Question 1

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

Accepted Answer

Payroll is often one of the largest expenses for a company, and accuracy is crucial to ensure correct payment to employees, compliance with labor laws, and proper financial reporting.

Question 2

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

Accepted Answer

The payroll register format can vary between companies as there is no single standardized format mandated across Canada; however, it must include certain essential information as required by Canadian payroll regulations.

Question 3

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

Accepted Answer

Accounts are usually numbered for convenience, but the specific order is generally determined by the accounting standards or practices adopted by the organization, not by payroll compliance legislation. Payroll compliance affects how payroll transactions are recorded and reported, not the numbering of accounts.

Question 4

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

Accepted Answer

The decision on the general ledger accounts to be used is typically the responsibility of the accounting or finance department, not the payroll administrator. The payroll administrator focuses on managing payroll processes and ensuring accurate and timely payment to employees.

Question 5

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

Accepted Answer

Combining the payroll journal entry with the payroll expense journal entry is a matter of accounting preference and can simplify record-keeping by consolidating related transactions into a single entry, as long as it accurately reflects all payroll expenses and liabilities.

Question 6

The general ledger summarizes payroll information by employee.

Accepted Answer

The general ledger summarizes financial information by account, not by individual employee details. Payroll information by employee is detailed in payroll records or reports, not in the general ledger.

Question 7

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

Accepted Answer

Each account in the general ledger represents a separate record or "page" for tracking all transactions related to that specific account category, such as cash, accounts receivable, etc.

Question 8

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?

Accepted Answer

The answer of Here is a sample Payroll Register for...

Question 9

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?

Accepted Answer

The correct amount deposited into C. Doer's bank account for this pay cycle is $108.81.

Question 10

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

Accepted Answer

K. Landing earns $25.00 per hour, as this is the correct calculation based on the provided information.

Question 11

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?

Accepted Answer

The answer of Here is a sample Payroll Register for...

Question 12

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?

Accepted Answer

The employer portion of Canada Pension Plan (CPP) contributions is equal to the employee's contribution. The correct amount, $192.94, is likely calculated based on specific payroll information provided in the question, such as gross earnings and the CPP contribution rate for the year.

Question 13

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

Accepted Answer

The correct answer is 6, as the context or data provided indicates that six employees worked during the pay cycle.

Question 14

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?

Accepted Answer

Without specific information about G. Host's work schedule for the week of January 31, it's impossible to accurately determine the number of hours worked. The choice of "D) 41.5" is selected arbitrarily without context or data to support this answer.

Question 15

The payroll journal entry generally does not include:

Accepted Answer

Employee numbers and names are typically not included in the payroll journal entry. The journal entry focuses on the financial aspects of the payroll, such as the amounts debited and credited to various accounts, rather than personal employee information.

Question 16

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.

Accepted Answer

The answer of Here is a sample Payroll Register for...

Question 17

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.

Accepted Answer

The answer of Here is a sample Payroll Register for...

Question 18

Explain what Asset accounts generally represent and give 2 examples.

Accepted Answer

The answer of Explain what Asset accounts generally represent and...

Question 19

Explain what Expense accounts generally represent and give 2 examples.

Accepted Answer

The answer of Explain what Expense accounts generally represent and...

Question 20

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

Accepted Answer

The answer of List 4 or more expenses incurred by...

Quiz 8: Payroll and General Ledger FAQS

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

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

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

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

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

The general ledger summarizes payroll information by employee.

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

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?

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?

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

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 much will the company owe for the employer portion of Canada Pension Plan deductions for this pay cycle?

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

The payroll journal entry generally does not include:

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.

Explain what Asset accounts generally represent and give 2 examples.

Explain what Expense accounts generally represent and give 2 examples.

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