Deck 8: Payroll and General Ledger FAQS

Question 1

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

Answer 1

False

Question 2

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

Answer 2

False

Question 3

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

Answer 3

False

Question 4

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

Question 5

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

Question 6

The general ledger summarizes payroll information by employee.

Question 7

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

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?

A) $1,007.74
B) $4,301.48
C) $1,619.91
D) $3,790.63
E) $2,681.57

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?

A) $108.81
B) $300.00
C) $318.00
D) $423.91
E) $159.00

Question 10

Here is a sample Payroll Register for a weekly payroll of an Ontario company:


-How much does K. Landing earn per hour?

A) $19.25
B) $12.50
C) $25.00
D) $15.00
E) $40.00

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?

A) $192.94
B) $194.09
C) $385.88
D) $80.87
E) $113.22

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?

A) $385.88
B) $113.22
C) $192.94
D) $194.09
E) $80.87

Question 13

Here is a sample Payroll Register for a weekly payroll of an Ontario company:


-How many employees worked during this pay cycle?

A) 4
B) 8
C) 5
D) 6
E) 7

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?

A) 20
B) 37.5
C) 4
D) 41.5
E) 8.5

Question 15

The payroll journal entry generally does not include:

A) The date
B) Debit and Credit amounts
C) Account numbers and names
D) Employee numbers and names
E) A description

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.

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.

Question 18

Explain what Asset accounts generally represent and give 2 examples.

Question 19

Explain what Expense accounts generally represent and give 2 examples.

Question 20

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

Question 21

Explain what Liability accounts generally represent and give 2 examples.