Question
I need help to answer these questions, please. Thank you. TRUE or FALSE 1. EHT & WSIB are both deducted once per month from the
I need help to answer these questions, please. Thank you.
TRUE or FALSE
1. EHT & WSIB are both deducted once per month from the employee. TRUE or FALSE
2. CPP, EI and Income Tax deductions are paid to the Receiver General on December 31st of each year. TRUE or FALSE
3. The amounts owing for CPP, EI and Income Tax is easily found in the Payroll detail report. TRUE or FALSE
4. Pay Periods Per Year pertains to the tax table being used to calculate the income tax to be deducted from that individuals pay cheque. TRUE or FALSE
5. Sales returns are deducted from inventory. TRUE or FALSE
6. When a selling price has been set, it cannot be changed again in the INVENTORY & Services module. TRUE or FALSE
7. Minimum quantity in the INVENTORY & Services module means that you will not ship any less than that specified quantity, at any one time. TRUE or FALSE
8. In a periodic inventory system, a physical inventory count must be taken before a reasonably accurate Cost of Goods Sold can be calculated. TRUE or FALSE
9. All purchases of goods for resale are debited to the Purchases G/L account in a periodic inventory system. TRUE or FALSE
10. Markup % = (Selling Price Cost)/Selling Price. TRUE or FALSE
11. New inventory items must be added at the beginning of an accounting period or the items sold will not be recorded. TRUE or FALSE
12. The EMPLOYEES & PAYROLL module has a differential hourly rate. TRUE or FALSE
13. Sage 50 Accounting has a Payroll feature that allows for Direct Deposit of Employees Gross pay to the appropriate employee bank account. TRUE or FALSE
14. In the EMPLOYEES & PAYROLL module, you can track sick days, special days off (leaves of absence) in the Employee Entitlement area if this feature has been set up for use. TRUE or FALSE
15. Pop-up windows can be set up to be used with Customers, Vendors, Employees. TRUE or FALSE
16. Employees can be paid (Payroll) by the number of pieces (piece rate) they produce during a day/week or pay period. TRUE or FALSE
17. There is a setting in the Employees Payroll Ledger taxes to exempt an employee from having Canada Pension Plan deductions taken. TRUE or FALSE
18. Payment details (previous month) for Receiver GeneralPayroll can be retrieved by using the Remittance feature in Payables. TRUE or FALSE
19. The payroll remittance feature can only be used for payroll taxes. TRUE or FALSE
20. The Inventory module cannot be used for service businesses. TRUE or FALSE
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