Respond true or false to the following:

1. Prepaid Workers Compensation Insurance is an asset.

2. CPP needs to be estimated at the beginning of the year.

3. Employee Benefits Expense is made up of CPP, EI, and Tax.

4. Frequency of remittance relating to Form PD7A is based on current amount of tax liability.

5. Some computer software vendors (for payroll) promise relief from annual manual balancing procedures.

6. The individual earnings record provides the data to prepare T4s.

7. A calendar provides no help to the employer making the payment for tax liabilities.

8. Form PD7A is completed twice a year.

9. A year-end adjusting entry is often needed for workers compensation.

10. The T4 summary form must be filed not later than 6 months after the employers fiscal year end.