Exam 8: Payroll and General Ledger FAQS

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -Use the payroll register provided to create the payroll journal entry for Jan. 31. Exclude the employer portions for this entry. Ignore the requirement for account numbers for this question.

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(Essay)

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Question 1

Correct Answer:

Verified

$\begin{array}{|l|l|l|}\hline \text { Account Name } & \text { Debit } & \text { Credit } \\ \text { Salary Expense } & \$ 4,301.48 & \\\hline \text { Canada Pension Plan Payable } & & \$ 192.94 \\\hline \text { Employment Insurance Payable } & & \$ 80.87 \\\hline \text { Federal Income Taxes Payable } & & \$ 724.98 \\\hline \text { Provincial Income Taxes Payable } & & \$ 621.12 \\\hline \text { Salaries and Wages Payable } & & \$ 2,681.57 \\\hline & & \\\hline \text { Total } & \$ 4,301.48 & \$ 4,301.48\\\hline \end{array}$
Explanation: To record payroll for the week of January 31
Entry Prepared by:
Approved by:
Posted by:

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -How much will C. Doer have deposited into her bank account for this pay cycle?

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(Multiple Choice)

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Question 2

Correct Answer:

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A

The payroll journal entry can be combined with the payroll expense journal entry should an organization wish to do so.

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(True/False)

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Question 3

Correct Answer:

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True

Explain what Expense accounts generally represent and give 2 examples.

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Question 4

Each account in the general ledger is a unique "page".

(True/False)

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Question 5

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -How many employees worked during this pay cycle?

(Multiple Choice)

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Question 6

Payroll register format is standardized and must be identical for every company in Canada.

(True/False)

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Question 7

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -Use the payroll register provided to create the journal entry to record the employer expenses related to Canada Pension Plan contributions, Employment Insurance premiums, Vacation pay and Workers compensation premiums (assume the company pays based on the average Ontario premium rate of $2.46 per $100 of payroll). Ignore the requirement for account numbers for this question.

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Question 8

Explain what Asset accounts generally represent and give 2 examples.

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Question 9

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -How much does K. Landing earn per hour?

(Multiple Choice)

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Question 10

Explain what Liability accounts generally represent and give 2 examples.

(Essay)

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Question 11

Accounts are usually numbered for convenience and must follow a specific order asdefined by payroll compliance legislation.

(True/False)

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Question 12

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -Assuming this company uses direct deposit, how much money will need to be deposited to pay all of the employees what they are owed for this pay cycle?

(Multiple Choice)

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Question 13

List 4 or more expenses incurred by a business when they hire and pay employees.

(Essay)

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Question 14

Payroll is generally a very small portion of company expenses so accuracy isn't crucial.

(True/False)

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Question 15

The payroll journal entry generally does not include:

(Multiple Choice)

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Question 16

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -How much will the company owe for the employer portion of Canada Pension Plan deductions for this pay cycle?

(Multiple Choice)

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Question 17

The payroll administrator is normally responsible deciding on the general ledgeraccounts that a company will use.

(True/False)

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Question 18

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -How much will the company owe for the employer portion of Employment Insurance premiums for this pay cycle?

(Multiple Choice)

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Question 19

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -How many hours did G. Host work in the week of Jan. 31?

(Multiple Choice)

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Question 20

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -Use the payroll register provided to create the payroll journal entry for Jan. 31. Exclude the employer portions for this entry. Ignore the requirement for account numbers for this question.

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -How much will C. Doer have deposited into her bank account for this pay cycle?

The payroll journal entry can be combined with the payroll expense journal entry should an organization wish to do so.

Explain what Expense accounts generally represent and give 2 examples.

Each account in the general ledger is a unique "page".

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -How many employees worked during this pay cycle?

Payroll register format is standardized and must be identical for every company in Canada.

Explain what Asset accounts generally represent and give 2 examples.

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -How much does K. Landing earn per hour?

Explain what Liability accounts generally represent and give 2 examples.

Accounts are usually numbered for convenience and must follow a specific order asdefined by payroll compliance legislation.

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -Assuming this company uses direct deposit, how much money will need to be deposited to pay all of the employees what they are owed for this pay cycle?

List 4 or more expenses incurred by a business when they hire and pay employees.

Payroll is generally a very small portion of company expenses so accuracy isn't crucial.

The payroll journal entry generally does not include:

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -How much will the company owe for the employer portion of Canada Pension Plan deductions for this pay cycle?

The payroll administrator is normally responsible deciding on the general ledgeraccounts that a company will use.

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -How much will the company owe for the employer portion of Employment Insurance premiums for this pay cycle?

Here is a sample Payroll Register for a weekly payroll of an Ontario company: -How many hours did G. Host work in the week of Jan. 31?

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Employee Payroll and Deduction Policies and Guidelines

Payroll and Benefits: Common Misconceptions and Calculation Methods

Employer Obligations and Requirements: A Comprehensive Guide to Statutory Deductions and Registrations in Canada

Computer Processing Choices, Non-Recurring Payments, Integrated Systems, and Software Considerations in Payroll Processing

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Important Information About T4 Forms and Filing Requirements

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