Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Quiz Questions For each question, select the best answer. 1. Which of the following statements about reporting and paying taxes is true? a. You may

Quiz Questions

For each question, select the best answer.

1. Which of the following statements about reporting and paying taxes is true?

a. You may need to create adjustments to a Sales Tax Over/Under GL account to fix rounding errors.

b. You may need to create adjustments to a Cash Over/Under GL account to fix rounding errors.

C. The amount of tax collected must always match the calculated tax totals before you can remit them.

d. You cannot combine the PST and HST taxes when remitting tax forms.

2. Which QuickBooks payroll service remits and files taxes?

4.

a. Basic

b. Enhanced

C. Enhanced for Accountant

d. Assisted Payroll

3. Which of the following statements about setting up a payroll schedule is true?

a. The payroll for both salaried and hourly employees is usually processed before the PPE.

b. The payroll for both salaried and hourly employees is usually processed after the PPE.

C. The payroll for salaried employees is usually processed before the PPE and the payroll for hourly employees is usually processed after the PPE.

d. The payroll for hourly employees is usually processed before the PPE and the payroll for salaried employees is usually processed after the PPE.

Company policy set in accordance with regulations can be used to specify:

a. the amount of salary various classes of employees can make.

b. the amount of sick or vacation leave employees can accrue.

C. the hourly rates various classes of employees can make. d.

the type of payroll schedule to set up for salaried and hourly employees.

5. You can determine the amount of time to pay hourly employees by entering information directly in the payroll calculations or by

a. determining their deductions for them

b. printing their cheques only from QuickBooks

C. keeping the same accounting system in place during the fiscal year

d. using time tracking

6. Which form is the standard form used to report taxes to the Canada Revenue Agency?

a. The PD7A

b. The CPP C.

c. The E1

d. The Employee TD1

7. How do you remit funds to the Canada Revenue Agency?

a. Pay the balance in the Sales Tax Over/Under GL account before the PPE date.

b. Pay the balance in the Cash Over/Under GL account before the PPE date.

C. Pay the total vacation and sick time accruals after the PPE date.

d. Pay the payroll liabilities.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Banking Secrecy And Global Finance

Authors: Donato Masciandaro, Olga Balakina

1st Edition

1137400099, 978-1137400093

More Books

Students also viewed these Finance questions