Accepted Answer

A) True 
 B)False

Question 9

The Sales Journal and Cash Receipts Journal may have GST payable and PST payable columns added to them to facilitate recording. In the same manner GST receivable and PST receivable columns may be added to the Purchases Journal and the CashDisbursements Journal.

Accepted Answer

A) True 
 B)False

Question 10

In some jurisdictions, paid annual vacation pay is mandatory and required by law

Accepted Answer

A) True 
 B)False

Question 11

Accounting information system components include

Accepted Answer

A) Software. 
B) Hardware. 
C) Input data. 
D) People. 
E) All of these answers are correct. 
A) Software. 
B) Hardware. 
C) Input data. 
D) People. 
E) All of these answers are correct.

Question 12

Enterprise-application software packages keep the programs that manage a company's vital operations.

Accepted Answer

A) True 
 B)False

Question 13

In general, subsidiary ledgers are not needed in perpetual systems because theaccounting system captures sufficient details to support analyses that decision makers need.

Accepted Answer

A) True 
 B)False

Question 14

To account for vacation pay, employers should record the vacation pay expense in theaccounting period when it is paid.

Accepted Answer

A) True 
 B)False

Question 15

A tax levied by a province, the proceeds of which are used to pay benefits to workers who have been injured on the job, is called:

Accepted Answer

A) Provincial employment tax. 
B) Benefits tax. 
C) Management tax. 
D) Owner's equity tax. 
E) Workers' Compensation. 
A) Provincial employment tax. 
B) Benefits tax. 
C) Management tax. 
D) Owner's equity tax. 
E) Workers' Compensation.

Question 16

A sales journal is used for recording cash sales

Accepted Answer

A) True 
 B)False

Question 17

The General Journal is used for

Accepted Answer

A) Accumulating debits and credits. 
B) Posting transactions to special journals. 
C) Recording adjusting entries. 
D) Collecting detailed listings of amounts. 
E) Recording both adjusting entries and posting transactions to special journals. 
A) Accumulating debits and credits. 
B) Posting transactions to special journals. 
C) Recording adjusting entries. 
D) Collecting detailed listings of amounts. 
E) Recording both adjusting entries and posting transactions to special journals.

Question 18

A subsidiary ledger is a listing of individual accounts with a common characteristic

Accepted Answer

A) True 
 B)False

Question 19

Accounting information systems collect and process data about transactions and events, organize them in useful forms, and communicate results to decision makers.

Accepted Answer

A) True 
 B)False

Question 20

Most of the transactions of a merchandising company fall into four groups, including all of the following except:

Accepted Answer

A) Sales on credit. 
B) Cash disbursements. 
C) Sales returns and allowances. 
D) Cash receipts. 
E) Purchases on credit. 
A) Sales on credit. 
B) Cash disbursements. 
C) Sales returns and allowances. 
D) Cash receipts. 
E) Purchases on credit.

Enterprise-application software is a stand-alone program not commonly used in North America.

Employers never make deductions from employees' wages for

The amount of federal income tax to be withheld from each employee's wages is determined solely by the amount of wages earned.

The payroll tax liabilities arising from a given pay period are likely to be smaller than the payroll tax expenses.

Employment Insurance is withheld from wages earned, with the withholding to stop in2015 as soon as the employee has earned $4,500.

If a company experiences a low turnover rate, vacation pay should be expensed when an employee actually takes the vacation.

Overtime premium pay is not subject to income tax deductions

The Sales Journal and Cash Receipts Journal may have GST payable and PST payable columns added to them to facilitate recording. In the same manner GST receivable and PST receivable columns may be added to the Purchases Journal and the CashDisbursements Journal.

In some jurisdictions, paid annual vacation pay is mandatory and required by law

Accounting information system components include

Enterprise-application software packages keep the programs that manage a company's vital operations.

In general, subsidiary ledgers are not needed in perpetual systems because theaccounting system captures sufficient details to support analyses that decision makers need.

To account for vacation pay, employers should record the vacation pay expense in theaccounting period when it is paid.

A tax levied by a province, the proceeds of which are used to pay benefits to workers who have been injured on the job, is called:

A sales journal is used for recording cash sales

The General Journal is used for

A subsidiary ledger is a listing of individual accounts with a common characteristic

Accounting information systems collect and process data about transactions and events, organize them in useful forms, and communicate results to decision makers.

Most of the transactions of a merchandising company fall into four groups, including all of the following except:

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Inventory Costing and Valuation

Internal Control and Cash

Receivables

Filters

Exam 9: Appendix

Enterprise-application software is a stand-alone program not commonly used in North America.

Employers never make deductions from employees' wages for

The amount of federal income tax to be withheld from each employee's wages is determined solely by the amount of wages earned.

The payroll tax liabilities arising from a given pay period are likely to be smaller than the payroll tax expenses.

Employment Insurance is withheld from wages earned, with the withholding to stop in2015 as soon as the employee has earned $4,500.

If a company experiences a low turnover rate, vacation pay should be expensed when an employee actually takes the vacation.

Overtime premium pay is not subject to income tax deductions

The Sales Journal and Cash Receipts Journal may have GST payable and PST payable columns added to them to facilitate recording. In the same manner GST receivable and PST receivable columns may be added to the Purchases Journal and the CashDisbursements Journal.

In some jurisdictions, paid annual vacation pay is mandatory and required by law

Accounting information system components include

Enterprise-application software packages keep the programs that manage a company's vital operations.

In general, subsidiary ledgers are not needed in perpetual systems because theaccounting system captures sufficient details to support analyses that decision makers need.

To account for vacation pay, employers should record the vacation pay expense in theaccounting period when it is paid.

A tax levied by a province, the proceeds of which are used to pay benefits to workers who have been injured on the job, is called:

A sales journal is used for recording cash sales

The General Journal is used for

A subsidiary ledger is a listing of individual accounts with a common characteristic

Accounting information systems collect and process data about transactions and events, organize them in useful forms, and communicate results to decision makers.

Most of the transactions of a merchandising company fall into four groups, including all of the following except:

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Inventory Costing and Valuation

Internal Control and Cash

Receivables

Filters